Market Size of Malaysia Solar Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 9.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Malaysia Solar Energy Market Analysis
During the time frame of the forecast, the Malaysian solar energy market is expected to register a CAGR of more than 9%.
The COVID-19 pandemic slightly affected the solar PV installations in the country due to lockdown restrictions, supply chain disruptions, solar PV production, and project implementation delays. The market has now reached pre-pandemic levels.
- Factors such as the increasing investments in the renewable energy sector and the country's efforts to shift from fossil fuel-based power generation are expected to drive the market during the forecast period.
- However, high initial investment costs associated with solar projects are expected to hinder market growth during the study period.
- Nevertheless, 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 many opportunities in the near future.
