Market Trends of Canada Project Logistics Industry
Increasing Usage of Renewable Energies Boosts Opportunities for Project Logistics Companies
- The Canadian Renewable Energy Association (CanREA) announced the industry's year-end data, reporting that Canada's wind and solar energy sectors grew significantly in 2021, adding nearly 1 GW of new generation capacity. 2021 was a positive year for our industries, with 677 MW of new wind energy and 288 MW of new utility-scale solar energy commissioned. Alberta accounted for more than 60% of new Canadian capacity installed in 2021, with Saskatchewan accounting for another 20%.
- Canada's new wind and solar energy capacity created approximately 2,400 person-years of employment, primarily in constructing new facilities and maintaining these sites. CanREA projects that 2022 and 2023 will see significantly more growth in the deployment of wind and solar energy, with numerous projects currently under construction or in advanced stages of development.
- More than 3,000 MW was commissioned in 2022, and a similar number in 2023. In addition, new commitments across Canada in 2021 (for example, in Saskatchewan, Quebec, and Nova Scotia) will result in new wind and solar energy deployment after 2023. CanREA's 2050 Vision, Powering Canada's Journey to Net-Zero, demonstrates that we must deploy more than 5,000 MW of new wind and solar energy annually for the next 30 years if Canada is to meet its commitment to net-zero greenhouse gas emissions by 2050. These all drive the opportunities in Project Logistics in Canada.
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Oil & Gas Project Logistics in Canada
- The global project cargo market is expected to be boosted by increased oil prices in the short term. However, oil prices are expected to decrease over the long term, which leads to a decline in new project investments. Canada includes the world's third-largest crude oil reserves, after Venezuela and Saudi Arabia, more than 95% of which consist of oil sand reserves in Alberta and Saskatchewan.
- The provinces of Alberta, Saskatchewan, and British Columbia share the sedimentary basin for natural gas production in Canada. Canada's oil sands industry contributes nearly 60 billion Canadian dollars (USD 44.36 billion) to the country's GDP. It equates to 3% of the total GDP.
- The oil and natural gas industry is a vital driving force in the Canadian economy, accounting for approximately 7% of Canada's GDP and employing more than 500,000 people. The nation's oil and gas and mining sectors are premier export markets for the US providers of machinery, equipment, and related supply chain goods and services.
- One hundred nine projects are under construction or planned over the next ten years in British Columbia, representing USD 206 billion in investment. Energy projects account for more than 90% of the value of significant project investment in the province.
