Canada Wind Energy Market - Growth, Trends, and Forecasts (2020-2025)
The market is segmented by Location of Deployment (Onshore and Offshore)
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Scope of the Report
Key Market Trends
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The market for wind energy in Canada is expected to grow at a CAGR of more than 5% in the forecast period of 2020-2025. Canada holds the second-largest installed wind power capacity in North America, with a total installed capacity of 13,413 MW, in 2019. Moreover, in 2020, the country expects an increase in its installed wind energy capacity, which is likely to be driven by the number of such new wind projects that are likely to come during the year. Besides, the declining costs of wind technologies are becoming competitive with fossil fuel sources, and additional subsidies on wind energy systems are driving the wind energy market further. On the other hand, in the absence of any new initiatives, an underdeveloped power grid of Canada is expected to hinder the growth of the wind energy market in the coming years.
Canada has been focusing on onshore wind power is expected to dominate the market owing to high investment and better wind current, providing economic viability for large projects.
The Canadian wind industry is focusing on generating 60% of electricity from renewable energy by 2030, respectively, by attracting foreign investment. This, in turn, expected to provide a better opportunity to the Canadian wind energy market in the coming future.
Increasing wind installations, owing to the projects announced and the ambitious renewable energy targets, are expected to drive the wind market in Canada during the forecast period.
Scope of the Report
The Canada wind energy market report include:
Location of Deployment
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Key Market Trends
Onshore Wind Power to Dominate the Market
During 2019, Canada increased its installed wind power capacity by 597 MW, registering about a 5% increase over the previous year. All of the new wind capacity added, in 2018, came from the onshore project, and 2019 witnessed the completion of five onshore projects, representing over USD 1 billion investment.
As of 2019, Canada ranked eighth in the world in terms of total onshore installed capacity. There were 301 wind farms and 6,771 wind turbines operating across the country, as of 2019. Besides, the country witnessed around 70% dip in the wind energy costs during 2009-2019.
Moreover, the country has a policy in place, under its energy transition law, to generate more than half of its electricity using clean energy sources, by 2030, long-term electricity auctions support this. The Canadian government was primarily focusing on expanding and liberalizing the electricity market. Besides, opening the industry to private and foreign investments, which likely to drive the onshore wind energy market during the forecast period.
Furthermore, in the country, the production of wind power was initially inspired by environmental concerns. However, it has been superseded by commercial interests. Moreover, the increased reliability convinced large companies to invest in renewable energies, such as wind, for fulfilling the increasing demand for electricity.
Hence, with several onshore wind energy projects under operation and others in the planning and construction phase, owing to investment and government policies are expected to dominate the Canadian wind energy market during the forecast period.
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Upcoming Project and Investment in Wind Energy Likely to Drive the Market
Canada holds the second-largest installed wind power capacity in North America, with a total installed capacity of 13,413 MW, in 2019. This installed capacity is enough to power approximately 3.4 million homes in the country.
With the increasing need for affordable, reliable, clean, and diverse electricity supply, the government and utilities across the nation are increasingly considering wind power as a solution. Moreover, with the country’s unparalleled wind resources, there are ample opportunities to maximize the economic and environmental benefits associated with the development of wind energy.
Moreover, as of 2019, Canada has 31 offshore wind farm projects of which none currently operating, none where construction has progressed enough to connect the turbines and generate electricity, none are in the build phase, and none are either consented or have applied for consent. These projects are expected to start from 2021 to 2022.
The country has been looking for opportunities and potential locations across the national boundaries for new projects. In the past few years, Alberta emerged as an attractive market for investors, as it is likely to witness about USD 8.3 billion of investment for developing wind energy projects, by 2030.
The Government of Alberta announced five new wind power projects, with a value of USD 1.2 billion, under its renewable electricity program. The project is expected to generate about 760 MW of affordable renewable electricity, enough to power nearly 300,000 homes. Apart from Alberta, Saskatchewan is also likely to witness huge investments, as the province aims to increase its renewable capacity to 50% by 2030.
Hence, owing to the factors mentioned above, such as investment, upcoming projects, and policies are likely to drive to the market studied during the forecast period.
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The Canada wind energy market is moderately fragmented. The major companies include Siemens Gamesa Renewable Energy SA, General Electric Company, Vestas Wind Systems, Acciona SA, Capital Power Corporation, Enbridge Inc., and others.