Market Size
Thailand’s renewable energy certificate (REC) market was valued at US$ 11.51 million in 2024 and is projected to reach US$ 25.58 million by 2032, growing at a CAGR of 9.7% from 2025 to 2032.
The country’s strong commitment to clean energy and sustainability has positioned it as a key player in the Asia-Pacific REC market. The government’s Power Development Plan (PDP 2024) targets 51% renewable electricity generation capacity by 2037, significantly increasing demand for RECs. Businesses and industries are actively purchasing RECs to align with carbon neutrality goals, while state-led green electricity initiatives and private sector investments drive further growth.
Market Trends
Government Initiatives Driving REC Adoption
Thailand’s government has introduced several policies to boost REC adoption, including the PDP 2024, which prioritizes solar, wind, and biomass. The Energy Regulatory Commission (ERC) launched a new green electricity scheme in January 2025, offering 2 billion units of renewable energy to businesses. This initiative enhances Thailand’s competitiveness and attracts foreign investment, ensuring a steady demand for RECs.
Private Sector Participation and Blockchain Integration
Private sector investments are surging, with companies like PTT leveraging blockchain technology to facilitate REC transactions. CKPower and Bangkhenchai Company Limited (BKC) have expanded REC trading, while partnerships with international firms, such as Mekha V and XPCL’s hydropower plant in Lao PDR, further strengthen the market. The transparency and efficiency of REC trading mechanisms continue to improve, making Thailand an attractive market for RECs.
For more details on this report, Request for Sample
Market Scope
| Metrics | Details | |
| By Type | I-REC, GEC | |
| By Energy Source | Solar RECs, Wind RECs, Hydro RECs, Biomass, Geothermal | |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth |
Market Dynamics
Increasing Corporate Sustainability Commitments
With growing environmental awareness, multinational corporations and domestic companies in Thailand are setting ambitious sustainability targets. Businesses are increasingly purchasing RECs to meet their carbon neutrality commitments and enhance their environmental, social, and governance (ESG) profiles. In 2023, REC demand surged compared to 2022, reflecting a strong commitment to renewable energy adoption. The government’s push for green electricity, coupled with international sustainability pressures, has accelerated corporate participation. Companies like CKPower and PTT are leading the charge, while initiatives such as ERC’s green electricity scheme make renewable energy more accessible. Thailand’s thriving industrial sector, particularly manufacturing and export-driven industries, further amplifies the demand for RECs. The shift towards sustainable operations ensures long-term growth in the REC market.
High Initial Investment and Regulatory Challenges
Despite its growth, Thailand’s REC market faces challenges, including regulatory complexity and market transparency concerns. The evolving policy landscape, while beneficial, can create uncertainties for investors and businesses. Additionally, the requirement for detailed compliance with T-REC certifications and trading mechanisms poses challenges for smaller enterprises. High initial costs for renewable energy projects and REC procurement can also act as a barrier for businesses looking to transition. Ensuring streamlined regulations, increased market awareness, and simplified participation processes will be crucial for overcoming these challenges and sustaining long-term market growth.
Market Segment Analysis
The Thailand renewable energy certificate market is segmented based on type and energy source.
Solar REC Leading the Market due to Government Support.
Thailand’s REC market is segmented based on energy sources, with solar, wind, and biomass leading the way. Solar power dominates the market, driven by large-scale solar farms and floating solar projects. Thailand’s favorable climate and government incentives have boosted solar energy production, making it a key contributor to REC supply. As its result the Thailand’s Renewable Energy Certificate (REC) market for solar energy was valued at US$ 3.15 million in 2024 and is projected to reach US$ 7.85 million by 2032, growing at a CAGR of 11.1% from 2025 to 2032.
Pricing Analysis
REC pricing in Thailand varies based on demand, supply, and energy source. The increasing adoption of renewables and corporate commitments to sustainability have driven up demand, influencing REC prices. Prices are generally higher for solar and wind RECs due to their growing popularity and alignment with global clean energy trends. Biomass RECs, while still valuable, may be priced slightly lower due to the abundance of biomass resources.
Thailand’s participation in international carbon credit programs and voluntary sustainability initiatives also impacts pricing. Government incentives and trading mechanisms introduced by ERC help regulate the market, ensuring fair pricing and transparency. The introduction of blockchain-based REC trading platforms, such as those by PTT, enhances price stability and trust in the market. As more companies enter the REC space, pricing dynamics will continue to evolve, balancing demand and supply effectively.
Key Market Players
Key players are Electricity Generating Authority of Thailand, Statkraft, APX, REDEX Pte. Ltd, Saxon Renewables Pte. Ltd and I-REC Standard.
Why Choose DataM?
- Data-Driven Insights: Dive into detailed analyses with granular insights such as pricing, market shares and value chain evaluations, enriched by interviews with industry leaders and disruptors.
- Post-Purchase Support and Expert Analyst Consultations: As a valued client, gain direct access to our expert analysts for personalized advice and strategic guidance, tailored to your specific needs and challenges.
- White Papers and Case Studies: Benefit quarterly from our in-depth studies related to your purchased titles, tailored to refine your operational and marketing strategies for maximum impact.
- Annual Updates on Purchased Reports: As an existing customer, enjoy the privilege of annual updates to your reports, ensuring you stay abreast of the latest market insights and technological advancements. Terms and conditions apply.
- Specialized Focus on Emerging Markets: DataM differentiates itself by delivering in-depth, specialized insights specifically for emerging markets, rather than offering generalized geographic overviews. This approach equips our clients with a nuanced understanding and actionable intelligence that are essential for navigating and succeeding in high-growth regions.
- Value of DataM Reports: Our reports offer specialized insights tailored to the latest trends and specific business inquiries. This personalized approach provides a deeper, strategic perspective, ensuring you receive the precise information necessary to make informed decisions. These insights complement and go beyond what is typically available in generic databases.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
