Market Size of Canada Distributed Solar Power Generation Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 12.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Distributed Solar Power Generation Market Analysis
Canada distributed solar power generation market is expected to grow at a CAGR of more than 12% during the forecast period of 2020 - 2025. Factors such as rising environmental concerns and high cost of grid expansion are expected to be major drivers driving the market. Also, advancements in technology leading to solar panel manufacturing cost reduction and an increase in efficiency have been the major factors for the growth of Canada's distributed solar power generation market. However, widespread usage of alternative energy sources for distributed power generation in the country is expected to hinder the growth of the market.
- The gradual shift from energy generation from conventional sources such as coal and natural gas to clean energy is expected to help grow Canada distributed solar power generation market.
- Commercial and industrial sectors are showing interest in distributed solar power generation, due to various economic benefits and are considering it as a constant source of energy to eliminate downtimes and equipment damage due to voltage fluctuations in conventional power grids. This, in turn, is expected to create a huge opportunity for distributed solar power generation market in the country in the near future.
- Canada's distributed solar power generation is expected to witness significant growth in the forecast period, owing to the rising environmental concerns, and economic benefits of domestic distributed solar power generation.
