Thailand Photovoltaics Market (2025-2030)
The Thailand Photovoltaics Market was valued at $1040 Million in 2025 and projected to reach to $1550 Million by 2030, representing a compound annual growth rate of 8.2%. Thailand's photovoltaics market is experiencing robust growth driven by the nation's renewable energy commitments and increasingly favorable policy frameworks.
| Market Size in | USD 26.32 MN |
| Market Forecast in | |
| CAGR | |
| Forecast Period | |
| Units Considered | Value (USD MN) |
Thailand Photovoltaics Market Trends and Insights
- Valued at USD 1,040 million in 2025, Thailand's market is expected to expand to USD 1,550 million by 2030, reflecting an 8.2% compound annual growth rate.
- This expansion is driven by Thailand's commitment to renewable energy targets, supportive government policies, and increasing industrial and residential solar adoption across the country. The Thai photovoltaics sector benefits from favorable climatic conditions, declining solar technology costs, and rising electricity demand.
- Thailand's strategic position in Southeast Asia makes it an attractive hub for solar manufacturing and deployment.
- Between 2025 and 2030, Thailand is anticipated to see accelerated capacity additions, particularly in utility-scale and rooftop solar installations, supported by both domestic consumption and regional export opportunities. Thailand's market dynamics reflect broader Asia Pacific trends while maintaining distinct local characteristics shaped by regulatory frameworks and energy security priorities.
- The country's photovoltaics market growth underscores Thailand's role in the region's clean energy infrastructure development and its contribution to meeting regional sustainability commitments..
Key Market Statistics
- CAGR (2025-2030) 8.2% CAGR
- Market Size, 2025 ~USD 1040 Million
- Forecast, 2030 ~USD 1550 Million
- Country Thailand
Thailand Photovoltaics Market Overview
Market Valuation Growth :
Thailand's photovoltaics market is valued at USD 1,040 million in 2025 and is projected to reach USD 1,550 million by 2030, demonstrating strong market expansion potential in Southeast Asia's renewable energy sector.
Competitive CAGR Performance :
With an 8.2% CAGR through 2030, Thailand's photovoltaics market growth slightly trails the global average of 9.6%, yet remains a significant growth opportunity within the Asia Pacific region's renewable energy transition.
Government Policy Support :
Thailand's commitment to renewable energy targets and supportive government policies create a favorable regulatory environment for photovoltaic investments, manufacturing, and grid integration initiatives across the country.
Regional Strategic Position :
As a key growth engine within Asia Pacific's renewable energy transition, Thailand serves as a critical market for solar technology adoption, positioning it as an attractive hub for regional PV manufacturers and investors.
Thailand Photovoltaics Market Dynamics
- The market's expansion from USD 1,040 million to USD 1,550 million by 2030 reflects growing demand for clean energy solutions and Thailand's strategic positioning within Asia Pacific's energy transition.
- Government incentives, declining solar technology costs, and rising electricity demand are accelerating photovoltaic adoption across residential, commercial, and utility-scale segments. Looking ahead, Thailand's PV market will benefit from enhanced grid infrastructure investments, manufacturing capacity expansion, and regional supply chain development.
- The country's focus on energy security and carbon reduction targets will continue to drive market penetration.
- However, competition from neighboring markets and technology advancement cycles will require continuous innovation.
- Strategic partnerships between local developers, international manufacturers, and government agencies will be essential for sustaining the projected 8.2% CAGR through 2030..
Related Ecosystem
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- Sensors
- Machine Learning
- Temperature Sensors
- Actuators
- ABB India Limited
- Siemens ag
- SCHNEIDER ELECTRIC SE
- Eaton Corporation plc
- General Electric Company
Key Takeaways
- Thailand's photovoltaics market will grow from USD 1,040M (2025) to USD 1,550M (2030) at an 8.2% CAGR.
- Thailand benefits from strong solar irradiance, declining technology costs, and supportive renewable energy policies.
- Thailand is emerging as a regional manufacturing and deployment hub for photovoltaic systems in Southeast Asia.
- Utility-scale and rooftop solar installations will drive Thailand's market expansion through 2030.
Photovoltaics Market Report Scope
| Report Metric | Details |
|---|---|
| Base Year | 2025 |
| Fastest Growing Segment | FLEXIBLE (Type) |
| Forecast Period | 2025–2030 |
| Growth Rate | CAGR of 9.6% from 2025 to 2030 |
| Largest Segment | RIGID (Type) |
| Market Size Base Year (Billions) | ~USD 612.3 (2025) |
| Revenue Forecast (Billions) | ~USD 968.32 (2030) |
| Segments Covered | Component, Value And Volume, Application, Bos Type, Type |
Thailand Photovoltaics Market Report Segmentation
5 segment dimensions are covered across the global market.
By Component
- Balance Of System (Bos)
- Inverters
- Modules
By Value And Volume
- Market Value (Usd Billion)
- Market Volume (Gw)
By Application
- Commercial & Industrial
- Residential
- Utilities
By Bos Type
- Batteries
- Connections & Cables
- Junction Boxes
- Monitoring Systems
- Other Bos Types
- Safety Equipment
- Trackers
By Type
- Flexible
- Rigid
Target Audience
- Solar Equipment Manufacturers : Manufacturers need Thailand-specific market data to assess production capacity requirements, localization strategies, and distribution channel development for capturing growth in this 8.2% CAGR market through 2030.
- Investment & Private Equity Firms : Investors require detailed Thailand photovoltaics market analysis to evaluate project returns, identify acquisition targets, and allocate capital effectively across residential, commercial, and utility-scale solar opportunities.
- Energy Project Developers : Project developers need comprehensive market forecasts, policy frameworks, and segment analysis for Thailand to plan pipeline development, secure financing, and execute solar projects aligned with market demand trends.
- Government & Policy Makers : Thai government agencies and policymakers require market intelligence to design effective renewable energy policies, set realistic targets, and allocate resources to support the photovoltaics sector's sustainable growth.
- Utility Companies & Energy Providers : Utilities need Thailand market data to understand grid integration requirements, forecast solar capacity additions, plan infrastructure investments, and develop competitive renewable energy procurement strategies.
Key Companies in the Thailand Photovoltaics Market
| Company | HQ | Ownership | Strongest segments |
|---|---|---|---|
| SOJITZ CORPORATION | Japan | Public Company | Energy, Power & Infrastructure (IPP, IPP/IWPP, LNG, oil & gas),Automotive, Aerospace & Transportation (autos, aircraft, defense, business jets, marine),Metals, Minerals & Resource Recycling, |
| ALFA LAVAL AB | Sweden | Public Company | Heat transfer (plate, air-cooled, tubular, scraped surface),Separation (decanters, separators),Fluid handling (pumps, valves, mixers, tank cleaning), |
| OCI COMPANY LTD. | Netherlands | Public Company | Nitrogen fertilizers (ammonia, urea, UAN, CAN, ammonium sulphate, AN+S),Methanol (US and Europe),Industrial nitrogen derivatives (nitric acid, melamine, CO2, DEF, other nitrogen products), |
| BOREALIS AG | Austria | Private Company | Polyethylene solutions,Polypropylene solutions,Recyclates and circular solutions, |
| ZUMTOBEL GROUP AG | Austria | Public Company | Professional indoor luminaires,Outdoor and infrastructure luminaires,Components (LED drivers, modules, sensors), |
| JA SOLAR TECHNOLOGY CO.,LTD. | China | Public Company | PV modules,Monocrystalline silicon rods and wafers,PV materials and components, |
| TONGWEI CO., LTD. | China | Public Company | Industrial and high-purity crystalline silicon,Solar cells and modules,PV power generation and operation, |
| CANADIAN SOLAR | Canada | Public Company | Photovoltaic modules,Battery energy storage products and solutions,Solar system kits, inverters, and power electronics, |
| FIRST SOLAR | United States | Public Company | Utility-scale CdTe module sales,Project development and EPC-related activities,Operations, maintenance, and other services, |
| HANWHA QCELLS | South Korea | Public Company | PV modules,PV cells,Silicon ingots and wafers, |
| MITSUBISHI ELECTRIC CORPORATION | Japan | Public Company | Factory Automation & Industrial Systems,Building Systems (Elevators, Escalators, BMS),Air Conditioning, Refrigeration & Home Equipment, |
| SHARP CORPORATION | Japan | Public Company | Smart Life & Energy (appliances, air treatment, solar, storage),Smart Office (MFPs, information displays, POS, PCs, solutions),Universal Network (telecoms, mobile, routers, consumer AV), |
| SUNGROW | China | Public Company | Photovoltaic inverters,Energy storage systems,Wind power converters and transmission products, |
| SMA SOLAR TECHNOLOGY AG | Germany | Public Company | Home & Business PV Inverters,Battery & Hybrid Inverters,Large Scale & Project Inverters, |
| SOLAREDGE | Israel | Public Company | Inverters and power optimizers,Storage solutions (home battery 400V, CSS-OD),EV chargers (residential and commercial), |
SOJITZ CORPORATION
Sojitz Corporation is a Japanese public company founded in 1862 with 26,789 employees. It operates as a diversified trading and investment company serving global markets.
ALFA LAVAL AB
Alfa Laval AB is a Swedish public company established in 1883 with 24,832 employees. The company specializes in heat transfer, separation, and fluid handling technologies.
OCI COMPANY LTD.
OCI Company Ltd. is a Dutch public company founded in 2013 with 761 employees. The company operates in the chemical and materials sector.
BOREALIS AG
Borealis AG is an Austrian private company founded in 1994 with 5,887 employees. The company is a leading provider of polyolefins and base chemicals.
ZUMTOBEL GROUP AG
Zumtobel Group AG is an Austrian public company founded in 1950 with 5,148 employees. The company is a leading provider of lighting solutions and components.
JA SOLAR TECHNOLOGY CO.,LTD.
JA Solar Technology Co., Ltd. is a Chinese public company founded in 2000 with 25,260 employees. The company manufactures photovoltaic products and solar cells.
TONGWEI CO., LTD.
Tongwei Co., Ltd. is a Chinese public company founded in 1995 with 44,798 employees. The company operates in feed production, aquaculture, and photovoltaic materials.
CANADIAN SOLAR
Canadian Solar is a Canadian public company founded in 2001 with 12,587 employees. The company designs, develops, and manufactures solar photovoltaic modules and systems.
FIRST SOLAR
First Solar is an American public company founded in 1999. The company manufactures thin-film photovoltaic solar modules and provides solar energy solutions.
HANWHA QCELLS
Hanwha Q Cells is a South Korean public company. Insufficient employment and founding data available for complete description.
MITSUBISHI ELECTRIC CORPORATION
Mitsubishi Electric Corporation is a Japanese public company founded in 1921 with 150,386 employees. The company manufactures electrical and electronic equipment across multiple industries.
SHARP CORPORATION
Sharp Corporation is a Japanese public company founded in 1912 with 34,549 employees. The company manufactures electronics, displays, and solar energy products.
SUNGROW
Sungrow is a Chinese public company founded in 1997 with 19,006 employees. The company manufactures power conversion and energy storage systems for solar applications.
SMA SOLAR TECHNOLOGY AG
SMA Solar Technology AG is a German public company founded in 1981 with 3,659 employees. The company develops and manufactures solar inverters and energy management systems.
SOLAREDGE
SolarEdge is an Israeli public company founded in 2006 with 3,576 employees. The company designs and manufactures power optimizers and inverters for solar photovoltaic systems.
Reasons to Buy this Report
- Market-Specific Sizing & Forecasts : Access precise valuation data for Thailand's photovoltaics market with detailed 2025-2030 projections, enabling accurate financial planning and investment allocation decisions specific to this high-growth Southeast Asian market.
- Competitive Landscape Intelligence : Understand Thailand's unique market dynamics, local competitor positioning, and regional competitive advantages compared to neighboring countries, critical for market entry and expansion strategies in Southeast Asia.
- Policy & Regulatory Insights : Gain comprehensive analysis of Thailand's government renewable energy policies, incentive structures, and regulatory frameworks that directly impact photovoltaic investment returns and project viability in the country.
- Segment & Application Analysis : Identify high-potential segments within Thailand's PV market including residential, commercial, and utility-scale installations, with tailored growth forecasts to optimize product development and go-to-market strategies.
- Strategic Investment Guidance : Make informed investment decisions with Thailand-specific market intelligence, including growth drivers, barriers to entry, partnership opportunities, and risk assessments for photovoltaic ventures in the region.
Frequently asked questions
What is the current size of Thailand's photovoltaics market?
Thailand's photovoltaics market is valued at USD 1,040 million in 2025 and is projected to reach USD 1,550 million by 2030.
What is the expected growth rate for Thailand's photovoltaics market?
Thailand's photovoltaics market is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2025 to 2030.
What factors are driving growth in Thailand's photovoltaics sector?
Thailand's photovoltaics growth is driven by favorable solar irradiance, declining technology costs, government renewable energy incentives, rising electricity demand, and increasing adoption in industrial and residential segments.
What role does Thailand play in the Asia Pacific photovoltaics market?
Thailand is emerging as a strategic hub for photovoltaic manufacturing and deployment in Southeast Asia, contributing significantly to regional renewable energy capacity expansion and clean energy infrastructure development.
Which segments are expected to drive Thailand's photovoltaics market expansion?
Utility-scale solar farms and rooftop solar installations on residential and commercial buildings are the primary segments expected to drive Thailand's photovoltaics market growth through 2030.
RESEARCH METHODOLOGY
The study involved major activities in estimating the current size of the photovoltaics market. Exhaustive secondary research was done to collect information on photovoltaics. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the photovoltaics.
Secondary Research
Secondary sources for this research study include government sources, corporate filings (annual reports, investor presentations, and financial statements), trade journals, articles, white papers, industry news, and business and professional associations. The secondary data has been collected and analyzed to arrive at the overall market size, which has been further validated through primary research. A few important secondary sources referred to for this research study are the Solar Energy Industries Association (SEIA), the American Solar Energy Society (ASES), the International Electrotechnical Commission (IEC), and the Indian Solar Manufacturers Association (ISMA).
Primary Research
Extensive primary research has been conducted after understanding and analyzing the photovoltaics market scenario through secondary research. Several primary interviews have been conducted with key opinion leaders from the demand and supply sides across four major regions—North America, Europe, Asia Pacific, and RoW. Approximately 30% of the primary interviews were conducted with the demand side and 70% with the supply side. Primary data was mainly collected through telephonic interviews, which comprised 80% of the overall primary interviews; questionnaires and emails were also used to collect the data.
Note: Other designations include sales and marketing executives and researchers, as well as members of various photovoltaic technology organizations.
Sales, business development, and product managers are covered under the “managers” category.
Three tiers of companies are defined based on their total revenue as of 2024: tier 1: revenue more than or equal to USD 500 million, tier 2: revenue between USD 100 million and USD 500 million, and tier 3: revenue less than or equal to USD 100 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In this report, we have implemented top-down and bottom-up approaches to estimate and validate the size of the photovoltaics market and various other dependent submarkets. Key players in the photovoltaics market have been identified through secondary research, and their market shares in respective regions have been determined through primary and secondary research. This entire research methodology includes the study of annual and financial reports of top companies, as well as interviews with experts (CEOs, VPs, directors, and marketing executives) for key insights (quantitative and qualitative). All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed input and analysis from MarketsandMarkets and presented in this report. The figures below show the overall market size estimation process employed for this study.
Bottom-Up Approach
- Identifying key participants in the photovoltaics market that influence the entire market, along with the related component players
- Analyzing major manufacturers of PV components such as modules, inverters, and BOS, studying their portfolios, and understanding their different products
- Analyzing trends pertaining to the use of PV devices for different kinds of applications
- Tracking the ongoing and upcoming developments in the market, such as investments, R&D activities, product launches, collaborations, and partnerships, and forecasting the market based on these developments and other critical parameters
- Carrying multiple discussions with key opinion leaders to understand different types of PV components and applications and recent trends in the market, analyzing the breakup of the scope of work carried out by major companies
- Arriving at the market estimates by analyzing revenues of companies generated and then combining the same to get the market estimate
- Segmenting the overall market into various other market segments
- Verifying and cross-checking the estimate at every level from the discussion with key opinion leaders such as CXOs, directors, and operations managers, and finally with the domain experts in MarketsandMarkets
- Studying various paid and unpaid sources of information such as annual reports, press releases, white papers, and databases
Top-Down Approach
- Focusing initially on the top-line investments and expenditures being made in the ecosystem of the photovoltaics market. Further splitting into component, material, cell type, installation type, and application, and listing key developments in key market areas
- Identifying all major players in the photovoltaic devices market by component and material, and their penetration in various applications through secondary research and verifying with a brief discussion with industry experts
- Analyzing revenues, product mix, geographic presence, and key applications for which photovoltaic systems and components are served by all identified players to estimate and arrive at the percentage splits for all key segments
- Discussing these splits with the industry experts to validate the information and identify key growth pockets across all key segments
- Breaking down the total market based on verified splits and key growth pockets across all segments
- Breaking down the total market based on verified splits and key growth pockets across all segments
Photovoltaics Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size through the process explained above, the overall market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, the data triangulation procedure has been employed wherever applicable. The data has been triangulated by studying various factors and trends from the demand and supply sides. The market has also been validated using the top-down and bottom-up approaches.
Market Definition
According to the Solar Energy Industries Association (SEIA), photovoltaic (PV) devices generate electricity directly from sunlight via an electronic process that occurs naturally in certain types of materials called semiconductors. Electrons in these materials are freed by solar energy and can be induced to travel through an electrical circuit, powering electrical devices or sending electricity to the grid.
Key Stakeholders
- PV cell manufacturers
- PV module manufacturers
- Raw materials and manufacturing equipment suppliers
- PV market technical consultants
- Technology standards organizations, forums, alliances, and associations
- Governments, financial institutions, and investment communities
- Research organizations
- Analysts and strategic business planners
- Venture capitalists, private equity firms, and startup companies
- Distributors
Report Objectives
- To describe, segment, and forecast the photovoltaics market, by component, type, material type, cell type, installation type, and application, in terms of value
- To describe and forecast the photovoltaics market, by component, in terms of volume
- To describe the power capacity ranges and photovoltaic (PV) concentration systems of photovoltaics (PV)
- To describe and forecast the market for four key regions: North America, Europe, Asia Pacific, and RoW, in terms of value
- To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the photovoltaics market
- To provide a detailed overview of the supply chain and ecosystem pertaining to the photovoltaics market, along with the average selling price of PV components
- To provide an ecosystem analysis, case study analysis, patent analysis, technology analysis, ASP analysis, Porter’s five forces analysis, 2025 US tariff, AI/Gen AI impact, and regulations pertaining to the market
- To strategically analyze the ecosystem, tariffs and regulations, patent landscape, trade landscape, and case studies pertaining to the market under study
- To strategically analyze micromarkets about individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market
- To analyze competitive developments such as product launches and developments, expansions, partnerships, collaborations, contracts, and acquisitions in the photovoltaics market
- To strategically profile the key players in the PV market and comprehensively analyze their market ranking and core competencies.
- To evaluate the impact of macroeconomic factors on the regional market
Available customizations:
With the market data given, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 7)
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