The renewable energy sector in Thailand, excluding solid biofuels, showed a marked increase from 1.91 units of Total Primary Energy Supply in 2013 to 4.34 units in 2023. This period was characterized by significant year-on-year variations, with noteworthy peaks in growth during 2014 and 2018 at 20.87% and 26.7% respectively. Over the most recent two years, the sector experienced a steady growth rate of around 4.19% annually. Looking backward five years from 2023, the Compound Annual Growth Rate (CAGR) was 5.08%, indicating a stable upward trend.
Going forward, the forecast suggests a continued increase in renewable energy supply, reaching 5.17 units by 2028, with an anticipated CAGR of 2.73% over the next five years. This reflects a projected cumulative growth of 14.42% from 2023 to 2028.
Future Trends to Watch:
Future trends to monitor include advancements in renewable technology, government policy shifts towards greener energy solutions, and potential investments in infrastructural improvements. Additionally, assessing the impact of regional economic developments and emerging market dynamics will be crucial for predicting future growth trajectories in Thailand's renewable energy sector.
