The Thailand wind energy market size is expected to expand at a CAGR of 5.69% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing energy demand combined with a rising percentage of renewables in the power generating. Moreover, the initiatives taken by the government in the country to reduce reliance on fossil fuel-based power generation and improve energy efficiency standards present another key aspect of the market expansion.
The COVID-19 pandemic had adversely impacted the market due to shifting attention of the government towards solving the healthcare burden caused by the rise of virus cases in the country. The installation of wind mills in the country was largely neglected. However, the market was seen rebounded in the second part of FY 2020 as a result of rapid project monitoring by various developers.
Market Trends, Drivers, Restraints, and Opportunities
- Rising government’s initiatives to replace traditional energy sources with renewable energy sources in the country is a key factor driving the market.
- Increasing pressure for the development of steady, clean, and inexpensive electricity to ensure economic stability is projected to boost the market during the forecast period.
- Favorable geographical landscape connecting sea and mountain terrains present key aspects for the market expansion.
Market Segment Insights
Onshore segment to grow at a high rate during the forecast period
Based on deployments, the Thailand wind energy market is bifurcated into offshore and onshore. The onshore segment is expected to grow at a high rate during the projected period owing to its low cost and easy installation process. In comparison to 2018, the cumulative onshore installed capacity of the country has increased by 10% in 2019. On the other hand, offshore wind power generation, is steadily increasing prominence globally.
Utility segment to hold a significant share of the market
In terms of applications, the market is divided into commercial, residential, utility, and industrial. The utility segment is expected to hold a significant share of the market in the coming years. Utility-scale wind generating projects need a plethora of land, building, and other permissions such as the careful management of relationships with many stakeholders.
Turbine segment to grow at a high rate during the forecast period
Based on components, the Thailand wind energy market is segregated into support structure, electrical infrastructure, turbine, and others. The turbine segment is expected to grow at a high rate during the projected period owing to the availability of raw materials, upgrading turbine technology, and decreasing operational costs. Furthermore, turbine manufacturers are increasing their R&D investments in order to improve turbine efficiency and minimize noise pollution, which further push the segment growth.
Key players competing in the Thailand wind energy market are Electricity Generating PCL; Wind Energy Holding Co Ltd; GOLDWIND/Shs A Vtg; Energy Absolute PLC; and Siemens Gamesa Renewable Energy SA. Companies are putting more emphasis on R&D programs to create innovative products and gain a competitive advantage. Siemens Gamesa, for example, took steps in March 2020 to expand its business segment of wind turbine production, installation, and servicing.
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