The Thailand EPC power market is expected to grow at a CAGR of 3% in the forecast period. The growth of the market is attributed to increasing population and power consumption.
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EPC power stands for engineering, procurement, and construction of power plants. The single company or vendor takes the entire responsibility of designing and establishing the project. Thailand’s increasing power demand has encouraged various industry players, from new entrants to emerging players to enter in the Thailand EPC power market. The country had 11800 MW renewable capacity in 2019. The market in country is expected to grow a significant growth, especially, in the renewable energy sector owing to the increasing number of renewable projects. Thailand launched multiple programs for the growth of the power sector. For instance, it announced Power Development Plan in 2019, Renewable Energy Map 2036, Energy Efficiency Plan, Alternative Energy Development Plan, and some small-scale projects. These programs are expected to boost the power EPC market in the country. With Renewable Energy map 2036, Thailand is aiming to install 17 GW of solar power, which is expected to create ample opportunities in the coming years.
Market Drivers, Restraints, Trends, and Opportunities
- Increasing population and power consumption are driving the power market.
- The COVID-19 outbreak has caused supply chain disruptions and is expected to delay some EPC projects in the power sector. This is expected to restrain the market growth.
- Growing number of government initiatives to develop renewable projects is anticipated to positively influence the growth of the market.
- Decreasing prices of semiconductor is speculated to create opportunities for industry players during the forecast period.
- Rising number of incentive programs by the Government of Thailand to boost the establishment of power generation plants is anticipated to spur the Thailand EPC market in the projected timeline.
Thailand EPC power market Market Insights
Renewable segment to Witness Significant Growth
Based on sectors, the market is segregated into thermal, renewables and others. In 2014, Thailand had a total capacity of 7406 MW renewable energy generation and in 2019, it increased to 11860 MW. The country announced in 2020 that Electricity Generating Authority of Thailand (EGAT) were planning to build 2.7 GW of floating solar power capacity on the dam reservoirs by 2037. Therefore, factors such as supportive government policies coupled with upcoming renewable energy projects are expected to drive the renewables segment.
Transmission & distribution segment to grow at a rapid race
The transmission & distribution segment accounted for a significant market share and is expected to grow at a rapid pace during the forecast period. Government state bodies and industry players are partnering to swift the deployment of centralized and decentralized power grids across the country. Moreover, government agencies are granting funding to improve the electricity infrastructure, propelling the growth of the transmission & distribution segment.
Competitive Landscape
Some of the major companies include Mitsubishi Hitachi Power Systems, Ltd, Marubeni Corporation, General Electric Company, Poyry PLC, and Black & Veatch Corporation, and others.
In September 2020, Mitsubishi Power signed a contract with Hin Kong Power company to build a 1.4 GW natural gas-fired combined cycle turbine facility. According to the contract, the former company is expected to supply two gas turbines to the facility. As per Mitsubishi Power, the plant is anticipated to reduce up to 70% of carbon emissions.
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