Forecast: Geothermal and Biomass Energy Consumption in Malaysia

In Malaysia, the consumption of geothermal and biomass energy demonstrated significant fluctuation from 2013 to 2023. It started with 1.1 TWh in 2013, followed by a sharp decline in 2014 with a year-on-year drop of 37.23%. The usage saw a subtle recovery and then stabilized between 2015 to 2017 with slight increments. However, a notable spike occurred in 2018 with a growth of 76.6% year-on-year. Despite a brief decline of 15.91% in 2019, the consumption was relatively stable from 2020 to 2023, with minor annual increases, culminating at 1.17 TWh in 2023.

The projected data from 2024 to 2028 points to a steady and modest increase, forecasted to reach 1.25 TWh by 2028. The compound annual growth rate (CAGR) for the next five years is estimated at 1.06%, indicating a slow but consistent rate of increase.

Future trends to watch for:

• Advancements in geothermal and biomass technologies improving efficiency.
• Government policies and incentives promoting renewable energy consumption.
• Collaborations and investments in renewable energy projects.
• Public and corporate commitment to sustainable energy sources increasing demand.