Energy Management - Thailand

Thailand

Revenue in the Energy Management market is projected to reach US$11.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.11%, resulting in a projected market volume of US$17.6m by 2028.
In the Energy Management market, the number of active households is expected to amount to 3.6m users by 2028.
Household penetration will be 7.2% in 2024 and is expected to hit 15.1% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$6.92.

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Analyst Opinion

The Energy Management market in Thailand has been experiencing significant growth in recent years.

Customer preferences: Customers in Thailand are increasingly prioritizing energy efficiency and sustainability in their operations. This is driven by a combination of factors, including rising energy costs, concerns about climate change, and government initiatives to promote energy conservation. As a result, there is a growing demand for energy management solutions that can help businesses reduce their energy consumption and carbon footprint.

Trends in the market: One of the key trends in the Energy Management market in Thailand is the adoption of smart grid technology. Smart grids enable real-time monitoring and control of energy usage, allowing businesses to optimize their energy consumption and reduce waste. This technology is particularly relevant in Thailand, where the electricity grid is often strained during peak demand periods. By implementing smart grid solutions, businesses can better manage their energy usage and avoid costly power outages. Another trend in the market is the increasing use of renewable energy sources. Thailand has set ambitious targets for renewable energy generation, aiming to increase the share of renewable energy in the country's total energy mix. This has led to a growing demand for energy management solutions that can integrate and optimize the use of renewable energy sources, such as solar and wind power.

Local special circumstances: Thailand has a strong manufacturing sector, which is a major consumer of energy. Many businesses in the country are looking for ways to reduce their energy costs and improve their energy efficiency. This has created a significant market opportunity for energy management companies that can provide tailored solutions to meet the specific needs of the manufacturing sector. In addition, Thailand is highly vulnerable to the impacts of climate change, including extreme weather events and rising sea levels. This has heightened awareness of the need to reduce greenhouse gas emissions and mitigate the effects of climate change. As a result, there is a growing demand for energy management solutions that can help businesses reduce their carbon footprint and contribute to Thailand's sustainability goals.

Underlying macroeconomic factors: Thailand's economy has been growing steadily in recent years, driven by strong domestic consumption and robust exports. This has created a favorable business environment for energy management companies, as businesses have the financial resources to invest in energy efficiency measures. Furthermore, the Thai government has been actively promoting energy conservation and renewable energy development through various policies and incentives. This includes tax incentives for businesses that invest in energy-saving equipment and grants for renewable energy projects. These government initiatives have created a supportive regulatory environment for the Energy Management market in Thailand and have contributed to its growth. In conclusion, the Energy Management market in Thailand is experiencing significant growth due to increasing customer preferences for energy efficiency and sustainability, the adoption of smart grid technology, the increasing use of renewable energy sources, the specific needs of the manufacturing sector, and the supportive regulatory environment created by the Thai government. These trends, coupled with Thailand's strong economic growth, are expected to continue driving the growth of the Energy Management market in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.