Forecast: Energy Consumption in Services in Malaysia

The energy consumption in services in Malaysia saw fluctuations over the past decade. In 2013, the value stood at 8.33, declining significantly by 8.06% year-on-year. It experienced modest growth and declines under 3% until 2017, which had a substantial 12.5% decline. 2018 continued the downward trend with a 6.22% decrease. However, from 2019 onward, the energy consumption slightly rebounded, showing minor growths below 1%. In 2023, it stood at 7.31 units, reflecting a modest 0.27% increase year-on-year. The last five years depicted a positive CAGR of 0.61%, indicating a restrained recovery.

Forecasts for 2024-2028 suggest a steady yet slow increase in energy consumption, with a projected 5-year CAGR of 0.11% and growth rate of 0.55%. Trends over this forecast period highlight a consistent yet marginal uptick.

Trends to watch for:

• Technological advancements improving energy efficiency within the service sector.
• Policies aimed at reducing energy consumption through sustainable practices.
• Economic factors affecting the growth of the service sector and its energy demands.