The renewable power generation in Malaysia has shown significant growth from 2013, with noticeable fluctuations in the early years. Starting at 0.014 Exajoules in 2013 and dropping to 0.01 Exajoules in 2014, the growth became steady from 2018 onwards. By 2023, the renewable power generation had reached 0.042 Exajoules, marking a consistent increase in the last five years with an average CAGR of 13.81%. The 2023 year-on-year growth stood at 7.69%, emphasizing stability in growth rates over recent years.
According to forecasted data, the growth rate is expected to slightly decelerate with a forecasted 5-year CAGR of 4.47%, projecting a value of 0.056 Exajoules by 2028. The forecasted 5-year growth is 24.44%, implying continued but slower expansion.
Future trends to watch for include the potential impact of new government policies, advancements in renewable technology, and investments in infrastructure that could accelerate growth. Additionally, observing the global market's influence on local trends will be crucial in understanding Malaysia's renewable power trajectory.