Renewable power generation in Thailand saw substantial growth from 2013 to 2023, reaching 0.24 Exajoules. The initial phase (2013-2019) witnessed strong growth rates, with the CAGR peaking at 30.92% in 2014 and a year-on-year increase of 17.53% in 2019. However, the growth rate declined significantly from 2020 onwards, marked by a negative year-on-year variation of -3.95% in 2020 and stagnation around 0.23 Exajoules from 2021 to 2023. The CAGR for the last five years settled at 4.26%, indicative of a maturing market. Forecast data suggests modest growth, with only a 0.89% CAGR from 2024 to 2028, reaching 0.25 Exajoules.
Future trends to watch for:
- Technological advancements and cost reductions in renewable technologies.
- Government policies and incentives aiming to bolster renewable energy adoption.
- Potential impacts of regional geopolitical dynamics on energy trade and collaboration.
- Increasing public and private sector investments in renewable infrastructure.
- Global shifts towards sustainability and Thailand’s integration in international climate agreements.