Thailand Wind Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by Location of Deployment (Onshore, and Offshore)
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Scope of the report
Key Market Trends
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The Thailand wind energy market is expected to grow at a CAGR of more than 4.98% during the forecast period 2020-2025. The market studied is expected to witness significant growth due to rising energy demand coupled with the increasing share of renewables in the power generation mix, efforts to reduce the reliance on fossil fuel-based power generation, regulations on energy efficiency. However, factors such as a number of the technical, regulatory and interconnection challenges are expected to restrain the growth of the wind energy market in Thailand in the coming years.
Thailand is targeting 3000 MW of wind energy by 2036, up from around 1018 MW in 2018. Increasing the country’s wind energy target to an additional 7 GW by 2037 and putting in place the corresponding policy frameworks will ensure that wind projects can develop efficiently to put Thailand on a firm path towards clean and competitive energy.
The upcoming projects in the offshore wind energy market in the Gulf of Thailand are expected to create significant opportunities for the players involved in the wind energy market in the near future.
Scope of the report
The Thailand wind energy market report include:
Location of Deployment
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Key Market Trends
Onshore Wind Energy is Expected to Drive the Market
As the demand for energy is rising, major companies are turning toward the adoption of renewable energy as it has the ability to provide clean energy.
By location of deployment, the onshore industry is expected to remain the driver of the Thailand wind power industry during the forecast period, owing to declining costs and improved technology.
Wind energy has already generated around USD 3 billion of direct investment in Thailand. Another 5-10 GW of wind installation is possible, given the right policy by the government, and could bring an additional USD 6-10 billion of investment into Thailand. The job creation figure is also promising, with 5000 to 10000 wind jobs projected in Thailand by 2050.
Wind energy production potential is significantly higher during the monsoon in Thailand
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Increasing Deployment of Alternative Renewable Energy Sources to Restrain the Growth of the Market
As of 2018, Thailand generates around 10% of its electricity from renewable sources, with a total energy generation capacity of 45,000 MW.
In alternative renewable energy, solar power is the dominating the renewable power sector
The number of utility-scale solar power projects under planning and construction stage the ground-mounted solar energy is expected to witness significant growth in the coming years.
And energy sourced from biomass is set to be one of the main players in the AEDP initiative to ramp up renewable energy production. This strategy is advantageous because, Thailand, being an agriculture-based economy, produces around 80 million tons of agriculture waste per year by 2018. This is a substantial pool of untapped energy available to be capitalized on.
Biomass energy production utilizes the combustion or partial-combustion of organic material that could be converted to electricity or fuel.
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The Thailand wind energy market is moderately fragmented. Some of the key players in this market include Energy Absolute PLC, Siemens Gamesa Renewable Energy SA, Electricity Generating PCL, Wind Energy Holding Co Ltd, and GOLDWIND/Shs A Vtg.