Canada Distributed Solar Power Generation Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 12.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Distributed Solar Power Generation Market Analysis
Canada distributed solar power generation market is expected to grow at a CAGR of more than 12% during the forecast period of 2020 - 2025. Factors such as rising environmental concerns and high cost of grid expansion are expected to be major drivers driving the market. Also, advancements in technology leading to solar panel manufacturing cost reduction and an increase in efficiency have been the major factors for the growth of Canada's distributed solar power generation market. However, widespread usage of alternative energy sources for distributed power generation in the country is expected to hinder the growth of the market.
- The gradual shift from energy generation from conventional sources such as coal and natural gas to clean energy is expected to help grow Canada distributed solar power generation market.
- Commercial and industrial sectors are showing interest in distributed solar power generation, due to various economic benefits and are considering it as a constant source of energy to eliminate downtimes and equipment damage due to voltage fluctuations in conventional power grids. This, in turn, is expected to create a huge opportunity for distributed solar power generation market in the country in the near future.
- Canada's distributed solar power generation is expected to witness significant growth in the forecast period, owing to the rising environmental concerns, and economic benefits of domestic distributed solar power generation.
Canada Distributed Solar Power Generation Market Trends
This section covers the major market trends shaping the Canada Distributed Solar Power Generation Market according to our research experts:
Increasing Demand for Clean Electricity
- Increasing demand for clean energy is one of the primary drivers for the distributed solar power generation market in the country. The country has one of the cleanest electricity systems in the world, with over 66% electricity produced from hydropower and renewables combined.
- Rooftop solar offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
- Commercial and industrial systems are expected to become the largest growth segment because they are usually more inexpensive and have a relatively stable load profile during the day that can enable larger savings on electricity bills, depending on the policy scheme in place.
- Therefore, the aforementioned factors are expected to drive the market in forecast period.
Electricity Generation from Hydropower to Restraint the Market
- Canada is the world's second-largest hydropower producer after China. The country has an installed capacity of 81,000 MW of hydropower and produced over 387.3 TWh of electricity in 2018.
- The country has a history of over a decade of electricity generation from hydropower starting before 1900. The country has over 500 hydropower plants spread across the country.
- Hydropower maintains an edge over other renewable energy resources in the country due to its reliability in cold and harsh weathers faced by the country. The country has on average less than 51% sunshine and faces extreme temperatures in winter which can go up to -40 C with simultaneous wind chills, both of which are not ideal conditions for wind and solar power generation.
- Therefore, the harsh weather in the country in winters and more reliability on hydropower are expected to be the major restraints for the distributed solar power generation market in the country during the forecast period.
Canada Distributed Solar Power Generation Industry Overview
Canada distributed solar power generation market is partially fragmented with a lot of big and small players operating in the market. Some of the major companies are Polaron Solartech Corp, Grasshopper Solar Corporation, Canadian Solar Inc. Ltd, EDF Renewables Canada Inc., and LONGi Green Energy Technology Co., Ltd.
Canada Distributed Solar Power Generation Market Leaders
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Polaron Solartech Corp
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Grasshopper Solar Corporation
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Canadian Solar Inc.
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EDF Renewables Canada Inc.
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LONGi Green Energy Technology Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Canada Distributed Solar Power Generation 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 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
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4.4 Market Dynamics
- 4.4.1 Drivers
- 4.4.2 Restraints
- 4.5 PESTLE Analysis
- 4.6 Supply Chain Analysis
5. COMPETITIVE LANDSCAPE
- 5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 5.2 Strategies Adopted by Leading Players
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5.3 Company Profiles
- 5.3.1 Solar Power Network Inc.
- 5.3.2 Polaron Solartech Corp
- 5.3.3 Grasshopper Solar Corporation
- 5.3.4 Canadian Solar Inc.
- 5.3.5 SkyFire Energy Inc.
- 5.3.6 Great Canadian Solar
- 5.3.7 Morgan Solar
- 5.3.8 EDF Renewables Canada Inc.
- 5.3.9 LONGi Green Energy Technology Co., Ltd.
- *List Not Exhaustive
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityCanada Distributed Solar Power Generation Industry Segmentation
Canada distributed solar power generation market report include:
Canada Distributed Solar Power Generation Market Research FAQs
What is the current Canada Distributed Solar Power Generation Market size?
The Canada Distributed Solar Power Generation Market is projected to register a CAGR of greater than 12% during the forecast period (2024-2029)
Who are the key players in Canada Distributed Solar Power Generation Market?
Polaron Solartech Corp , Grasshopper Solar Corporation , Canadian Solar Inc. , EDF Renewables Canada Inc. and LONGi Green Energy Technology Co., Ltd. are the major companies operating in the Canada Distributed Solar Power Generation Market.
What years does this Canada Distributed Solar Power Generation Market cover?
The report covers the Canada Distributed Solar Power Generation Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Canada Distributed Solar Power Generation Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Distributed Solar Power Generation Industry Report
Statistics for the 2024 Canada Distributed Solar Power Generation market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Distributed Solar Power Generation analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
