Renewable energy sources are forecast to account for 30% of the total electricity generation capacity in Thailand by 2035, compared with 25% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of Thailand’s renewable energy market in its Thailand Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of solar PV power generation capacity is forecasted to change from 7% in 2023 to 15% in 2035.
The share of biopower power is expected to reach 5% in 2035, compared with a 7% share in 2023. Wind is forecast to account for 2% share of Thailand’s total electricity generation capacity, in 2035, as against 3% share in 2023. The share of solar thermal is expected to change from a 0.01% share in 2023 to a 0.01% share in 2035.
In terms of capacity additions, the total renewable energy capacity is expected to see 10611.1 MW of additions in Thailand during the forecast period while the non-renewable energy segment is likely to see 14900.89 MW of additions.
CAGR growth of key renewables in Thailand
Renewable generation capacity in Thailand is expected to reach 21GW in 2035 at a CAGR of 5% during 2023-2035.
Solar PV power is expected to record highest growth rate of 10.04% by 2035, followed by biopower with 3%. Other renewable energy sources such as wind and hydro are estimated to have growth rates of 2% and 0.10% respectively.
Hydrogen and CCS plants in pipeline in Thailand
A total of two hydrogen and three carbon capture and storage (CCS) plants are expected to be developed in Thailand by the end of 2035.
For more detailed analysis of the renewable energy market in Thailand, buy the report here.
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