Malaysia Renewable Energy Market-Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Malaysia Renewable Energy Market is expected to witness a CAGR of 8.5% during the forecast period, 2022-2027. The COVID-19 pandemic has slightly affected the renewable energy market of Malaysia since the government has postponed ambitious solar tenders, including a tender of capacity 1 GW in 2020. Factors such as the increasing investments and the country's efforts to shift from fossil fuel-based power generation are expected to drive the market during the forecast period. Moreover, Malaysia's government has implemented various supportive policies and incentives for the growth of solar energy, which is further expected to drive the market. 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 growth during the study period.
Key HighlightsThe Malaysia Renewable Energy Market is moderately fragmented. The key players in the market include JA SOLAR Technology Co. Ltd, Solarvest Holdings Berhad, TNB Engineering Corporation Sdn Bhd, CS Wind Malaysia, and Plus Xnergy Holding Sdn. Bhd.
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