Forecast: Renewable Energy Supply in Thailand

In 2023, Thailand's renewable energy supply stood at 20.58 units of Total Primary Energy Supply, marking a 2.39% increase year-on-year. Over the past two years, this sector exhibited an upward trajectory with a cumulative increase of approximately 6.3%. However, the past five years showcase a modest Compound Annual Growth Rate (CAGR) of just 0.65%, reflecting both growth spurts and periods of decline such as the notable dip in 2020.

The forecasted data from 2024 onwards suggest a stable yet slightly declining trend, with a projected 5-year CAGR of -0.05%. This indicates a stagnation in renewable energy supply growth with minimal changes in the near future, forecasted to average a slight decrease of about 0.24% over the next five years.

Future trends to watch for:

• Technology advancements in renewable energy sources and storage.
• Government policies and incentives aimed at boosting renewable energy adoption.
• Global energy market dynamics affecting local renewable energy investments.
• Climate change impacts driving shifts toward sustainable energy sources.