Canada Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Canadian Energy Sector Outlook and the market is segmented by Power Generation Source (Renewables, Natural Gas, Nuclear, Coal, Oil, and Other Power Generation Sources), Transmission and Distribution, and End User (Residential, Commercial, and Industrial).

Canada Power Market Size

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Canada Power Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 8.50 %
Market Concentration Low

Major Players

Canada Power Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Canada Power Market Analysis

The Canadian power market is expected to witness a CAGR of around 8.5% during the forecast period, 2022-2027. The COVID-19 pandemic had a noticeable impact on the electricity sector of the country in the form of plummeted power demand. It was recorded that the electricity demand witnessed a downfall of around 10% in Ontario and 5% in Alberta, British Columbia, and New Brunswick. The Canadian power market is expected to grow considerably in the near future due to perpetually increasing electricity demand in all the sectors of the economy, and the technological development in the electricity generation sector, particularly the generation source and its integration. However, the highly centralized and regulated electricity sector acts as a deterrent to the growth of the power sector.

  • The renewables segment is expected to show a considerable elevation in its growth in the coming years.
  • The consistently growing electricity demand in the transportation and hydrogen production areas creates ample opportunities for the power sector. The drift toward the electrification of transportation is expected to have a positive impact on electricity consumption in the evolving scenario. Further, hydrogen production, which requires electricity for the electrolysis process, will also be a contributor, as the country is also working on hydrogen technology development.
  • Industrial sector growth is anticipated to steer the electricity demand in the near future due to the constantly growing construction and manufacturing industry.

Canada Power Market Trends

This section covers the major market trends shaping the Canada Power Market according to our research experts:

Renewables Expected to Witness Significant Growth

  • Canada's energy sector is naturally facilitated with tremendous renewable resource potential. Hydro energy dominates the renewable electricity generation portfolio, and the country has witnessed a fast-paced growth in wind and solar energy-based power generation in the recent picture. Biofuels also form a small part of the renewable energy mix of the country. The non-renewable sector, which comprises natural gas, oil, coal, and nuclear energy, has already been bullied by renewables recently.
  • The share of renewables in the electricity mix (including hydro energy) was recorded as 71% in 2020. The growth was largely driven by the growth in solar and wind power generation capacity. It was noted that around 70 MW of solar PV capacity was installed in 2020, along with an additional 166 MW of wind-power generation. The technologies made up to 3000 MW of solar and 13588 MW of wind capacity as of 2020. A number of projects are still about to be added to the renewable power capacity in the country.
  • For example, in April 2021, Canadian bakery products company Bimbo Canada entered into two VPPAs (Virtual Power Purchase Agreements) with RES Canada to buy power from two upcoming wind and solar power plants in the country. The two 15 year-VPPAs will ensure a 50 MW electricity supply for the company's 16 bakeries, 14 distribution centers, and 191 depots. The power plants will come into service by the end of 2022.
  • Further, renewable power also made inroads across the commercial sector in the country. In June 2021, Amazon, the largest corporate buyer of renewable energy, planned to buy power from a 375 MW solar farm, which is currently under construction and will be operational by 2022. It is believed to be Amazon's second renewable energy project in Alberta, which will bring Amazon's capacity in Canada to more than 1 million MWh.
  • Moreover, the country has several incentive programs like the Emerging Renewable Power Program, which is expected to provide USD 200 million for the expansion of renewable projects. Additionally, in June 2021, a USD 964 million program was launched to support smart renewable energy and grid modernization projects in Canada.
  • Such developments are poised to forecast the growth of a fast-paced renewable in the country.
Canada Power Market : Electricity Generation Mix, in %, Canada, 2020

Growth in Industrial Sector Expected to Drive the Market

  • The country has witnessed a steady growth in the industrial sector over the last decade. The fastest-growing industries in the country include the construction, manufacturing, and mining industries.
  • The share of the industrial sector in electricity consumption was recorded at around 14% in 2020, after the residential and commercial sectors. Though the sector is behind the latter two, this will not be the case in the near future. The country has tabled many new plans to develop the industrial sector with upcoming construction and manufacturing projects.
  • As an example, the country has planned the construction of Fleetwood Reservoir and Water Main Plant in the third quarter of 2021. The project targets the provision of clean drinking water to growing communities to the south of Fraser River. It will be operational by 2024. Operational of such projects is expected to increase the demand for power in Canada.
  • Furthermore, in 2021, Canada added a new construction project to the yearly list, Burnaby Hospital Redevelopment. The project involves the construction of a 314-bed hospital comprising two towers in British Columbia, Canada. The USD 1.1 million project is expected to be completed by 2028.
  • Hence, the operation of such projects is expected to increase the demand for power in Canada during the forecast period.
Canada Power Market : Electricity Consumption by Sector, in %, Canada, 2020

Canada Power Industry Overview

The Canadian power market is fragmented. Some of the key players include TC Energy Corporation, Ontario Power Generation, Enbridge Inc., Electricite de France SA, and Engie SA.

Canada Power Market Leaders

  1. TC Energy Corporation

  2. Ontario Power Generation

  3. Enbridge Inc.

  4. Electricite de France SA

  5. Engie SA

*Disclaimer: Major Players sorted in no particular order

Canada Power Market Concentration
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Canada Power Market News

  • Kineticor Resource is currently developing a combined cycle gas turbine (CCGT) power plant in Edson, Alberta, called as Cascade CCGT power plant. The 900MW power plant got its construction started in 2020, with an estimated investment plan of USD 1 billion. The project is to be completed in two phases by the end of 2022.
  • In January 2022, Canada planned a new utility-scale solar power project, Fox Coulee Solar Project, in Alberta. The 85.6MW solar PV power project will be developed by Aura Power Developments and Subra GP in a single phase. Its construction is expected to commence in 2022, and it is expected to be in service by 2023.

Canada Power Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis


    1. 5.1 Power Generation Source

      1. 5.1.1 Renewables

      2. 5.1.2 Natural Gas

      3. 5.1.3 Nuclear

      4. 5.1.4 Coal

      5. 5.1.5 Oil

      6. 5.1.6 Other Power Generation Sources

    2. 5.2 Transmission and Distribution

    3. 5.3 End User

      1. 5.3.1 Residential

      2. 5.3.2 Commercial

      3. 5.3.3 Industrial


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 TC Energy Corporation

      2. 6.3.2 Ontario Power Generation

      3. 6.3.3 Enbridge Inc.

      4. 6.3.4 Electricite de France SA

      5. 6.3.5 Engie SA

      6. 6.3.6 AltaLink

      7. 6.3.7 Hydro One Ltd

      8. 6.3.8 Enmax Corp.

      9. 6.3.9 Transalta Corporation

      10. 6.3.10 ATCO Ltd.

    4. *List Not Exhaustive

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Canada Power Industry Segmentation

The Canadian power market report includes:

Power Generation Source
Natural Gas
Other Power Generation Sources
End User
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Canada Power Market Research FAQs

The Canada Power Market is projected to register a CAGR of greater than 8.5% during the forecast period (2024-2029)

TC Energy Corporation, Ontario Power Generation, Enbridge Inc., Electricite de France SA and Engie SA are the major companies operating in the Canada Power Market.

The report covers the Canada Power Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Canada Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Canada Electricity Industry Report

Statistics for the 2024 Canada Electricity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Electricity analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Canada Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)