Forecast: Renewable Electricity in Malaysia

From 2013 to 2023, Malaysia's renewable electricity production has shown significant growth, peaking notably in 2017. Initially starting at 8.58 units, the production increased by over 50% by 2017. However, post-2017, production plateaued, showing marginal declines, especially noticeable from 2019 onward, stabilizing around 16.17 units by 2023. In terms of year-on-year variation, the period witnessed high growth rates exceeding 25% in some years, particularly before 2017. From 2018 onwards, the trend shifted to minimal or negative growth rates, indicating a period of stagnation.

Looking forward, the forecast from 2024 to 2028 suggests continued stagnation in renewable electricity production. The forecasted 5-year CAGR indicates a slight decline, with a growth rate marginally negative each year. This overall trend indicates that the renewable electricity sector may face challenges in maintaining its previous growth momentum.

Future trends to watch for include potential policy changes, technological advancements in renewable energy, and investment in new renewable projects which could reverse the current stagnation and drive a new growth phase.