Malaysia Solar Energy Market Size (2024 - 2029)

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).