Market Size of Canada Power EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Power EPC Market Analysis
The market for power EPC in Canada is expected to grow at a CAGR of more than 3% in the forecast period year 2020-2025. Factors such as huge investment and government policies are likely to drive the Canadian power EPC market during the forecast period. Canada's energy sector accounts for over 10% of the nominal Gross Domestic Product (GDP). Also, Canada is the sixth-largest energy producer, the fourth largest net exporter, and the eighth-most significant consumer. With increasing population and economy, Canada requires more sources of power. Hence, the Canadian government, with various private players, invested a considerable amount in renewable energy. Between 2014 to 2018 wind energy sector receive USD 7.9 billion, solar power witness USD 4.4 billion, and other renewable sources get USD 1.7 billion. This, in turn, recent investment likely to be driven by the number of such various projects that are likely to propel the Canada power EPC market during the forecast period. Besides, the declining costs of wind and solar technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewable energy systems are driving the Canada power EPC market further. On the other hand, in the absence of any new initiatives, an underdeveloped power grid of Canada is expected to hinder the growth of the market in the coming years.
- Canada is focusing on wind power and is expected to dominate the market owing to high investment and better wind current, providing economic viability for a large project.
- The Canadian wind industry is focusing on generating 60% of electricity from renewable energy, by 2030, respectively, by attracting foreign investment. This, in turn, expected to provide a better opportunity to the Canada Power EPC market in the coming future.
- Increasing wind installations, owing to the projects announced and the ambitious renewable energy targets, are expected to drive the power EPC market in Canada during the forecast period.
