Market Size of Malaysia Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Malaysia Power Market Analysis
The Malaysian power market is expected to witness a CAGR of around 4.2% during the forecast period. The COVID-19 outbreak visibly impacted the Malaysian power industry with reduced power demand. The electricity consumption decreased to 142.42 billion kilowatt in 2020, from 149.29 billion kilowatt in 2019. The decrease in consumption was primarily due to the temporary shutdown of several workplaces and industries within the country. The country's power market is expected to grow in the coming years due to the rapidly growing industrial sector and growing population. However, the negligence toward the maintenance of power infrastructure on behalf of the Malaysian government is expected to hinder the market.
- The natural gas segment is expected to witness significant growth in the future due to its high availability in the country.
- The high-paced growth of the manufacturing industry in the country is likely to be the most lucrative opportunity for power demand growth. Malaysia has over 2,500 manufacturing companies with huge manufacturing bases. The industrial sector held the highest share of power consumption in 2020, largely contributed by manufacturing and production businesses.
- The growth in sustainable ways of power generation like renewable-based electricity production is expected to boost the market in the coming years.
