Solar Energy In Thailand Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Thailand Solar Energy Market Report and It is Segmented by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)). The Market Size and Forecasts are Provided in Installed Capacity for all the Above Segments.

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Thailand Solar Energy Market Size

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Thailand Solar Energy Market Analysis

The Thailand Solar Energy Market size in terms of installed base is expected to grow from 3.78 gigawatt in 2025 to 6.97 gigawatt by 2030, at a CAGR of 13.04% during the forecast period (2025-2030).

  • Over the long term, factors such as supportive policies, rising electricity prices, technological advancements, corporate demand, and energy security goals will likely drive Thailand's solar energy market during the forecast period.
  • On the other hand, grid limitations, infrastructure gaps, and energy storage challenges significantly hinder the growth of the solar energy market during the forecast period.
  • Nevertheless, Thailand’s goal of achieving 30 percent renewable energy by 2037 presents significant opportunities for the solar energy market. Furthermore, The integration of smart grid technologies, energy storage systems, and Investments by companies like Energy Absolute in large-scale battery production further support solar projects and grid stability.

Thailand Solar Energy Industry Overview

The Thailand solar energy market is semi-concentrated. Some of the major companies in the market (in no particular order) include Energy Absolute Public Company Limited, SPCG Public Company Limited, Solartron PCL, Thai Solar Energy PLC, BCPG Public Company Limited, among others.


Thailand Solar Energy Market Leaders

  1. Energy Absolute Public Company Limited

  2. SPCG Public Company Limited

  3. Solartron PCL

  4. Thai Solar Energy PLC

  5. BCPG Public Company Limited (BCPG)

  6. *Disclaimer: Major Players sorted in no particular order
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Thailand Solar Energy Market News

  • September 2024: WHA Utilities and Power Public Company Limited (WHAUP) announced a collaboration with S.P.M. Animal Feed Co., Ltd. and A.P.M. Agro Co., Ltd. to develop a 9 MW solar power project in Ratchaburi. This project includes a 3.51 MW floating solar system, a 1.066 MW ground-based solar farm, and a 4.395 MW solar car park, with a total investment of 200 million baht. This project is set to start supplying electricity by 2025.
  • July 2024: Myanmar’s CAG Engineering Co Ltd. and several Thai technical expert companies, including PEA Encom Co Ltd and others, signed an MOU to explore and develop renewable and traditional power sources. The agreement focuses on enhancing solar, wind, hydro, and natural gas projects.

Thailand Solar Energy Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Solar Energy Installed Capacity and Forecast, until 2029
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.1.1 Rising Electricity Prices and Energy Security Goals in Thailand
    • 4.5.1.2 Supportive Government Policies to Adopt Solar Energy
    • 4.5.2 Restraints
    • 4.5.2.1 Grid Limitations, Infrastructure Gaps, and Energy Storage Challenges
  • 4.6 Supply Chain Analysis
  • 4.7 PESTLE Analysis
  • 4.8 Investment Analysis

5. MARKET SEGMENTATION - TECHNOLOGY

  • 5.1 Solar Photovoltaic (PV)
  • 5.2 Concentrated Solar Power (CSP)

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted & SWOT Analysis for Leading Players
  • 6.3 Company Profiles
    • 6.3.1 SPCG Public Company Limited
    • 6.3.2 BCPG Public Company Limited (BCPG)
    • 6.3.3 Thai Solar Energy PLC
    • 6.3.4 B. Grimm Power Public Company Limited
    • 6.3.5 Solaris Green Energy Co. Ltd.
    • 6.3.6 Energy Absolute PCL
    • 6.3.7 Solartron PLC
    • 6.3.8 Marubeni Corporation
    • 6.3.9 Black & Veatch Holding Company
    • 6.3.10 Jinkosolar Holding Co. Ltd.
    • 6.3.11 Trina Solar Co., Ltd.
  • *List Not Exhaustive
  • 6.4 List of Other Prominent Companies
  • 6.5 Market Ranking Analysis

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Smart Grid Development and Grid Expansion
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Thailand Solar Energy Industry Segmentation

Solar power is the conversion of solar energy into thermal or electrical energy. Solar energy is the cleanest and most abundant renewable energy source accessible, and it may be used to generate electricity, provide light or a comfortable interior environment, and heat water for home, commercial, or industrial purposes.

The Thailand solar energy market is segmented by technology. By technology, the market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP). For each segment, the market size and forecasts have been done based on installed capacity.

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Thailand Solar Energy Market Research FAQs

How big is the Thailand Solar Energy Market?

The Thailand Solar Energy Market size is expected to reach 3.78 gigawatt in 2025 and grow at a CAGR of 13.04% to reach 6.97 gigawatt by 2030.

What is the current Thailand Solar Energy Market size?

In 2025, the Thailand Solar Energy Market size is expected to reach 3.78 gigawatt.

Who are the key players in Thailand Solar Energy Market?

Energy Absolute Public Company Limited, SPCG Public Company Limited, Solartron PCL, Thai Solar Energy PLC and BCPG Public Company Limited (BCPG) are the major companies operating in the Thailand Solar Energy Market.

What years does this Thailand Solar Energy Market cover, and what was the market size in 2024?

In 2024, the Thailand Solar Energy Market size was estimated at 3.29 gigawatt. The report covers the Thailand Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Thailand Solar Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Thailand Solar Energy Industry Report

The Thailand solar energy market is experiencing significant growth, driven by supportive government policies and the decreasing costs of solar photovoltaic (PV) systems. Segmented by technologies, including concentrated solar power (CSP) and solar photovoltaic (PV), and by deployments such as rooftop and ground-mounted installations, the market is adapting to meet increasing demands. The solar PV segment is expected to dominate due to its high efficiency, durability, and rising corporate interest in achieving renewable energy targets. CSP technology is also anticipated to expand rapidly due to its commercial viability and extensive use in various end-user industries. The commitment of the Thai government to renewable energy targets, supported by feed-in tariffs and other incentives, is propelling the market forward, making solar energy in Thailand a key player in the region's energy sector. Challenges such as grid access uncertainties and land availability for large solar plants persist, but ongoing research and development are expected to continue reducing costs and enhancing technology. Renewable energy companies in Thailand are pivotal in driving this growth, focusing on reducing dependency on fossil fuels and increasing the installation of renewable energy sources like solar to meet growing energy demands and environmental goals. Get insights from Mordor Intelligence™ Industry Reports, which include a market forecast outlook and historical overview, available as a free report PDF download.

Thailand Solar Energy Market Report Snapshots