In 2023, Thailand's consumption of geothermal and biomass energy stood at 0.16 Exajoules. Since 2013, when consumption was 0.065 Exajoules, the trend has been largely upward, with annual fluctuations. Notable year-on-year variations include peaks of 26.17% in 2018 and declines of -2.76% in 2020. Over the past five years, from 2018 to 2023, the compound annual growth rate (CAGR) averaged at 3.97%, showing a deceleration compared to previous years. Interestingly, 2019-2023 saw relatively modest growth compared to earlier years, indicating a potential maturity in the market.
Future trends to watch for:
- Continued deceleration in growth with a forecasted 5-year CAGR of 3.08% from 2024 to 2028.
- Overall growth between 2023 and 2028 is predicted to be 16.37%, highlighting sustained but slowing expansion.
- Potential technological advancements or policy changes influencing both geothermal and biomass sectors.
- Environmental and economic factors impacting renewable energy investment and consumption patterns in Thailand.