The Thailand DG set market generated revenue of $158.3 million in 2021, and the market size will advance at a CAGR of 4.6% during the forecast period, to reach $236.9 million by 2030. This can be ascribed to the development of the Eastern Economic Corridor and other commercial projects.
With the aim of reaching the high-income country status by 2032, the Thai government launched has Thailand 4.0, a development model to pull the country out of the middle-income classification by creating a value-based economy. Under this overall vision, the government has adopted the Eastern Economic Corridor (EEC) development plan, which will be the prime economic growth driver for the country till 2028.
In 2021, the above 750 kVA category held the largest Thailand DG set market share. This was mostly due to the industrial sector's high electricity requirements. Thailand is a major manufacturer of high-tech goods, particularly vehicles and electronics. Furthermore, the country's focus is on the creation of more value in trade, which has been a significant stimulus for startups to expand their production facilities, thus contributing to the nation's need for DG sets.
The offices category dominated the market in 2021, and it is expected to maintain its supremacy during the forecast period, under commercial applications. Most of the DG sets are being sold to offices; since the reopening of the corporate sector in the second quarter of 2020, the total office space in Bangkok has increased by 99,420 sq m, to reach 5.33 million sq m. This was the first time office area increased by over 99,000 sq m since Q3 2011. With the increasing office space, the demand for DG sets, for meeting backup power needs, is rising.
Key players in the Thailand DG set market have been involved in product launches to remain competitive. For instance:
Major players in the market include Cummins Inc., Atlas Copco AB, Mitsubishi Heavy Industries Ltd., Caterpillar Inc., Denyo Co. Ltd., Changzhou ITC Power Equipment Manufacturing Co. Ltd., Yanmar Holdings Co. Ltd., Piller (Thailand) Co. Ltd., Thai Generator Sales & Services Co. Ltd., and YUCHAI (THAILAND) CO. LTD.