The weather conditions can get extremely harsh in the West during the winter season. The same can be seen in parts of North Asia too. It is the time of the year when we can see the population migrating from the West and also from North Asia to one of the most tourists attracted place which is Thailand. Thailand enjoys temperature around the mid-20s when the West is freezing. Thailand even gets nine hours of sunshine a day during the same time.
The tourists are pulled towards Thailand due to the great weather, and it has influenced the nation in many ways. It has helped improve the agriculture sector, the schools, hospitals, roads & railways, and factories. But with the improvement in the sectors, a rise has been seen in the demand and consumption of energy. To meet these energy needs, Thailand will have to make use of the opportunity to tap the huge potential that solar energy offers.
Why Thailand needs Solar Energy?
Thailand meets it energy mostly through natural gas which is a non-renewable resource. Statistics say that the natural gas accounts for 65% of electricity. Out of which 14% is imported from Myanmar, and the international markets provide 4.5%. The urgent need for a new source of energy is evident due to the expected acceleration in demand for energy in the coming decade. Thailand is expected to import about one-third to two-thirds of its LNG demands by the year 2023. This shows how much they are in need of solar energy.
Is solar power the best option?
Renewable resources are seen to be the most promising option due to the fact that it is hard for Thailand to rely on nuclear or coal-fired power plants. Out of the renewable energy sources, solar power is the most feasible due to its availability in abundance in Thailand all round the year.
Another reason that stamps its feasibility is the reduction in the cost of solar panels. Over the past few years, the price of solar panels has dropped around 90% improving its availability. Also, the companies investing in solar energy are provided subsidies by the Thai government. The solar rooftop program is expected to become fruitful in an estimated six to eight years once it has reached every private sector.
Promising prospects for the project
There are a few companies in Thailand that look promising if the solar energy program kickstarts with full force. These are:
- CK Power LTD
- Demco PCL
- Energy Absolute PCL
- Gunkul Engineering PCL
- SPCG PCL
The stocks of these companies have been doing excellent and are expected to have positive potential over the years to come.
Many of the investors have not yet spotted the stocks of the company due to its scarcity value. The companies are also expected to expand due to its successful run domestically. Expansion to Southeast Asia, Saudi Arabia and Japan are already on cards. It is also a possibility that these companies may attract a new set of investors.
Solar energy is definitely a sector that can help Thailand reduce their dependence on non-renewable resources and also on the import of the same. So, it is highly probable to see a boom in the sector in the coming few years.