태국의 전력 EPC : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the Thailand power EPC market size is estimated at USD 2.96 billion in 2026, and is expected to reach USD 3.35 billion by 2031, at a CAGR of 2.51% during the forecast period (2026-2031).

This report is Segmented by Power Generation EPC [Technology (Thermal, Nuclear, and Renewables), Capacity Band (Up To 100 MW, 100 To 499 MW, and Above 500 MW), and End-User (Regulated Utilities, Independent Power Producers, Industrial Captive Power, and Public Sector and SOE)], and Power Transmission and Distribution (T&D) EPC. The Market Sizes and Forecasts are Provided in Terms of Value (USD).

Thailand Power EPC Market Trends and Insights

Government-Backed PDP 2022-2037 Capital-Expenditure Pipeline

The THB 2.9 trillion (USD 85 billion) PDP commits 51% renewable penetration by 2037 and phases out subcritical coal, anchoring steady demand for generation, transmission, and distribution packages. Hydrogen co-firing targets of 5% in 2026 and 20% in 2035 compel EPC bidders to pre-qualify combustors that can accept blended gas, as seen in Mitsubishi Power's 5,300 MW Rayong-Chonburi modular complex commissioned in 2024. EGAT's THB 21.9 billion backbone expansion shifts value toward 500 kV lines and digital substations that evacuate offshore-wind output to EEC load centers. The long-run program flattens order volatility yet crystallizes fuel-mix risk because gas stays above 60% of installed capacity through 2030.

Rapid Growth in Industrial and Data-Center Electricity Demand

Forty-six data-center filings worth THB 168 billion (USD 4.9 billion) in 2024 clustered 90% of requests in the EEC, adding 2,000 MW of direct PPA capacity from January 2026. Amazon Web Services, Google, and TikTok alone plan hyperscale campuses exceeding 400 MW IT load, accelerating solar-plus-BESS and 500 kV line awards. Digital Edge and B.Grimm are building a 100 MW campus, while CtrlS activated 150 MW in 2025 at THB 15 billion spend. Industrial electricity in the corridor grew 4.2% year-on-year in 2024 versus 2.1% nationwide, pulling forward substation upgrades originally slated for 2028. The surge lifts microgrid EPC volumes as estates deploy 5-20 MW captive solar arrays to stabilize tariffs and uptime for semiconductor and EV-battery plants.

Lengthy EIA and Permitting Timelines

Thailand's EIA regime requires ONEP, provincial offices, and public hearings, extending utility-scale solar and wind approvals to 12-24 months. Offshore-wind zones face permit decisions only by late 2026, pushing foundation and turbine contracts beyond initial schedules. Solar farms in Nakhon Ratchasima met farmer resistance over perceived soil impacts, stalling 200 MW in 2024. Southern wind developers ordered extra marine-biology studies to placate fisheries, adding nine months to timelines. A 2025 fast-track path for <50 MW projects exists but covers only a fraction of the Thailand power EPC market.

Other drivers and restraints analyzed in the detailed report include:

1. Renewable-Energy Targets Under AEDP 2022 Steering EPC Uptake
2. Grid-Modernization Incentives (Smart Substations, HVDC Links)
3. High Project-Finance Costs Amid Rising Policy Rates

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Thermal generation accounted for 63.8% of the 2025 EPC value, anchored by domestic gas supply and LNG imports. The Thailand power EPC market size for thermal plants reached USD 2.01 billion in 2025. Mitsubishi Power's 1,400 MW Hin Kong CCGT, commissioned in January 2025, illustrates next-generation 61%-efficiency turbines that already co-fire 5% hydrogen. Renewable capacity is poised for a 5.8% CAGR as AEDP mandates 32 GW of new solar by 2030. The Thailand power generation EPC market share held by renewables should rise steadily once offshore wind breaks ground, yet local foundation expertise and supply-chain gaps remain barriers.

Cost dynamics diverge across technologies. Turbine prices rose 10-12% on currency moves, squeezing thermal EPC spreads, while photovoltaic module oversupply shaved 15% off 2025 panel quotes, widening solar margins. Offshore wind developers must joint-venture to satisfy 40% local content, potentially lifting balance-of-plant costs but embedding knowledge transfer that benefits domestic yards. Hydrogen-ready retrofits represent a niche yet growing bid line as EGAT seeks 20% blending by 2035.

Complete Report Scope:

• Power Generation EPC
  • By Technology
    • Thermal
    • Nuclear
    • Renewables
  • By Capacity Band
    • Up to 100 MW (DER, micro-grid)
    • 100 to 499 MW
    • Above 500 MW
  • By End-User
    • Regulated Utilities
    • Independent Power Producers
    • Industrial Captive Power
    • Public Sector and SOE
• Power Transmission and Distribution (T&D) EPC

List of Companies Covered in this Report:

1. Sino-Thai Engineering & Construction PCL
2. Mitsubishi Power (Mitsubishi Heavy Industries Ltd.)
3. Siemens Energy AG
4. GE Vernova
5. AFRY (Poyry PLC)
6. Black & Veatch Corp.
7. Marubeni Corp.
8. Toshiba Energy Systems & Solutions Corp.
9. B.Grimm Power PCL
10. DP Cleantech Group
11. Toyo-Thai Corp. PCL
12. Ital-Thai Development PCL
13. Ratch Group PCL
14. CK Power PCL
15. Chiyoda Corp.
16. Doosan Enerbility
17. Larsen & Toubro Ltd.
18. Worley Ltd.
19. Sumitomo Corp.
20. Power Construction Corporation of China (PowerChina)

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

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