Market Size of Brunei Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Brunei Power Market Analysis
The power market in Brunei is expected to register a CAGR of more than 1.5% during the forecast period of 2022-2027. The Bruneian power market was relatively unharmed by the COVID-19 pandemic, as the market has been growing at a slow pace since 2017. Factors such as growing population, urbanization, and power consumption are expected to drive the demand in the Bruneian power market. However, the relatively nascent stage of the renewable energy industry and a lack of government incentives for renewable project developers are expected to restrain the market's growth during the forecast period.
- Nearly 18% of Brunei's primary energy consumption comes from oil-fired thermal energy, while almost all of the remaining comes from natural gas-fired power plants.
- In 2021, as part of the first Brunei Darussalam National Climate Change Policy (BNCCP) document, Brunei's Energy Ministry announced that the country aims to generate 30% of its primary energy power from renewable energy sources by 2035, which is expected to create vast opportunities for the market players in the future.
- Brunei has significant solar potential, and the Bruneian government is trying to utilize the solar potential of the country. The government has committed to a target of installing 100 MWp of solar capacity by 2025, which is expected to drive the demand for players in the solar energy segment of the Bruneian power market during the forecast period.
