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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Malaysia Solar Energy Industry Segmentation
Solar energy refers to the energy obtained from the sun that is converted into thermal or electrical energy by using technologies such as solar photovoltaic panels and concentrating solar-thermal power (CSP). Solar heating and cooling are well-established technologies in renewable energy ecosystems. Solar energy is an environmentally friendly and sustainable technology.
The Malaysian solar energy market is segmented by end-user. By end-user, the market is segmented into residential, commercial & industrial (C&I), and utility. For each segment, market sizing and forecasts have been done based on installed capacity (MW).
| End-User | |
| Residential | |
| Commercial and Industrial (C&I) | |
| Utility |
Malaysia Solar Energy Market Size Summary
The solar energy market in Malaysia is poised for significant growth, driven by increasing investments in renewable energy and a strategic shift away from fossil fuels. The market has rebounded to pre-pandemic levels after experiencing temporary setbacks due to COVID-19-related disruptions. Malaysia's ambitious targets, such as installing substantial solar capacity by 2050 and adopting innovative business models like solar leasing, are expected to create numerous opportunities. Despite the challenges posed by high initial investment costs, the government's commitment to extending power purchase agreements and setting renewable energy goals aligns with the country's vision to enhance its solar energy infrastructure.
The Malaysian government's national energy policy and various initiatives, such as the Long-term pipeline of Large Scale Solar projects and the Net Energy Metering program, are set to bolster the solar energy sector. These efforts, coupled with the introduction of programs targeting different segments like households, government buildings, and commercial industries, are anticipated to expand solar utilization. The market is characterized by a semi-fragmented landscape with key players actively participating in development projects. As Malaysia continues to increase its renewable energy capacity and generation, the solar energy market is expected to experience a robust upward trend, supported by government incentives and strategic investments.
Malaysia Solar Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Solar Energy Installed Capacity and Forecast in MW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 End-User
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2.1.1 Residential
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2.1.2 Commercial and Industrial (C&I)
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2.1.3 Utility
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Malaysia Solar Energy Market Size FAQs
What is the current Malaysia Solar Energy Market size?
The Malaysia Solar Energy Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in Malaysia Solar Energy Market?
JA SOLAR Technology Co.,Ltd., Solarvest Holdings Berhad, TNB Engineering Corporation Sdn. Bhd., Canadian Solar Inc. and Plus Xnergy Holding Sdn. Bhd. are the major companies operating in the Malaysia Solar Energy Market.
