Analyzing the data on Thailand's renewable power generation reveals a general upward trend in the value of generation, which stood at 24.93 Terawatthours in 2023. From 2013 to 2019, renewable power generation experienced strong year-on-year growth with double-digit percentage increases. This rapid growth, however, slowed down starting in 2020, where a minor decline was noted, followed by moderate single-digit percentage increases in subsequent years. Notably, the Compound Annual Growth Rate (CAGR) during the last five years leading to 2023 stands at 6.82%, indicating stabilizing maturity.
Forecasts from 2024 to 2028 project continued growth at a slower pace, with an average forecasted CAGR of 3.2%, translating to an overall 17.04% increase over this period. This suggests a trend of steady but slower expansion as the market matures further.
Future trends to watch for include:
• Technological advancements that could further reduce costs or increase efficiency in renewable energy systems.
• Policy changes and government incentives aimed at promoting renewable energy.
• The impact of global energy market fluctuations and economic factors on investment in renewables.
• Integration of smart grid technologies to enhance the reliability and distribution of renewable energy.