Thailand Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Technology (Solar Photovoltaic (PV), and Concentrated Solar Power (CSP)), and Deployment (Ground Mounted, and Rooftop)

Market Snapshot

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Study Period: 2016 - 2026
Base Year: 2020

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Market Overview

The market for solar energy in Thailand is expected to grow at a CAGR of 9.14% during the forecast period of 2019 – 2024. Factors such as strong government support for solar power development in the form of feed-in tariffs, and Alternative Energy Development Plan (AEDP) and declining costs of solar PV systems are expected to drive the solar energy market in Thailand during the forecast period. However, uncertainties regarding the access to the power grid are expected to restrain the operators from investing in renewable power projects during the forecast period.   

  • The ground mounted solar PV segment accounts for the largest share in the Thailand solar energy market owing to the installed capacity of ground mounted solar PV and a number of upcoming projects in the country.
  • One of the problems faced by the solar market in Thailand is that the state control dominates the market. The monopoly of the government has made the market overly competitive for private operators. The announcement of new solar development plans by the Thai Energy Policy and Planning Office in 2017 is aimed at increasing private firm participation. This, in turn, is likely to provide significant opportunities for growth in the solar energy market in Thailand in the future.

Scope of the Report

The Thailand solar energy market report include:

Solar Photovoltaic (PV)
Market Overview
Installed Capacity, History and Forecast in MW, until 2024
Key Project Information
Concentrated Solar Power (CSP)
Market Overview
Installed Capacity, History and Forecast in MW, until 2024
Key Project Information
Ground Mounted

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Key Market Trends

Upcoming Ground Mounted Solar Power Projects

  • Energy security is among the top priorities for Thailand. More than half of the country's energy supply depends upon imported energy. The fraction of imported energy is likely to increase if the country's proven reserves of oil and gas are depleted, as anticipated in less than a decade unless other indigenous energy sources are exploited, such as solar.  
  • In order to address the above-mentioned issue, the government of Thailand has taken various initiatives and has set targets to promote renewable energy in the country.  
  • Towards the latter end of 2017, the submissions of Thailand’s first 300MW hybrid PPA scheme took place, and the government encouraged the use of energy storage to supplement renewable energy generation.  
  • Also, one of the major incentives of large scale ground-mounted solar plant developers was the recently announced hybrid ‘firm’ PPA scheme, which encourages energy storage to be coupled with large-scale solar projects to generate a fixed output from each system. The ‘firm’ element of this hybrid PPA scheme is that it requires the power producers to deliver between 98% and 102% of the PPA capacity during peak periods and then limits power output at other times to 66.3% of the PPA capacity. Further, Projects must be between 10-50MW in size and the scheme comes with a feed-in tariff (FiT) for renewables of THB 3.66/kWh.
  • In February 2018, The Asian Development Bank (ADB) announced its plan to provide a loan of USD 235 million to B. Grimm Power, a Thai energy firm, to develop renewable energy projects in Southeast Asia. The financing is planned to support numerous clean energy generation projects, including utility-scale solar along with wind, biomass, waste-to-energy amongst others.
  • The country has been witnessing growth in ground-mounted solar power capacity addition in recent years, 2016 – 2018. For instance, in March 2018, a 30 MW of solar PPA agreement was signed by B.Grimm Power for seven separate solar PV projects in Thailand, these projects include five plants (23.58MW) co-developed with the War Veterans Organization of Thailand (WVO).
  • Therefore with a number of utility-scale solar power projects under planning and construction stage the ground-mounted solar energy is expected to witness a significant growth in the coming years.
Seismic Services Market - Key Market Trends

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Competitive Landscape

The Thailand solar energy market is moderately concentrated. Some of the major companies include Energy Absolute Public Companies, SPCG PCL, Symbior Energy Limited, Thai Solar Energy PLC, Trina Solar Co., Ltd (Trina Solar), and Solaris Green Energy Co., Ltd.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

    4. 1.4 Study Deliverables

    5. 1.5 Research Phases




    1. 4.1 Introduction

    2. 4.2 Installed Capacity, History and Forecast in MW, until 2024

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Imports and Exports Analysis of Solar Cell and PV Modules

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry


    1. 5.1 Technology

      1. 5.1.1 Solar Photovoltaic (PV)

        1. Market Overview

        2. Installed Capacity, History and Forecast in MW, until 2024

        3. Key Project Information

      2. 5.1.2 Concentrated Solar Power (CSP)

        1. Market Overview

        2. Installed Capacity, History and Forecast in MW, until 2024

        3. Key Project Information

    2. 5.2 Deployment

      1. 5.2.1 Ground Mounted

      2. 5.2.2 Rooftop


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Key Company Profiles

      1. 6.3.1 Equipment Manufacturers and Suppliers

        1. Solartron Public Company Limited

        2. Solaris Green Energy Co., Ltd

        3. Yingli Green Energy Holding Co., Ltd

        4. Trina Solar Co., Ltd (Trina Solar)

      2. 6.3.2 Operators

        1. Thai Solar Energy PCL

        2. Symbior Energy Limited

        3. Energy Absolute PCL

        4. SPCG PCL


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Frequently Asked Questions

The Thailand Solar Energy Market market is studied from 2016 - 2026.

Energy Absolute Public Companies, SPCG PCL, Symbior Energy Limited, Trina Solar Co., Ltd (Trina Solar), Solaris Green Energy Co., Ltd are the major companies operating in Thailand Solar Energy Market.

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