Thailand Power EPC Market Size, Share, Trends, And Growth Forecast, 2026-2031 Renewable Energy, Data Centers, And Grid Modernization Unlock EPC Opportunities
Dublin, Oct. 30, 2026 (GLOBE NEWSWIRE) -- "Thailand Power EPC - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)" has been added to ResearchAndMarkets.com's offering.
Thailand Power EPC Market to Reach USD 3.35 Billion by 2031 as Renewable Energy and Data-Center Investments Accelerate
The Thailand power EPC market is estimated at USD 2.96 billion in 2026 and is projected to reach USD 3.35 billion by 2031, expanding at a CAGR of 2.51% during the 2026-2031 forecast period. Market growth is supported by government-backed energy investment, rising industrial electricity consumption, data-center development, renewable energy targets, and continued modernization of power transmission and distribution infrastructure.
Government Energy Plan Supports Long-Term EPC Investment
Thailand's THB 2.9 trillion (USD 85 billion) Power Development Plan 2022-2037 provides a substantial capital-expenditure pipeline for power generation, transmission, and distribution projects. The plan targets 51% renewable energy penetration by 2037 while gradually phasing out subcritical coal generation. These objectives are expected to create sustained demand for utility-scale renewable projects, grid upgrades, digital substations, energy storage systems, and advanced gas-fired generation.
Hydrogen co-firing targets of 5% in 2026 and 20% by 2035 are also influencing procurement requirements. EPC bidders increasingly need to qualify combustion technologies capable of operating with blended gas. Mitsubishi Power's 5,300 MW Rayong-Chonburi modular complex, commissioned in 2024, demonstrates the shift toward flexible generation assets. Meanwhile, EGAT's THB 21.9 billion grid expansion is increasing demand for 500 kV transmission lines and digital substations designed to connect offshore-wind capacity with Eastern Economic Corridor load centers.
Data-Center and Industrial Demand Drives New Power Infrastructure
Rapid data-center investment is becoming a major growth catalyst for the Thailand power EPC market. In 2024, 46 data-center applications represented THB 168 billion (USD 4.9 billion) in planned investment, with approximately 90% of requests concentrated in the Eastern Economic Corridor. The developments are expected to add 2,000 MW of direct PPA capacity from January 2026.
Amazon Web Services, Google, and TikTok are planning hyperscale campuses with combined IT loads exceeding 400 MW, accelerating awards for solar-plus-BESS projects, high-voltage connections, and supporting substations. Digital Edge and B.Grimm are developing a 100 MW campus, while CtrlS activated 150 MW of capacity in 2025 following THB 15 billion in investment.
Industrial electricity consumption in the Eastern Economic Corridor increased 4.2% year-on-year in 2024, compared with nationwide growth of 2.1%. This expansion is bringing forward substation upgrades and supporting microgrid EPC demand. Industrial estates are also deploying 5-20 MW captive solar systems to improve tariff stability and power reliability for semiconductor, electric vehicle battery, and advanced manufacturing facilities.
Permitting Delays Remain a Key Market Restraint
Lengthy environmental impact assessment and permitting procedures continue to affect project schedules. Reviews involving ONEP, provincial authorities, and public consultations can extend approvals for utility-scale solar and wind developments to 12-24 months. Offshore-wind permit decisions are anticipated only by late 2026, potentially delaying foundation, turbine, and balance-of-plant contracts.
Local opposition has also affected development timelines. Solar projects in Nakhon Ratchasima faced concerns regarding potential soil impacts, delaying 200 MW of capacity in 2024. Wind developers in southern Thailand commissioned additional marine-biology studies in response to fisheries concerns, adding approximately nine months to some schedules. A fast-track approval process introduced in 2025 applies to projects below 50 MW but covers only a limited share of total market activity.
Thermal Generation Leads While Renewables Gain Momentum
Thermal generation represented 63.8% of Thailand's power EPC value in 2025, with the segment reaching USD 2.01 billion. Its position is supported by domestic gas production and LNG imports. Mitsubishi Power's 1,400 MW Hin Kong CCGT, commissioned in January 2025, highlights the adoption of next-generation turbines offering 61% efficiency and 5% hydrogen co-firing capability.
Renewable power EPC activity is forecast to grow at a 5.8% CAGR as Thailand targets 32 GW of new solar capacity by 2030. Solar margins are benefiting from photovoltaic module oversupply, which reduced panel quotations by 15% in 2025. In contrast, turbine prices increased 10-12% because of currency movements, placing pressure on thermal EPC margins.
Additional growth opportunities are emerging from smart substations, HVDC links, grid-modernization incentives, hydrogen-ready retrofits, and offshore wind. However, high project-finance costs, local supply-chain limitations, and the 40% local-content requirement for offshore wind may increase balance-of-plant expenses. Joint ventures and knowledge transfer are expected to strengthen domestic engineering and fabrication capabilities over the longer term.
Key Topics Covered:
1 Introduction
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Landscape
4.1 Market Overview
4.2 Market Drivers
4.2.1 Government-backed PDP 2022-2037 capital-expenditure pipeline
4.2.2 Rapid growth in industrial & data-centre electricity demand
4.2.3 Renewable-energy targets under AEDP 2022 steering EPC uptake
4.2.4 Grid-modernisation incentives (smart sub-stations, HVDC links)
4.2.5 Offshore-wind pilot zones unlocking multi-GW EPC contracts
4.2.6 ASEAN Power Grid cross-border trading catalysing transmission EPC
4.3 Market Restraints
4.3.1 Lengthy EIA & permitting timelines
4.3.2 High project-finance costs amid rising policy rates
4.3.3 Currency-exchange volatility on imported equipment
4.3.4 Local opposition to land acquisition for RE projects
4.4 Supply-Chain Analysis
4.5 Regulatory Landscape
4.6 Technological Outlook
4.7 Porter's Five Forces
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Suppliers
4.7.3 Bargaining Power of Buyers
4.7.4 Threat of Substitutes
4.7.5 Competitive Rivalry
4.8 PESTLE Analysis
5 Market Size & Growth Forecasts
5.1 Power Generation EPC
5.1.1 By Technology
5.1.1.1 Thermal
5.1.1.2 Nuclear
5.1.1.3 Renewables
5.1.2 By Capacity Band
5.1.2.1 Up to 100 MW (DER, micro-grid)
5.1.2.2 100 to 499 MW
5.1.2.3 Above 500 MW
5.1.3 By End-User
5.1.3.1 Regulated Utilities
5.1.3.2 Independent Power Producers
5.1.3.3 Industrial Captive Power
5.1.3.4 Public Sector and SOE
5.2 Power Transmission and Distribution (T&D) EPC
6 Competitive Landscape
6.1 Market Concentration
6.2 Strategic Moves (M&A, Partnerships, PPAs)
6.3 Market Share Analysis (Market Rank/Share for key companies)
6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
6.4.1 Sino-Thai Engineering & Construction PCL
6.4.2 Mitsubishi Power (Mitsubishi Heavy Industries Ltd.)
6.4.3 Siemens Energy AG
6.4.4 GE Vernova
6.4.5 AFRY (Poyry PLC)
6.4.6 Black & Veatch Corp.
6.4.7 Marubeni Corp.
6.4.8 Toshiba Energy Systems & Solutions Corp.
6.4.9 B.Grimm Power PCL
6.4.10 DP Cleantech Group
6.4.11 Toyo-Thai Corp. PCL
6.4.12 Ital-Thai Development PCL
6.4.13 Ratch Group PCL
6.4.14 CK Power PCL
6.4.15 Chiyoda Corp.
6.4.16 Doosan Enerbility
6.4.17 Larsen & Toubro Ltd.
6.4.18 Worley Ltd.
6.4.19 Sumitomo Corp.
6.4.20 Power Construction Corporation of China (PowerChina)
7 Market Opportunities & Future Outlook
7.1 White-space & Unmet-need Assessment
For more information about this report visit
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment