Market Size of Canada Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 11.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Solar Energy Market Analysis
The Canadian solar energy market is expected to register a CAGR of more 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.
