Canada Wind Energy Market Size
|2020 - 2029
|Base Year For Estimation
|Market Volume (2024)
|Market Volume (2029)
|CAGR (2024 - 2029)
*Disclaimer: Major Players sorted in no particular order
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Canada Wind Energy Market Analysis
The Canada Wind Energy Market size is estimated at 18.17 gigawatt in 2024, and is expected to reach 27.75 gigawatt by 2029, growing at a CAGR of 8.83% during the forecast period (2024-2029).
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the long term, factors such as upcoming new wind projects, the declining costs of wind technologies becoming competitive with fossil fuel sources, and additional subsidies on wind energy systems are further driving the wind energy market.
- On the other hand, in the absence of any new initiatives, an underdeveloped power grid in Canada is expected to hinder the growth of the wind energy market in the coming years.
- Nevertheless, under the 2015 Paris Agreement on Climate Change, Canada is committed to reducing greenhouse gases (GHG) by at least 80% below 2005 levels by 2050. Since, among Canadian renewable energy sources, wind energy contributes low-cost power and flexibility to a modernized electricity grid, this, in turn, is expected to provide a better opportunity for the Canadian wind energy market in the coming future.
Canada Wind Energy Market Trends
Onshore Segment to Dominate the Market
- Electricity from wind energy is one of Canada's fastest-growing methods of electrical generation. Canada's geography allows it to capitalize on large amounts of wind energy. Increased wind energy deployment benefits include grid-wide energy savings and reductions in greenhouse gas emissions and air contaminants (including SOX, NOX, and mercury).
- In 2022, Canada reached an installed onshore wind energy capacity of 15.295 GW. All of the new wind capacity added in 2022 came from the onshore project. According to the Canadian Renewable Association, around 676.6 MW of new wind power generation was installed in 2021, a significant rise from the previous years.
- Going ahead, in June 2022, Capstone Infrastructure Corporation announced that its wholly owned subsidiary, Wild Rose 2 Wind LP, has entered a 78 MW Renewable Attributes Purchase Agreement with the City of Edmonton to supply renewable attributes for over 20 years from Capstone's 192 MW Wild Rose 2 Wind Farm, currently in development.
- The country has a policy 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 target. The Canadian government primarily focuses on expanding and liberalizing the electricity market by opening the industry to private and foreign investments, which may drive the onshore wind energy market during the forecast period.
- Hence, with several onshore wind energy projects under operation and others in the planning and construction phases, the Canadian wind energy market is expected to grow during the forecast period due to investment and government policies.
Upcoming Projects and Investments in Wind Energy Likely to Drive the Market
- Wind energy in Canada accounts for 3.5% of electricity generation, making it the region's second-most important renewable energy source. Ontario, Quebec, and Alberta are the provincial leaders in wind power capacity. In 2022, Canada reached an installed wind energy capacity of 15.295 GW.
- With the increasing need for an affordable, reliable, clean, and diverse electricity supply, the government and utilities nationwide are increasingly considering wind power. With the country's unparalleled wind resources, ample opportunities exist to maximize wind energy development's economic and environmental benefits.
- According to the Canadian Renewable Energy Association, as of August 2022, Canada had 317 wind energy projects producing power nationwide. The largest wind farm is Black Spring Ridge, located in Vulcan County, Alberta, with 166 wind turbines. About 39 onshore and offshore wind power projects are planned for the next 10 years, with a total project value of USD 16 billion.
- The country has been looking for opportunities and potential locations across 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 in developing wind energy projects by 2030. Apart from Alberta, Saskatchewan is expected to witness huge investments as the province aims to increase its renewable capacity by 50% by 2030.
- In October 2022, the Lanfine Wind Project in Oyen's Special Area 3 in Alberta entered its final construction phase, with the wind turbines being lifted and installed in their final locations and the blades being attached to the rotors. This new facility is expected to be operational in 2023. The project has an investment cost of around USD 253.12 million.
- Hence, such factors will likely drive the Canadian wind energy market during the forecast period.
Canada Wind Energy Industry Overview
The Canadian wind energy market is semi-consolidated. Some of the major players in the market (in no particular order) include Siemens Gamesa Renewable Energy SA, General Electric Company, Vestas Wind Systems AS, Acciona SA, and Capital Power Corporation., among others.
Canada Wind Energy Market Leaders
General Electric Company
Siemens Gamesa Renewable Energy SA
Capital Power Corporation
Vestas Wind Systems A/S
*Disclaimer: Major Players sorted in no particular order
Canada Wind Energy Market News
- February 2023: Nova Scotia's environment minister announced the approval of two proposed wind farms to build 28 turbines in West Hants and another 12 in Cumberland County. The Benjamins Mill Wind Project will contain up to 28 turbines located about 13 km southwest of Windsor, NS. The project aims to produce up to 150 megawatts of energy from turbines that are 200 meters tall from the ground to the tip of the blade.
- June 2022: BHE Canada announced its Rattlesnake Ridge Wind Farm, which is commercially operational and supplying renewable energy to Alberta's grid. The 26-turbine wind farm is located southwest of Medicine Hat, Southeast Alberta, Canada. It is the company's first wind farm in Canada and will be able to provide Alberta consumers with 130 MW of energy, enough to power the equivalent of 78,000 homes.
Canada Wind Energy Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Canada Wind Energy Installed Capacity and Forecast in GW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
126.96.36.199 Increasing Upcoming Projects and Investments in Wind Energy
188.8.131.52 Increasing Adoption of Alternate Clean Energy Sources
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Location of Deployment
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 Siemens Gamesa Renewable Energy SA
6.3.2 General Electric Company
6.3.3 Vestas Wind Systems AS
6.3.4 Acciona SA
6.3.5 Capital Power Corporation
6.3.6 TransAlta Corporation
6.3.7 Alberta Wind Energy Corporation
6.3.8 BluEarth Renewables Inc.
6.3.9 Northland Power Inc.
6.3.10 Innergex Renewable Energy Inc.
6.3.11 EDP Renováveis
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Canada's Ambitious Targets and Reducing Greenhouse Gas Emissions
Canada Wind Energy Market Research FAQs
How big is the Canada Wind Energy Market?
The Canada Wind Energy Market size is expected to reach 18.17 gigawatt in 2024 and grow at a CAGR of 8.83% to reach 27.75 gigawatt by 2029.
What is the current Canada Wind Energy Market size?
In 2024, the Canada Wind Energy Market size is expected to reach 18.17 gigawatt.
Who are the key players in Canada Wind Energy Market?
General Electric Company , Siemens Gamesa Renewable Energy SA, Acciona SA, Capital Power Corporation and Vestas Wind Systems A/S are the major companies operating in the Canada Wind Energy Market.
What years does this Canada Wind Energy Market cover, and what was the market size in 2023?
In 2023, the Canada Wind Energy Market size was estimated at 16.70 gigawatt. The report covers the Canada Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Canada Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Energy in Canada Industry Report
Statistics for the 2024 Wind Energy in Canada market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Energy in Canada analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.