In 2023, Thailand’s geothermal and biomass energy consumption stood at 14.2 Terawatthours. Over the last two years, the year-on-year growth was relatively moderate, with a 4.67% increase in 2023, following a 1.16% increase in 2022. The Compound Annual Growth Rate (CAGR) over the past five years averaged 3.86%. From 2013 to 2023, the CAGR showcased strong growth in the initial years but witnessed diminishing growth rates in recent years.
The future trends to watch for include:
- A forecasted moderate CAGR of 2.53% over the next five years, suggesting a stabilization phase in the consumption growth.
- A gradual increase in consumption, forecasted to reach 16.68 Terawatthours by 2028, indicating a 13.32% growth from 2023 levels.
- Potential impact of technological advancements and government policies in promoting renewable energy sources.