Malaysia Data Center Market Size, Share, Trends, & Investments Analysis By IT Infrastructure, By Electrical Infrastructure, By Mechanical Infrastructure, By Cooling Systems, By General Construction, By Tier Standard.

Malaysia Data Center Market – Investment Analysis & Growth Opportunities 2026-2031

MALAYSIA DATA CENTER MARKET SIZE & OUTLOOK

The Malaysia data center market size was valued at USD 6.15 billion in 2025 and is expected to reach USD 11.40 billion by 2031, growing at a CAGR of 10.85% during the forecast period. Malaysia is experiencing rapid growth in data centers due to the rising demand for AI and cloud services. Its strategic location and robust digital infrastructure make it an attractive option for colocation and hyperscale operators, while lower land and energy costs provide an advantage over markets such as Singapore. Investment in new data centers surged in 2024 and 2025 compared with 2022 and 2023.

Traditionally, Singapore has been the main data center hub in Southeast Asia; however, rapid expansion has strained the power grid, leading to a moratorium on new developments from 2019 to 2022. During this pause, the demand for cloud and digital services continued to grow across the region. The Klang Valley in Malaysia, which is home to the long-established data center hubs of Kuala Lumpur and Cyberjaya, stepped in to meet the region’s unmet capacity. However, in recent years, Johor has emerged as one of the fastest-growing data center markets in the world.

The geographic proximity of Johor to Singapore provides a low-latency advantage, making it appealing for companies looking to serve the Singapore and ASEAN markets. As of November 2025, the total upcoming power capacity for data centers in Johor stands at around 4.0 GW. Of this, around 700 MW of power capacity is under construction, while the remaining 3.3 GW is in the planned or announced stages, indicating that these projects have secured some of the requirements, such as energy and land, but have not yet begun construction.

Malaysia’s data center colocation market is home to several well-established players, including Bridge Data Centres, DayOne (GDS Services), YTL Data Center Holdings, AirTrunk, Princeton Digital Group, AIMS Data Centre, and Vantage Data Centers. In addition to these established companies, new entrants, including BRIGHTRAY, DAMAC Digital, EdgeConneX, Epoch Digital, ST Telemedia Global Data Centres, Nxera, NEXTDC, Doma Infrastructure Group, STACK Infrastructure, Global Telecommunications, and ZDATA Technologies, are entering the market to meet the increasing demand.

MALAYSIA DATA CENTER MARKET INSIGHTS BY AREA

The Malaysia data center market by area is expected to reach 2,840 thousand sq. ft. by 2031, supported by the expansion of established and emerging data center hubs across the country. Cyberjaya remains the most established and preferred data center hub in Malaysia, supported by robust connectivity, infrastructure, and government support. It hosts major players such as AIMS Data Centre, Bridge Data Centres, Telekom Malaysia, and NTT DATA, making it the country’s primary data center cluster.

Johor is emerging as Malaysia’s next major data center hub, driven by its strategic proximity to Singapore, abundant land availability, and growing development of large-scale data center campuses. Global and regional players, including YTL Data Center, NTT DATA, DayOne, ST Telemedia Global Data Centres, STACK Infrastructure, Vantage Data Centers, and Bridge Data Centres, are investing heavily in hyperscale data center projects across the region, contributing to the expansion of data center floor area.

The Malaysian government has established several industrial and technology parks to facilitate data center development within dedicated areas. Key locations include Sedenak Tech Park (STeP), Nusajaya Tech Park, YTL Green Data Centre Park, Nusa Cemerlang Industrial Park (NCIP), Bayan Lepas Technology Park, and Cyberjaya/MSC Technology Park. The availability of dedicated development zones and large land parcels is supporting the expansion of data center facilities and driving the market.

MALAYSIA DATA CENTER MARKET INSIGHTS BY POWER CAPACITY

The Malaysia data center market by power capacity is expected to reach 679 MW by 2031, supported by the country’s expanding power infrastructure and growing availability of renewable energy. Malaysia is rapidly expanding its renewable energy capacity to support energy-intensive sectors such as data centers, with the government targeting 70% renewable energy in its power mix by 2050. Solar, hydropower, and green hydrogen initiatives are expected to support the growing power requirements of data center facilities, while operators are increasingly partnering with utilities and renewable energy developers to secure green power and support carbon-neutral operations.

Competitive industrial electricity pricing is another factor supporting data center power capacity growth in Malaysia. As of 2025, average industrial electricity prices range between $0.06 and $0.09 per kWh, which is comparatively lower than prices in Singapore and Indonesia. This cost advantage is encouraging data center operators to expand their power-intensive facilities in the country.

Malaysia’s Corporate Green Power Programme (CGPP) also supports the procurement of renewable electricity by corporate consumers, including data center operators. The program enables businesses to purchase renewable energy directly from solar power producers through Virtual Power Purchase Agreements (VPPAs). The CGPP has allocated a quota of 800 MW of solar generation capacity, providing data center operators with additional opportunities to secure renewable power as the market expands toward 679 MW of data center power capacity by 2031.

LIST OF FACILITIES IN MALAYSIA

Malaysia’s Data Center Landscape at a Glance

1. 51 Existing Third-Party Data Center Facilities Covered
2. 51 Upcoming Facilities Identified
3. Coverage Across 10+ Key Locations
4. Existing vs. Upcoming Data Center Area
5. Existing vs. Upcoming IT Load Capacity

Malaysia’s Data Center Colocation Market

1. Colocation Market Revenue & Forecast (2022-2031)
2. Retail vs. Wholesale Colocation Revenue (2022-2031)
3. Retail vs. Wholesale Colocation Pricing
4. Key Insights into Malaysia’s Expanding Colocation Opportunity

KEY TAKEAWAYS

1. IT Infrastructure: The server infrastructure dominates the Malaysia data center market with the largest share of 58% in 2025.
2. Electrical Infrastructure: In 2025, the UPS systems accounted for the largest market share.
3. Mechanical Infrastructure: In 2025, cooling systems dominated the Malaysia data center market with the largest share of around 69%.
4. General Construction: The core & shell development segment accounts for around 44% of data center market in Malaysia.
5. Tier Standard: The Tier III standard dominates the Malaysia data center market, accounting for the largest share.

RECENT DEVELOPMENTS & NEWS IN THE MALAYSIA DATA CENTER MARKET

1. In January 2025, Microsoft announced the acquisition of around 22.5 acres of land in Pulai, Johor Bahru, for over $27.3 million (RM119.8 million) from the company. This land is situated in the Nusa Cemerlang Industrial Park.
2. In April 2024, Microsoft acquired another parcel of land totaling 1.1 million square feet in Johor for around $27.9 million (RM132.4 million) from the same company. This newly acquired land is designated for medium industry use, specifically for data center operations and associated activities.
3. In January 2025, Microsoft announced the acquisition of around 22.5 acres of land in Pulai, Johor Bahru, for over $27.3 million (RM119.8 million) from the company. This land is situated in the Nusa Cemerlang Industrial Park.
4. In April 2024, Microsoft acquired another parcel of land totaling 1.1 million square feet in Johor for around $27.9 million (RM132.4 million) from the same company. This newly acquired land is designated for medium industry use, specifically for data center operations and associated activities.

MALAYSIA DATA CENTER MARKET DRIVERS

Improvement in Connectivity Via Submarine Cables

Malaysia’s growing submarine cable infrastructure is strengthening its position as an emerging data center market in the APAC region. The country currently has around 24 operational undersea cables, with an additional six submarine cables under development that are expected to become operational within the next two to three years. This expansion is being driven by rising internet usage, digitalization, and the growing adoption of AI, IoT, and big data, which are increasing demand for high-speed and reliable connectivity.

The expansion of submarine cable infrastructure is expected to further support data center development and investment in Malaysia by improving international and regional connectivity and enabling low-latency data transmission. As connectivity infrastructure continues to improve, data center operators can benefit from stronger links to major digital markets and end users, supporting the country's growing data center ecosystem.

Government Supportive Regulatory Environment

Government support is playing a critical role in the development of Malaysia’s data center sector. As the market experiences rapid growth, the government has introduced various initiatives and frameworks to streamline development processes, attract investments, and support the coordinated expansion of digital infrastructure.

Malaysia offers substantial financial incentives to attract new data center investments and expand digital infrastructure. Through the Digital Ecosystem Acceleration Scheme (DESAC), managed by the Malaysian Investment Development Authority (MIDA), data center developers and digital infrastructure providers, including submarine cable projects, are eligible for competitive tax benefits. New data center development initiatives can receive an Investment Tax Allowance of 100% on qualifying capital expenditure, excluding land, for five to ten years, which can offset up to 100% of statutory income. Alternatively, eligible companies can opt for a reduced corporate tax rate of 0% to 10% for up to ten years.

Existing data center operators undertaking expansion projects in Malaysia can also benefit from government incentives. These include a 60% Investment Tax Allowance or a preferential tax rate of 15% for five years. The incentives can cover various eligible costs, including infrastructure and server equipment. In addition, import duties and sales taxes on approved data center equipment may be waived. Operators granted Malaysia Digital Status can also secure customs exemptions for eligible multimedia and telecommunications equipment under the Digital Bill of Guarantees. These incentives are strengthening Malaysia’s investment environment and supporting the continued expansion of its data center infrastructure.

MALAYSIA DATA CENTER MARKET TRENDS

Robust Digital Infrastructure, Fiber Networks, and Enhanced 5G Connectivity

Malaysia is undergoing rapid digital transformation, supported by rising internet penetration, widespread smartphone usage, and the growing adoption of cloud and digital services across industries. This increase in digital activity is driving demand for secure, scalable, and high-performance digital infrastructure, supporting the continued expansion of the country’s data center market.

The development of data centers is further supported by Malaysia’s strengthening digital infrastructure. Government investment schemes now include submarine cable systems and landing stations as eligible projects, supporting the expansion of international connectivity. At the same time, national programs are expanding high-speed fiber networks and 5G connectivity, improving data transmission capabilities across the country. These developments are positioning data centers as an important component of Malaysia’s broader digital economy plans, supported by regulatory initiatives and continued investment in digital infrastructure.

The Malaysian Communications and Multimedia Commission (MCMC) serves as the national regulator for the communications and multimedia sector under the Malaysian Communications and Multimedia Act 1998. Malaysia’s 5G ecosystem is transitioning from the earlier single wholesale network model to a dual-network structure. Initially, mobile operators accessed 5G services through the government-owned Digital Nasional Berhad (DNB), while the shift toward two wholesale network providers is expected to strengthen competition, network resilience, and connectivity. These developments are expected to further support digital service adoption and data center demand in Malaysia.

Expansion in AI and Machine Learning (ML) Workloads

The Malaysian government is introducing new initiatives and strategic programs to strengthen the country’s AI ecosystem, creating additional demand for advanced digital infrastructure and data centers. AI growth is being supported by strong Foreign Direct Investment (FDI) in digital infrastructure and government strategies aimed at positioning Malaysia as a regional hub for AI development. These initiatives are focused on accelerating innovation, developing local talent, and encouraging collaboration among industry, academia, and technology providers, strengthening Malaysia’s position as a competitive AI market in the region.

In July 2025, YTL Corporation and NVIDIA signed an agreement to invest around $2.36 billion in AI infrastructure development in Malaysia. The investment includes the construction of an AI data center and the deployment of a cluster of NVIDIA GPUs, with the infrastructure planned to be powered by renewable energy. The development is expected to strengthen Malaysia’s AI computing capabilities and drive demand for high-performance data center infrastructure.

DATA CENTER MARKET RESTRAINTS

Limited Skilled Workforce in Data Center Operations

Malaysia faces a shortage of skilled labor, particularly in specialized areas such as data center management, cloud computing, and cybersecurity. This talent gap poses operational challenges for data centers; this includes maintenance efficiency and service reliability. To address this, the government and industry players are investing in training and upskilling programs to build a stronger digital workforce.

The Malaysia Digital Economy Corporation (MDEC), an agency under the Ministry of Digital, runs the Premier Digital Tech Institution (PDTI) program, which involves both industry players and academic institutions. The main goal of the program is to develop a skilled workforce that is ready for the job market.

Environmental and Land Use Concerns

Malaysia’s tropical climate, rich biodiversity, and already-stressed natural resources indicate that the large energy and water-intensive data centers can place extra pressure on local ecosystems and utility systems if not sited and managed carefully. Much of Malaysia’s data center growth has been greenfield, converting large land parcels for campuses; this rapid land usage can go against agricultural usage, local planning priorities, and long-term land-use strategies.

As the data center industry continues to scale, water availability is expected to become a critical concern. According to Poh Seng Lee, a mechanical engineering professor, data centers run continuously and require substantial volumes of water to cool High-Performance Computing (HPC) systems. Although Malaysia currently has sufficient water resources, Charles Santiago, Chairman of the Malaysian Water Services Commission (SPAN), noted that the rapid growth in data center development can increase demand to a point where water shortages may emerge in the future.

MALAYSIA DATA CENTER MARKET SEGMENTATION INSIGHTS

INSIGHT BY IT INFRASTRUCTURE

The server infrastructure dominates the Malaysia data center market with the largest share of 58% in 2025, driven by the growing adoption of cloud computing, IoT, big data, quantum computing, and AI across businesses. The increasing use of these technologies is expected to accelerate demand for high-performance computing (HPC) infrastructure and advanced server systems to support data-intensive workloads.

The expansion of cloud infrastructure is further strengthening server demand in Malaysia. AWS began developing infrastructure under the AWS Malaysia Region project, introducing new cloud servers and localized compute availability to support enterprise workloads and AI-driven applications. Similarly, Google Cloud expanded its cloud presence through a partnership with Telekom Malaysia (TM) to integrate Google Distributed Cloud Hosted, supporting secure and scalable server infrastructure for government and regulated industries. These developments are expected to further strengthen the adoption of advanced server infrastructure in Malaysia.

INSIGHT BY ELECTRICAL INFRASTRUCTURE

In 2025, the UPS systems accounted for the largest market share of the Malaysian data center market, supported by the growing deployment of modular and scalable power protection systems. Malaysian data centers are increasingly adopting modular UPS systems to support high-density IT loads, allowing capacity to be expanded in blocks and enabling flexible growth as computing requirements increase.

The market is also witnessing a strong shift toward lithium-ion battery technology in UPS systems. These batteries offer longer operational life, smaller footprints, faster recharge times, and better thermal resilience compared with traditional VRLA (lead-acid) batteries, making them suitable for modern data center environments.

In addition, UPS manufacturers and data center operators are integrating smart monitoring, remote diagnostics, and IoT capabilities into UPS infrastructure. These technologies enable proactive battery health management, reduce the risk of downtime, and improve overall power efficiency, supporting the modernization of data center power infrastructure in Malaysia.

INSIGHT BY MECHANICAL INFRASTRUCTURE

In 2025, cooling systems dominated the Malaysia data center market with the largest share of around 69%. Data centers in Malaysia rely heavily on advanced cooling systems to manage the heat generated by high-density compute workloads, particularly due to the country’s hot and humid tropical climate. Operators are increasingly adopting energy-efficient cooling strategies, such as chilled water systems, CRAH/CRAC units, free-cooling designs, and liquid cooling technologies, to reduce power usage and improve sustainability performance.

AIMS Data Centre uses chilled water-cooling systems with hot/cold aisle containment to maintain stable temperatures across high-density racks while optimizing energy efficiency for large-scale colocation environments.

As Malaysia becomes a major hub for cloud, AI, and hyperscale data center development, the role of efficient, high-performance cooling systems is increasingly becoming critical. The industry trend is moving toward liquid cooling and advanced containment strategies to support higher compute densities while reducing energy consumption.

INSIGHT BY GENERAL CONSTRUCTION

The core & shell development segment accounts for around 44% of the Malaysia data center market in terms of general construction, supported by the continued development of greenfield data center projects. The availability of large land parcels across key data center hubs, including Cyberjaya, Johor, and Kuala Lumpur, is supporting the development of large-scale facilities and contributing to the growth of the core & shell construction segment.

AWS completed the development of its first data center facility in Malaysia, located along Persiaran APEC in Cyberjaya, Selangor. The project was developed in multiple phases under the oversight of the Sepang Municipal Council. Key partners, including Asima Architects, Sunway Construction, and Landarc Associates, were involved in the design, construction, and site development activities. The project highlights the continued expansion of greenfield data center infrastructure in Malaysia.

INSIGHT BY TIER STANDARD

The Tier III standard dominates the Malaysia data center market, accounting for the largest share, as most facilities are designed and operated to meet Tier III requirements. According to the Uptime Institute, Malaysia has around 43 data center facilities that have received Tier III certification, either for design or construction. These include facilities operated by major players such as AIMS Data Centre, NTT DATA, Telekom Malaysia, and Vantage Data Centers.

The strong adoption of Tier III facilities reflects the growing demand for data centers that offer high availability, maintainability, and operational resilience. As Malaysia continues to attract cloud, hyperscale, and colocation investments, Tier III is expected to remain the preferred standard for new and expanding data center facilities.

MALAYSIA DATA CENTER MARKET HIGHLIGHTS

Malaysia has about 51 operational colocation data centers. Most colocation data centers are being developed according to Tier III standards. Cyberjaya is the top data center destination in the country. It continues to be Malaysia’s leading hub for data center expansion, marked by a concentrated growth in advanced facilities, hyperscale data centers, and dedicated cloud regions. There are more than 22 existing and 9 upcoming data centers in Cyberjaya.

As of 2025, the average construction cost for developing a data center in Malaysia ranges from $8 million to $10 million per megawatt. This cost is lower compared with the cost structures in Singapore. However, these costs are expected to increase by 5%-7% year-over-year due to factors such as inflation, rising interest rates, as well as changes in government regulations and policies.

The Malaysian government promotes Green Data Center Guidelines under MDEC, encouraging operators to implement energy-efficient infrastructure and sustainable cooling solutions. Data centers are required to undergo Environmental Impact Assessments (EIA) for large-scale developments to ensure responsible land use and power consumption.

In July 2025, Malaysia implemented power tariffs for data centers. This tariff increase, which was first announced in December 2024 and finalized recently, could raise energy costs by 10% to 14%. Data centers with a capacity exceeding 100 MW will be classified under the ultra-high voltage category, subjecting them to the highest tariffs. Consequently, these facilities can incur an additional expenditure of $15 million to $20 million per year. Following the introduction of these power tariffs, data center operators in Malaysia are reassessing their energy options.

MALAYSIA DATA CENTER MARKET VENDOR LANDSCAPE

1. Malaysia’s data center colocation market is home to several well-established players, including Bridge Data Centres, DayOne (GDS Services), YTL Data Center Holdings, AirTrunk, Princeton Digital Group, AIMS Data Centre, and Vantage Data Centers. In addition to these established companies, new entrants, including BRIGHTRAY, DAMAC Digital, EdgeConneX, Epoch Digital, ST Telemedia Global Data Centres, Nxera, NEXTDC, Doma Infrastructure Group, STACK Infrastructure, Global Telecommunications, and ZDATA Technologies, are entering the market to meet the increasing demand.
2. Companies such as Bright Ray, DAMAC Digital, Digital Halo, NEXTDC, ST Telemedia Global Data Centres and others are emerging in the country, reflecting a growing demand for data center services and innovative colocation solutions. This dynamic environment is fostering competition and promoting advancements in technology and customer offerings.
3. The cloud market in Malaysia is expected to continue experiencing significant growth in the future. Major global cloud providers such as Amazon Web Services (AWS), Microsoft, Google and others continue to expand their presence.
4. In November 2025, Microsoft announced its plan to establish a second cloud region, Southeast Asia 3, in Johor, Malaysia. This new region is expected to include three availability zones and is projected to be operational within the next two to three years.
5. In December 2024, NTT DATA announced the plans for the development of a new data center campus in Johor. The campus is estimated to feature six data center buildings, with the first one slated to become operational by 2027. In August 2024, the company acquired land from Tropicana Corporation Berhad for around $88.5 million; the data center will be developed on this land.

EXISTING VS. UPCOMING DATA CENTERS

1. Existing Facilities in the region (Area and Power Capacity)
2. Cyberjaya
3. Other Cities
4. List of Upcoming Facilities in the region (Area and Power Capacity)
5. Cyberjaya
6. Other Cities

REPORT COVERAGE:

This report analyses the Malaysia data center market share. It elaboratively analyses the existing and upcoming facilities and investments in IT, electrical, mechanical infrastructure, cooling systems, general construction, and tier standards. It discusses market sizing and investment estimation for different segments. The segmentation includes:

1. IT Infrastructure
2. Server Infrastructure
3. Storage Infrastructure
4. Network Infrastructure
5. Electrical Infrastructure
6. UPS Systems
7. Generators
8. Switches & Switchgears
9. PDUs
10. Other Electrical Infrastructure
11. Mechanical Infrastructure
12. Cooling Systems
13. Rack Cabinets
14. Other Mechanical Infrastructure
15. Cooling Systems
16. CRAC and CRAH
17. Chillers Units
18. Cooling Towers, Condensers and Dry Coolers
19. Other Cooling Units
20. General Construction
21. Core & Shell Development
22. Installation & commissioning Services
23. Building & Engineering Design
24. Fire Detection & Suppression Systems
25. Physical Security
26. Data Center Infrastructure Management (DCIM)
27. Tier Standard
28. Tier I & Tier II
29. Tier III
30. Tier IV
31. Geography
32. Selangor
33. Johor

DATA CENTER PROVIDERS/INVESTORS IN MALAYSIA

1. IT INFRASTRUCTURE PROVIDERS: Cisco Systems, Dell Technologies, Fujitsu, Hewlett Packard Enterprise, Huawei Technologies, IBM, Inspur, Lenovo, NetApp and NVIDIA
2. DATA CENTER CONSTRUCTION CONTRACTORS & SUB-CONTRACTORS: Advance Power Engineering, AEON SERVICES, Arcadis, Arup, Asima Architects, AVO Technology, B-Global Tech, Binastra Corporation, CCIE Engineering, Critical Holdings, CSF Advisers, CTC-Global, Cyclect Group, DCD Technology, DSCO Group, Exyte (M+W Group), Gamuda, GCM Technologies, Greatians Consulting, HSS Engineers, IJM Corporation, INHERIT TECHNOLOGY ENGINEERING, ISG, Jurutera JRK, Kienta Engineering Construction, LandArc Associates, Leighton Asia, Linesight, LSK Engineering, Meg Consult, MES Group, MN Holdings, Nakano, NTT Facilities, OWH Consulting, Mitrajaya Holdings, PKT Quantity Surveyors, PMX Malaysia, Powerware Systems, RDC Arkitek, S5 Engineering, Shaw Architect, Sunway Construction Group, Turner & Townsend and Unique Central
3. SUPPORT INFRASTRUCTURE PROVIDERS: ABB, Aggreko, Caterpillar, Cummins, Eaton, EKG M & E, Fuji Electric, HITEC Power Protection, Legrand, Mitsubishi Electric, Narada Power Source, Piller Power Systems, Rehlko, Rittal, Rolls-Royce, Schneider Electric, Siemens, Socomec, STULZ, Systemair, Trane and Vertiv
4. DATA CENTER INVESTORS: AIMS Data Centre, AirTrunk, Alibaba Cloud, AWS, Bridge Data Centres, DayOne, Equinix, K2 Strategic, Keppel Data Centres, NTT DATA, Open DC, Princeton Digital Group, Telekom Malaysia, Vantage Data Centers and YTL Data Center
5. NEW ENTRANTS: BRIGHT RAY, CURRENC Group, DAMAC Digital, Digital Halo, Doma Infrastructure Group, EdgeConneX, Empyrion Digital, Epoch Digital, FutureData, Global Telecommunications, Google, i-Berhad, Infinaxis Data Centre Holdings, Microsoft, NEXTDC, Nxera, Racks Central, ST Telemedia Global Data Centres, STACK Infrastructure and ZDATA Technologies.

MARKET DEFINITIONS

1. Investment — total capital deployed across IT, electrical, mechanical, and general construction infrastructure for a data center facility, measured in USD.
2. Area (White Floor Space) — the usable raised-floor area allocated to IT equipment within a facility, measured in square feet.
3. Power Capacity — the total IT load a facility is designed to support, measured in megawatts (MW).
4. Tier Standard — the Uptime Institute classification (Tier I–IV) describing a facility's redundancy and fault tolerance.
5. Colocation Type — retail colocation serves tenants requiring smaller rack or cage footprints; wholesale colocation serves tenants leasing dedicated suites or halls.

RESEARCH METHODOLOGY

1. Primary Research: Interviews/interactions with data center developers, colocation providers, contractors, system integrators, and infrastructure providers.
2. Secondary Research: Analysis of annual reports, financial filings, press releases, data sheets, white papers, industry blogs, and tender documents.
3. Historical Period: 2022–2024
4. Base Year: 2025
5. Forecast Period: 2026–2031
6. Approach: Market data is validated using primary industry inputs and secondary sources, with 2025 representing actual values and 2026–2031 representing forecast estimates.