Electricity Has Thailand's Most Volatile Filer Base in 2026
In short
Electricity and gas has the most volatile filer base of any Thai industry section, its filing company count swinging by an average of 13.1 percentage points a year between 2007 and 2025. Human health and social work follows at 12.0 points, and arts, entertainment and recreation ranks third at 11.7 points. Manufacturing moves the least among large sectors, averaging just 3.0 points a year, and mining and quarrying is the steadiest section of all at 2.4 points. Electricity and gas swings more than five times as hard as mining and quarrying does.
Which industry has the shakiest filer count?
Electricity and gas moves more than any other Thai industry section, measured across eighteen straight years of filing data rather than a single before and after snapshot. Its filing company count swung by an average of 13.1 percentage points a year between statement years 2007 and 2025, the widest average annual move of any of the eighteen sections with a full run of data. Human health and social work follows at 12.0 points, and arts, entertainment and recreation ranks third at 11.7 points. Agriculture, forestry and fishing rounds out the top four at 10.0 points. At the other end of the table, manufacturing, the second largest section in the whole registry by filer count, moves the least among the large sectors at just 3.0 points a year. Mining and quarrying is calmer still, the steadiest of all eighteen sections at 2.4 points. Electricity and gas swings more than five times as hard as mining and quarrying does.
Average annual swing in filing company count, by industry section
- Electricity and gas13
- Human health and social work12
- Arts, entertainment and recreation12
- Agriculture, forestry and fishing10
- Other service activities9
- Water supply and waste management8
- Education8
- Information and communication7
- Accommodation and food service7
- Professional, scientific and technical6
- Administrative and support6
- Transportation and storage5
- Financial and insurance5
- Real estate5
- Wholesale and retail trade5
- Construction4
- Manufacturing3
- Mining and quarrying2
Figures in percentage points, average annual swing 2007 to 2025.
Electricity and gas, human health and arts and entertainment all move far more from year to year than manufacturing or mining do.
Filer count volatility by industry section, 2007 to 2025
| Industry section | Avg. annual swing, points | Filed FY2025 companies |
|---|---|---|
| Electricity and gas | 13 | 3,398 |
| Human health and social work | 12 | 9,243 |
| Arts, entertainment and recreation | 12 | 6,234 |
| Agriculture, forestry and fishing | 10 | 7,541 |
| Other service activities | 9 | 8,287 |
| Water supply and waste management | 8 | 2,066 |
| Education | 8 | 5,870 |
| Information and communication | 7 | 21,057 |
| Accommodation and food service | 7 | 34,566 |
| Professional, scientific and technical | 6 | 60,635 |
| Administrative and support | 6 | 39,130 |
| Transportation and storage | 5 | 28,682 |
| Financial and insurance | 5 | 16,332 |
| Real estate | 5 | 75,896 |
| Wholesale and retail trade | 5 | 235,485 |
| Construction | 4 | 75,263 |
| Manufacturing | 3 | 82,520 |
| Mining and quarrying | 2 | 1,952 |
Average absolute year over year percent change in filing company count per section, statement years 2550 to 2568 Buddhist calendar, equal to 2007 to 2025, alongside each section's own filer count for fiscal 2025. Sorted by swing, widest first.
Why a shaky filer count is not automatically a warning sign
Electricity and gas is a small section by headcount, filing 3,398 statements for fiscal 2025 against manufacturing's 82,520. A modest number of new power project companies registering or falling off the register in one year moves its percentage far more than the same handful would move a section fifty times its size. Thailand's competitive renewable energy program awards new generation capacity in discrete rounds rather than a steady drip, under the Energy Regulatory Commission's feed in tariff scheme for small and very small power producers (International Energy Agency, 2026). Each award round tends to bring a wave of new project companies onto the register at once, then a quieter stretch follows until the next round opens. Manufacturing and mining show the opposite pattern precisely because they are large and mature, so the same number of new registrations barely nudges the section total. For a lender or a franchise sizing up an industry from its headline company count, that steadiness or its absence says something about how lumpy the underlying business really is, not just how big it looks on paper.
Definitions
- Statement year
- The fiscal year covered by a company's filed financial statement, recorded in the registry using the Buddhist calendar. Statement year 2550 equals calendar year 2007 and statement year 2568 equals calendar year 2025.
- Filing company
- A company that submitted a financial statement to the Department of Business Development for a given statement year, counted once per year it files. This is smaller than a section's total registered entity count, since not every registered company files every year.
- Annual swing
- The absolute value of a section's year over year percent change in filing company count from one statement year to the next. A section whose filer count rises 10 percent one year and falls 10 percent the next has two swings of 10 percentage points each, which are averaged across all years into one figure per section.
- TSIC section
- The top level of Thailand's Standard Industrial Classification, one of the eighteen lettered groups covered here, such as D for electricity and gas or C for manufacturing, each made up of many five digit industry codes.
- Percentage point
- The unit used here to express the size of a percent change itself, so that an average swing of 13.1 means the filing count typically moved about 13.1 percent up or down from one year to the next, not 13.1 additional companies.
Assumptions
- The metric is built from company_count, the number of companies that filed a financial statement for a given statement year, not the total number of entities ever registered under a section, so the figures here are smaller than each section's cumulative registered total.
- Buddhist statement years 2544 to 2549, calendar 2001 to 2006, are excluded because national filing volume ran from only 5 to 117 companies across the whole registry in those years, far too thin to compute a meaningful swing.
- Statement year 2569, calendar 2026, is excluded as an incomplete filing year with roughly 3,907 companies filed so far.
- Sections O, public administration, T, households as employers, and U, extraterritorial organizations, are excluded because they lacked a continuous eighteen year run of filing data.
- Each year's swing is a simple absolute percent change rather than a compound growth rate, so one unusually large or small year can weigh as much in a section's average as many quiet ones.
- Summing filed companies across all eighteen sections lands a few hundred to about 1,200 companies below the separate market_year_insight national total for the matching statement year in every year checked, a small and stable gap consistent with a residual of filed companies whose five digit TSIC code carries no section mapping.
Methodology
For each of Thailand's eighteen TSIC industry sections with continuous coverage, this analysis sums the number of companies that filed a financial statement for each fiscal year from 2007 through 2025, drawn from the Department of Business Development registry as of 14 August 2026. Five digit TSIC codes are grouped up into their parent section using the registry's own classification, and figures are summed rather than averaged so no single code dominates. For every section, the year over year percent change in filing company count is computed for each of the eighteen year to year transitions, the sign is dropped so a rise and a fall count the same, and those eighteen figures are averaged into one swing number per section. Statement year 2569, calendar 2026, is excluded as an incomplete filing year, and the earliest registry years before statement year 2550, calendar 2007, are excluded because national filing volume was under 120 companies and too thin to be meaningful.
How we verified this
- Electricity and gas, section D: eighteen year over year percent changes in filing company count were computed for statement years 2550 through 2568. Sample transition, statement year 2562 to 2563: 2,961 minus 2,413, divided by 2,413, equals 22.71 percent. The full eighteen year average of the absolute values is 13.09 percent, rounded to 13.1.
- Mining and quarrying, section B: the same eighteen transitions were computed, for example statement year 2567 to 2568: 1,952 minus 2,010, divided by 2,010, equals negative 2.89 percent. The full eighteen year average of the absolute values is 2.36 percent, rounded to 2.4.
- The ratio of the widest swing to the narrowest was checked directly: 13.09 divided by 2.36 equals 5.55, confirming electricity and gas swings a bit more than five and a half times as hard as mining and quarrying.
- All eighteen sections were re-sorted by their average swing and the order was checked against the published chart and table, confirming electricity and gas first, human health and social work second, arts and entertainment third, and mining and quarrying last.
- The eighteen sections' filed counts for statement year 2568 were summed to 714,157, matching a direct sum of every five digit TSIC code in the same table for that year, confirming no section was double counted or dropped from the calculation. That figure sits 1,182 companies, about 0.2 percent, below the separate market_year_insight national total of 715,339 filers for statement year 2568, a small and stable gap seen in every one of the nineteen years checked here and treated as a known data caveat rather than a counting error.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- International Energy Agency. (2026). Thai feed-in tariff (FiT) policy. IEA. https://www.iea.org/policies/19514-thai-feef-in-tariff-fit-policy
Frequently asked questions
Which Thai industry has the most volatile filer count?
Electricity and gas. Its filing company count swung by an average of 13.1 percentage points a year between statement years 2007 and 2025, the widest average annual move of any of Thailand's eighteen industry sections with continuous data.
Which industry has the steadiest filer count?
Mining and quarrying, at an average annual swing of just 2.4 percentage points, with manufacturing close behind at 3.0 points, the two calmest of eighteen sections.
Does a volatile filer count mean an industry is risky?
Not on its own. Electricity and gas is a small section, filing 3,398 statements for fiscal 2025, so a modest number of new project companies registering in a single year moves its percentage far more than the same number would move a section like manufacturing with over 82,000 filers.
How is the swing figure calculated?
For each section, the year over year percent change in filing company count is measured for every year from 2007 to 2025, the sign is dropped so a rise and a fall count equally, and the eighteen yearly figures are averaged into one number per section.
Cite this page
Chatpong L. (2026). Electricity Has Thailand's Most Volatile Filer Base in 2026. Max Data Insights. https://maxdatathailand.com/insights/which-thai-industry-sections-have-the-most-volatile-filer-base-2026
Data & corrections
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Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.