Forecast: Solar Energy Generation in Thailand

Solar energy generation in Thailand has experienced significant fluctuations over the past decade. Between 2013 and 2017, there was substantial growth with a noticeable increase in year-on-year values: starting from 1.26 TWh in 2013 to 4.54 TWh in 2017, marked by a rapid expansion in the early years. From 2018 onwards, the growth plateaued, hitting its peak in 2019 at 5.15 TWh before starting a gradual decline. By 2023, the value reached 4.8 TWh, with a slight negative trend observed from 2018 onwards.

The last two years saw continued decreases of -2.2% and -1.64% in 2022 and 2023, respectively. Notably, the 5-year CAGR from 2018 to 2023 stood at a modest 1.13%, indicating a significant slowdown compared to earlier figures.

Looking into the future, the forecasts for 2024-2028 indicate a continued decline in solar energy generation with a 5-year CAGR of -0.96%, resulting in an estimated value of 4.5 TWh by 2028.

Future trends to watch for:

• Technological advancements that could potentially increase efficiency in solar energy generation.
• Government policies or incentives aimed at revitalizing the solar energy sector.
• Investment trends in renewable energy infrastructure.
• Potential impacts of global energy market fluctuations on local solar energy production.