Malaysia Power Generation EPC Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Malaysia Power Generation EPC Market Analysis
The Malaysian power generation EPC market is expected to witness a CAGR of more than 4% during the forecast period, 2022-2027. The COVID-19 pandemic caused disruptions in the market in the form of difficulties in sourcing the materials and equipment as a result of lockdowns in Malaysia and other parts of the world. This further led to delays in the projects. Factors such as committed generation and transmission projects in Malaysia, along with increasing government measures to increase public-private partnership and private financing in the renewable energy sectors, are likely to drive the market. However, factors such as high capital investment on the part of the vendor and no risk on the part of the sponsor of the projects may restrain the market.
- The renewable energy sector is expected to witness significant growth during the forecast.
- The Malaysian Government has set a target to achieve 40% of electricity generation through renewable energy sources by 2035. This is expected to offer enormous opportunities in the Malaysian Power Generation EPC Market.
- Upcoming power generation projects in Malaysia are expected to drive the country's power generation EPC market during the forecast period.
Malaysia Power Generation EPC Market Trends
This section covers the major market trends shaping the Malaysia Power Generation EPC Market according to our research experts:
Renewable Energy Sector Expected to Witness Significant Growth
- The Malaysian Government has set a target to achieve 31% of its total power capacity from renewable energy sources by 2025, which is expected to be supported by the strong solar sector growth.
- To realize this target, the government invited bids for solar projects in 2020 and 2021 and received 112 bids for 20 projects. The capacity of these tenders was expected to be 490 MW by the end of 2021 and 823 MW by the end of 2023.
- In December 2021, Sunway Construction Group Bhd accepted Letters of Intent for the EPC contract of two 50 MW solar projects secured in Malaysia's fourth large-scale solar LSS4 tenders. The projects are expected to be completed by the end of 2023.
- In September 2021, Solarvest Holdings received an EPC contract worth USD 42.2 million for the construction of a 50-MW solar park located in Chuping, in the state of Perlis. This contract was awarded under Malaysia's large-scale solar(LSS) program, which expanded Solarvest's order book with EPC deals secured from the LSS scheme to about MYR 371 million.
- Thus, taking the above mentioned points under consideration, the renewable energy sector is expected to experience significant growth during the forecast period.
Upcoming Projects Expected to Drive the Market
- Malaysia is a Southeast Asian country whose population of 3.24 crore in 2020 consumed 142.42 billion kilowatt-hours of electricity. The highest share of electricity consumption was from the industrial sector.
- Malaysia has been dependent on fossil fuel-based power generation, which has seen a shift recently toward renewable energy. This has led to a number of projects being executed in the country.
- In July 2021, Solarvest Holdings Bhd won a USD 20.8 million EPC contract for a 20.76 MW plant awarded by the Energy ES consortium. This award counted as Solarvest's eleventh under the Large Scale Solar program. In the same month, Solarvest Holdings Bhd landed an EPC contract for a10.95 MW solar plant for M K Land Holdings Herhad.
- In January 2021, Xidan International won the bid for three small hydropower EPC general contracting projects in Kelantan, Malaysia. The project includes three new small hydropower stations with an installed capacity of 30 MW, 29 MW, and 25 MW and the construction of related supporting power transmission and transformation facilities.
- Therefore, the increasing number of power projects is expected to drive the country's power generation EPC market during the forecast period.
Malaysia Power Generation EPC Industry Overview
The Malaysian Power Generation EPC Market is moderately consolidated. Some of the key players in this market include Scatec ASA, Solarvest Holdings, Sunway Construction Group Bhd, Kpower Berhad, and Cypark Resources Berhad.
Malaysia Power Generation EPC Market Leaders
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Solarvest Holdings
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Sunway Construction Group Bhd
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Cypark Resources Berhad
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Scatec ASA
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Kpower Berhad
*Disclaimer: Major Players sorted in no particular order
Malaysia Power Generation EPC Market News
- In October 2021, Solarvest Holdings Bhd won an EPC contract worth USD 11.2 million under round four of a large-scale solar program. The solar farm is set to have 50 MW of AC capacity and will be located in the town of Bukit Selambau, Kedah, Malaysia. The solar farm is scheduled to reach commercial operations by 2023.
- In August 2021, Solarvest Holdings won an EPC contract for a 17.76 MW solar project in Malaysia worth MYR 66 million. The project was awarded by Grooveland Sdn Bhd for the plant located in Mukim Bota, Perak, Malaysia.
Malaysia Power Generation EPC Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Installed Capacity and Forecast in GW, till 2027
4.3 Government Policies and Regulations
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION BY SOURCE
5.1 Thermal
5.2 Hydroelectric
5.3 Renewables
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Scatec ASA
6.3.2 Solarvest Holdings
6.3.3 Sunway Construction Group Bhd
6.3.4 Kpower Berhad
6.3.5 Cypark Resources Berhad
6.3.6 AFRY AB
6.3.7 Sumitomo Corporation
6.3.8 China National Electric Engineering Co. Ltd
6.3.9 General Electric
6.3.10 Toshiba Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Malaysia Power Generation EPC Industry Segmentation
The Malaysia power generation EPC market report includes:
Malaysia Power Generation EPC Market Research FAQs
What is the current Malaysia Power Generation EPC Market size?
The Malaysia Power Generation EPC Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Malaysia Power Generation EPC Market?
Solarvest Holdings, Sunway Construction Group Bhd, Cypark Resources Berhad , Scatec ASA and Kpower Berhad are the major companies operating in the Malaysia Power Generation EPC Market.
What years does this Malaysia Power Generation EPC Market cover?
The report covers the Malaysia Power Generation EPC Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Malaysia Power Generation EPC Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Malaysia Power Generation EPC Industry Report
Statistics for the 2024 Malaysia Power Generation EPC market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Malaysia Power Generation EPC analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
