Canadian Solar Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The report covers Future of Solar Energy in Canada and the market is segmented by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)). The report offers the market size and forecasts in installed capacity (GW) for the above segments.

Canadian Solar Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Canada Solar Energy Market Size

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Canada Solar Energy Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 11.00 %
Market Concentration Medium

Major Players

Canada Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Canada Solar Energy Market Analysis

The Canada Solar Energy Market is expected to register a CAGR of greater than 11% during the forecast period.

The country was significantly impacted due to the COVID-19 outbreak but has reached pre-pandemic levels.

  • Over the medium term, factors such as upcoming solar projects and supportive government policies to reduce reliance on fossil fuels are anticipated to boost the Canadian solar energy market.
  • On the other hand, widespread usage of alternative energy sources, such as hydro and wind power generation in the country, is expected to restrain the market's growth.
  • Nevertheless, Canada plans to achieve net-zero emissions by 2050 and is expected to replace the share of fossil fuel in the energy mix with renewables. Hence, such an ambitious target is expected to provide an opportunity for the solar market in the coming years.

Canada Solar Energy Industry Overview

The Canadian solar energy market is moderately fragmented. Some of the key players include (in no particular order) Canadian Solar Inc., Greengate Power Corporation, AMP Solar Group Inc., Quadra Power Inc., and BluEarth Renewables Inc.

Canada Solar Energy Market Leaders

  1. Canadian Solar Inc.

  2. Greengate Power Corporation

  3. AMP Solar Group Inc.

  4. Quadra Power Inc.

  5. BluEarth Renewables Inc.

  6. *Disclaimer: Major Players sorted in no particular order
Canada Solar Energy Market Concentration
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Canada Solar Energy Market News

  • In January 2023, Neon, a French renewable energy developer, commenced construction of a solar project of 93 MW capacity in the Alberta province of Canada. The operator of the solar power plant is ATCO Electric. The commissioning of the project is expected to be in 2024, which would sell power through power purchase agreements (PPAs) and the electricity market.
  • In October 2022, TC Energy Corporation announced the commencement of pre-construction activities of the Saddlebrook Solar Project located near Aldersyde, Alberta. TC Energy is investing USD 146 million to build its first Canadian solar power project. It can generate about 81 megawatts, enough energy to power 20,000 homes annually. The initial construction includes installing solar panels on TC Energy property in the local industrial park.

Canada Solar Energy Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Installed Capacity and Forecasts in GW, till 2028
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 PESTLE Analysis

5. MARKET SEGMENTATION AND ANALYSIS

  • 5.1 Technology
    • 5.1.1 Solar Photovoltaic (PV)
    • 5.1.2 Concentrated Solar Power (CSP)

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Greengate Power Corporation
    • 6.3.2 DP Energy Canada Ltd
    • 6.3.3 Canadian Solar Inc.
    • 6.3.4 AMP Solar Group Inc.
    • 6.3.5 Azgard Solar Inc.
    • 6.3.6 Gorkon Industries
    • 6.3.7 miEnergy Inc.
    • 6.3.8 Quadra Power Inc.
    • 6.3.9 Great Canadian Solar Ltd
    • 6.3.10 BluEarth Renewables Inc.
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Canada Solar Energy Industry Segmentation

Solar energy is the energy obtained from the sun's rays converted into thermal or electrical energy. It is the cleanest form of energy that is abundant in nature. Solar energy is harnessed by photovoltaics, heating & cooling, and concentrated solar power. Due to the development of resilient technology, today, solar energy is majorly used to generate electricity by various consumers, including residential, industrial, and commercial.

Canada's solar energy market is segmented by technology type. By technology type, the market is segmented into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP). For each segment, the market sizing and forecasts have been done based on installed capacity (GW).

Technology Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
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Canada Solar Energy Market Research FAQs

What is the current Canada Solar Energy Market size?

The Canada Solar Energy Market is projected to register a CAGR of greater than 11% during the forecast period (2025-2030)

Who are the key players in Canada Solar Energy Market?

Canadian Solar Inc., Greengate Power Corporation, AMP Solar Group Inc., Quadra Power Inc. and BluEarth Renewables Inc. are the major companies operating in the Canada Solar Energy Market.

What years does this Canada Solar Energy Market cover?

The report covers the Canada Solar Energy Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Canada Solar Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Solar Energy in Canada Industry Report

The report on the Future of Solar Energy in Canada highlights the significant growth prospects for the market, driven by increasing government support, advancements in solar technology, and innovative business models like pay-as-you-go (PAYG). The Canada solar energy market is segmented by technology into solar photovoltaic (PV) and concentrated solar power (CSP). Additionally, the market is divided into grid-connected and off-grid systems, with the grid-connected segment expected to see substantial expansion due to its ability to supply solar energy directly to buildings and feed surplus energy back to the grid.

The rising demand for renewable energy sources, electric mobility, and grid digitalization are key factors fueling the market's growth. However, challenges such as competition from alternative energy sources and the high costs associated with renewable energy projects persist. Despite these hurdles, the commitment to achieving net-zero emissions and the increasing affordability of solar technologies provide significant opportunities for the solar energy market in Canada.

Industry reports and market data indicate that the Canadian solar market share is expected to grow as more solar companies in Canada leverage these favorable conditions. The market forecast outlook and historical overview provide a comprehensive analysis of market growth, including industry statistics, industry trends, and market segmentation. The industry outlook remains positive, with industry research and market predictions supporting the continued expansion of the solar energy sector.

The report pdf includes detailed industry analysis, industry size, and market value, offering insights into market leaders and industry sales. The market review and market overview highlight the importance of industry information and research companies in understanding market dynamics. Industry reports and market forecast data further emphasize the potential for growth in the Canadian solar energy market.

In conclusion, the report example demonstrates how the Canadian solar energy market is poised for significant growth, driven by supportive government policies, technological advancements, and innovative business models. The industry trends and market outlook suggest a promising future for solar energy in Canada, with substantial opportunities for industry leaders and new entrants alike.