Thailand's solar energy capacity has seen rapid growth from 2013 to 2023, initially increasing significantly before stabilizing in recent years. The capacity stood at 3090 MW in 2023, reflecting consistent development efforts in renewable energy. From 2013 to 2017, the country experienced vigorous growth, with year-on-year variations often exceeding 50%. However, from 2018 onwards, growth rates decelerated, and between 2020 and 2023, growth was mainly stagnant, with minor increments observed in recent years. The average annual growth rate (CAGR) over the last five years has been a modest 0.78%, indicating a plateauing trend.
Looking ahead, capacity is forecasted to grow incrementally, with a five-year CAGR of 0.36%, projecting a solar capacity of 3160 MW by 2028. Future trends to watch for include technological advancements in solar efficiency, potential policy shifts to bolster renewable energy, and increased investments to drive more substantive growth. Policymakers and investors should focus on these areas to reinvigorate the solar sector's upward trajectory.