Market Size of Malaysia Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 10.11 gigawatt |
| Market Volume (2029) | 12.58 gigawatt |
| CAGR (2024 - 2029) | 4.45 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Malaysia Renewable Energy Market Analysis
The Malaysia Renewable Energy Market size is estimated at 10.11 gigawatt in 2024, and is expected to reach 12.58 gigawatt by 2029, growing at a CAGR of 4.45% during the forecast period (2024-2029).
The spread of COVID-19 hurt the market because investments dropped and some regions had to close down.Currently, the market has rebounded from pre-pandemic levels.
- During the period covered by the forecast, the market is likely to be driven by things like more investments and the country's efforts to switch from fossil fuels to renewable energy as a source of power.The government of Malaysia has also put in place policies and incentives to help solar energy grow, which is expected to drive the market even more.
- However, on the other hand, factors such as the rising adoption of alternate clean power sources, such as gas-fired power plants and nuclear energy projects, are likely to hinder the market's growth during the study period.
- Malaysia is aiming to install 9 GW of solar energy capacity by 2050. Therefore, the country's ambitious solar energy targets and business models such as solar leasing are expected to create significant opportunities in the near future.
