Thailand is currently the largest solar energy producing country in the South East Asian region. The country, however, has experienced high volatility in terms of net additions in solar installed capacity over the previous years. Under the AEDP, the government aims to install approximately 17 GW of solar energy in Thailand by 2036. This would act as a main driving force behind the growth of the solar inverter market in Thailand. However, due to immense surge in solar installations particularly in 2016, the market is anticipated to slowdown as compared to previous years.
According to 6Wresearch, Thailand Solar Inverter market revenues are projected to grow at a CAGR of 14.3% during 2018-24. By types, string solar inverters accounted for the maximum revenue share in the overall Thailand solar inverter market. Additionally, greater adoption of solar rooftop and off grid solar systems would further increase the demand for string inverters, making the segment to grow at the highest rate during the forecast period.
According to Priya Sharma, Research Analyst, Research and Consulting, 6Wresearch, "Presently, the Thailand solar inverter market is mainly driven by the commercial and industrial verticals. This growth can be accredited to the growing inclination of commercial and industrial end users towards more efficient and economical energy sources such as solar energy."
"On account of the incentives such as FiT and adder programme, provided by the government, the use of solar energy is also increasing in the residential domain. Further, the government of Thailand is reluctant to approve any new large-scale solar utility projects as the Electricity Generating Authority of Thailand is still absorbing the ongoing solar energy explosion in the country brought about by the high number of solar installations by IPPs. As a result, the utility vertical is predicted to exhibit modest growth on account of the possibility of this 'Solar Freeze,' Priya added.
According to Kanika Arora, Research Associate, Research and Consulting, 6Wresearch, "Solar inverters in the 10 kW-100 kW power range acquired majority of the revenue share in the overall solar inverter market in Thailand in 2017. The segment would continue to dominate the market owing to high deployment of solar inverters in both commercial and industrial and small-scale utility projects.
Some of the major companies in the Thailand Solar Inverter market include SMA, Huawei, ABB, Sungrow, Delta and Fronius.
"Thailand Solar Inverter Market (2018-2024)" provides an in-depth analysis with 51 figures and 8 tables covered in more than 110 pages. The report estimates and forecast the overall Thailand Solar Inverter market by power rating, types, verticals, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics."