Forecast: Solar Energy Consumption in Malaysia

The analysis of solar energy consumption in Malaysia from 2013 to 2023 shows a marked upward trend, reaching 0.028 exajoules in 2023. Year-on-year variation was significant in earlier years, with fluctuations such as a 100% increase in 2014 and a 116.67% rise in 2019. The most recent data from 2021 to 2023 indicates a steady but slower growth, with year-on-year changes of 26.32%, 8.33%, and 7.69% respectively. Over the last five years, the Compound Annual Growth Rate (CAGR) was 36.08%, indicating a substantial yearly increase overall.

Looking forward, the forecast for 2024 to 2028 suggests a continued rise in solar energy consumption, albeit at a slower pace. The projected 5-year CAGR is 4.84%, with an overall growth rate of 26.67% over this period.

Key trends to watch for include:

• Technological advancements driving down costs and improving efficiency of solar energy systems.
• Government policies and incentives promoting renewable energy adoption.
• Increasing investor interest and financial support for solar projects.