Malaysia Power Market- Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
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.
Key HighlightsThe Malaysian power market is moderately fragmented. Some of the key players in the market include Tenaga Nasional Berhad, Korea Electric Power Corporation, Sunway Construction Group Bhd, LYS Energy Group, and Cutech Green Ventures.
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