SOLAR ENERGY IN MALAYSIA MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Malaysia Solar Energy Market Analysis:

During the forecast period, it is anticipated that the Malaysian solar energy market will exhibit a Compound Annual Growth Rate (CAGR) of over 9%. The COVID-19 pandemic had a marginal impact on solar PV installations in the country, owing to lockdown restrictions, supply chain disruptions, solar PV production, and project implementation delays. However, the market has now rebounded to pre-pandemic levels.

The market is expected to be driven by factors such as increasing investments in the renewable energy sector and the country's efforts to transition from fossil fuel-based power generation during the forecast period. Nonetheless, the high initial investment costs associated with solar projects are expected to impede market growth during the study period.

Despite this, Malaysia has set an ambitious target of installing 9 GW of solar energy capacity by 2050. As a result, the country's ambitious solar energy targets and business models, such as solar leasing, are expected to create numerous opportunities in the near future.

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