Market Size of Canada Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 9.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Renewable Energy Market Analysis
The Canadian renewable energy market is expected to register a CAGR of around 9% during the forecast period. The COVID-19 pandemic did not significantly impact the Canadian renewable energy market as the under-construction renewable projects continued. For example, the solar PV installed capacity in 2020 was around 3,342 MW, which was higher than in 2019. The country's renewable energy market is likely to grow in the future due to technological developments in the field, particularly the grid-integration technology development and the diversification of clean energy generating sources. However, the highly centralized and regulated electricity sector hampers the market's growth.
- The wind energy segment is expected to witness significant growth during the forecast period due to the several upcoming wind power projects in the country.
- The Canadian government pledged to phase out coal in the coming years, creating ample opportunities for deeper penetration of renewables in the energy sector. In 2021, the Ministry of Environment and Climate Change implemented a plan to phase out coal-fired electricity by 2030 and achieve carbon neutrality by 2050.
- The tremendously high government support for renewables-based power generation is expected to bolster the market's growth in the future.
