Renewable energy sources are forecast to account for 47% of the total electricity generation capacity in Malaysia by 2035, compared with 26% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of Malaysia’s renewable energy market in its Malaysia Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of solar PV power generation capacity is forecasted to change from 11% in 2023 to 34% in 2035.
The share of hydro power is expected to reach 2% in 2035, compared with a 2% share in 2023.
In terms of capacity additions, the total renewable energy capacity is expected to see 19851.58 MW of additions in Malaysia during the forecast period while the non-renewable energy segment is likely to see 2080.7 MW of additions.
CAGR growth of key renewables in Malaysia
Renewable generation capacity in Malaysia is expected to reach 24GW in 2035 at a CAGR of 8% during 2023-2035.
Solar PV power is expected to record highest growth rate of 13.46% by 2035, followed by biopower with 3%. Other renewable energy sources such as hydro is estimated to have growth rate of 2%.
Hydrogen and CCS plants in pipeline in Malaysia
A total of six hydrogen and 14 carbon capture and storage (CCS) plants are expected to be developed in Malaysia by the end of 2035.
For more detailed analysis of the renewable energy market in Malaysia, buy the report here.
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