Forecast: Geothermal and Biomass Energy Consumption in Thailand

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.