Forecast: Total (Excluding Solid Biofuels) Renewable Energy in Malaysia

The total renewable energy supply in Malaysia, excluding solid biofuels, has shown steady growth since 2013. The year-on-year variations indicate significant increases, particularly between 2013 and 2017, with a notable peak in 2016 at 27.81%. However, from 2018 onwards, the growth rate moderated, with the year-on-year variations falling to single digits. In 2023, the value stood at 3.77, reflecting a 3.96% annual increase. The CAGR for the past five years (2018-2023) is 3.99%, suggesting a stable yet slower growth trajectory compared to earlier years.

Looking ahead, the forecasted data from 2024 to 2028 shows a continued but slower upward trend, with an anticipated CAGR of 2.6% over the next five years. The total renewable energy supply is expected to increase by 13.69% by 2028.

Future trends to watch for:

• Technological advancements and policy changes driving renewable energy adoption.
• Potential impacts of global energy market dynamics and economic factors on growth rates.
• Increased focus on sustainability and environmental concerns which may accelerate renewable energy initiatives.