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.