Published: June 2022 | Report Code: 12361 | Available Format: PDF | Pages: 95
The Thailand DG set market size was $158.3 million in 2021, and it is expected to generate $236.9 million in 2030, progressing at a CAGR of 4.6% during 2021–2030. This is attributed to the increasing demand for standalone and backup power sources, primarily in offices, residential buildings, retail stores, hospitals, and hotels. Thailand is one of the major tourist destinations in the world. The Thai tourism industry has witnessed an average growth rate of 13% per annum since 2010, and it contributes a significant percentage to the country’s GDP.
The increasing number of tourists is creating opportunities for the growth of the hospitality sector in the country. The development of new hotels, resorts, and other related infrastructure would create the requirement for power backup solutions, such as DG sets, in the nation, once the units have been thrown open to people. Another major factor contributing to the growth of the market is the rising demand for power generation systems on islands with no or unreliable grid connectivity. For instance, according to an article published in Taipei Times, Phaluai Island has no central source of electricity, due to which people use small diesel-fueled generators in their homes.
Thailand, the second country to report COVID-19 cases, responded with swift and multifaceted schemes, which included public health measures, social protection, and fiscal policies. The outbreak of the COVID-19 virus turned into a global pandemic and impacted all business activities, including the production and sales of DG sets. The consequent lockdowns announced across Thailand resulted in temporary office closure and shuttering of manufacturing facilities in 2020. Additionally, Thailand’s tourism sector was totally shut down during the pandemic, thus further driving down the demand for generators.
Above-750-kVA variants held the largest Thailand DG set market share over the past few years, and this category would grow at a significant CAGR, over 4%, during 2021–2030, based on power rating. This is primarily because of the high-power requirement in the industrial sector. Thailand is one of the leading manufacturers of high-tech products, notably those related to automobiles and electronics. Additionally, the country’s focus is on the production of more value-added goods, for the enhancement of its economy, which impels startups to expand their production facilities, thus contributing in the requirement for gensets.
The commercial sector held the largest Thailand DG set market share, over 40%, in 2021, and it is set to grow with a CAGR of around 5% during 2021–2030, based on application. Thailand's commercial sector has been showing positive growth since the last economic slowdown in 2015. The increasing number of shopping malls and restaurants has been giving a push to its commercial sector. Additionally, tourism is a main factor making the kingdom’s commercial sector prosperous. With the growing number of shopping malls, restaurants, and hotels, the requirement for DG sets in these buildings is increasing.
Investments by real estate companies and governments are rising in the residential sector. The growth of this sector is well complemented by that of the corporate sector, as it is driving the need for urban and semi-urban accommodations, which, in turn, propels the demand for residential DG sets.
The Thai government has poured heavy investments to expand and improve its infrastructure over the past few years, through public investments and public–private partnerships (PPP). Over the last 10 years, the government invested almost $116 billion (around THB 4,000 billion) for the development of infrastructure. As per the Private Participation in Infrastructure (PPI) database of the World Bank, PPP investments in infrastructure have amounted to $28 billion over the past 20 years. A significant part of this investment was for the housing sector.
Report Attribute | Details |
Historical Years |
2017-2021 |
Forecast Years |
2022-2030 |
Market Size in 2021 |
$158.3 Million |
Revenue Forecast in 2030 |
$236.9 Million |
Growth Rate |
4.6% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Company Share Analysis; Companies’ Strategic Developments; Company Profiling |
Segments Covered |
By Power Rating; By Application |
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The Thailand DG set market size is expected to grow significantly in the near future with the increasing competition among key DG set providers. Moreover, new companies are more interested in collaborating with other players, thus intensifying the competition further. In addition, companies are strongly focused on product development and technological advancements to gain a leading market position. For instance:
In March 2021, Cummins Inc. introduced the C2750D5BE model to expand QSK60 diesel generator series.
In January 2021, Caterpillar Inc. announced the launch of 31 new models of Cat GC DG sets. These value-engineered standby power solutions are specifically designed for global electrical contractor market.
The DG set market in Thailand will generate $236.9 million in 2030.
Commercial applications generate the highest revenue in the Thailand DG set industry.
The COVID-19 pandemic negatively impacted the DG set market in Thailand.
Among all the commercial end users in the Thailand DG set industry, offices are the most significant.
Product launches are significant in the DG set market of Thailand.
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