Market Size of Thailand Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 3.9 gigawatt |
| Market Volume (2029) | 5.52 gigawatt |
| CAGR (2024 - 2029) | 7.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Solar Market Analysis
The Thailand Solar Energy Market size in terms of installed base is expected to grow from 3.9 gigawatt in 2024 to 5.52 gigawatt by 2029, at a CAGR of 7.20% during the forecast period (2024-2029).
- Over the long term, factors such as strong government support for solar power development in the form of feed-in tariffs, the 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.
- Conversely, uncertainties regarding access to the power grid are expected to restrain operators from investing in renewable power projects during the forecast period.
- Nevertheless, with a target of reducing GHG emissions in 2030 to 30%, the country is expected to boost opportunities for solar energy companies to install solar PV plants during the coming years. Moreover, the country has plans to reduce dependency upon foreign fossil fuels like crude oil and opt for renewable energy like solar to reduce expenses related to imported oil.
