February 28, 2024

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Malaysian Solar Tech Project to Boost Economy

Malaysia is set to provide some 3,000 employment opportunities and reap at least RM42.2 billion in foreign investment through the manufacturing of photovoltaic modules in the next five years, the nation’s Prime Minister announced on 24 June 2021.

In a statement, the PM said that an international solar tech firm had successfully obtained a Manufacturer’s Licence and Incentive under the National Economic Recovery Plan (Penjana) for the designing, development and manufacturing of solar cells and solar modules in Malaysia under its local subsidiary. The new venture will add to the several other global manufacturers for solar products operating in Malaysia.

The five-year investment period from 2021 to 2025 is expected to generate 3,000 employment opportunities for Malaysians while the company would also collaborate with local universities and learning institutions in conducting research and development (R&D) activities, including internships. The presence of the solar tech firm will transform Malaysia into an integrated manufacturing hub for solar technology.

The investment from the tech firm is a resounding success for the country and at the same time demonstrates the nation’s capability in managing the country’s economy while the world grapples with challenges brought about by Covid-19.

The Prime Minister confirmed that the Malaysian government practised an investment-friendly approach and always welcomed the inflow of new investments through various incentives offered to investors.

Growing demand for solar tech

The global solar power market size was US$170.55 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with solar power witnessing a negative demand shock across all regions amid the pandemic.

However, analysis shows that this market will exhibit a stagnant growth of 4.18% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is expected to grow from US$184.03 billion in 2021 to US$293.18 billion in 2028 at a CAGR of 6.9% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.

Solar power is the cleanest and most plentiful renewable energy source present on this planet. Countries such as China, Germany, Spain, and the United States (U.S.) have some of the largest solar resources all over the world.

There are two key ways to harness solar energy: photovoltaic (PV) and concentrated solar power (CSP). Developed and developing countries across the globe are strongly promoting solar as an alternative to conventional energy sources and are hence positively contributing to the market growth.

Lockdowns in most of the countries globally due to the COVID-19 have made economies squelch, disturbing supply chains, and suspending most of the projects. However, due to environmental regulations, several companies are installing renewable energy plants. Several countries are also focused on eco-friendly power generation solutions to reduce their carbon emissions.

Solar energy is a low-cost renewable energy solution. Hence, many nations are investing heavily in solar energy. In 2019, Asia Pacific installed more than 67 GW of new solar projects. Moreover, supportive government policies play a key role in renewable energy installation.

In numerous countries like U.S., China, and EU countries, policies like FiT, investment tax credits, and capital subsidies are key policies boosting solar installation. For example, in May 2019, China’s National Development and Reform Commission (NDRC) declared solar FIT payments for large-scale projects. Commercial and industrial solar photovoltaic projects originated for individual consumption and extra power sent back into the grid is subject to a FiT of RMB 0.10/kWh.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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