Market Size of Canada Distributed Solar Power Generation Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 Industry Segmentation
Canada distributed solar power generation market report include:
Canada Distributed Solar Power Generation Market Size Summary
The Canada distributed solar power generation market is poised for substantial growth, driven by increasing environmental concerns and the high costs associated with grid expansion. Technological advancements have significantly reduced solar panel manufacturing costs and improved efficiency, further propelling market expansion. The transition from conventional energy sources like coal and natural gas to cleaner energy alternatives is expected to bolster the market. However, the proliferation of alternative energy sources for distributed power generation may pose challenges to market growth. The commercial and industrial sectors are particularly interested in distributed solar power generation due to its economic benefits, viewing it as a reliable energy source that mitigates downtimes and equipment damage from voltage fluctuations in traditional power grids.
The demand for clean energy is a key factor driving the distributed solar power generation market in Canada, which boasts one of the cleanest electricity systems globally, with a significant portion of its electricity derived from hydropower and renewables. Rooftop solar systems provide modern electricity services to previously unserved households, reducing costs in remote areas reliant on oil-fired generation. The commercial and industrial segments are anticipated to be the largest growth areas, benefiting from stable load profiles and potential savings on electricity bills. Despite these opportunities, the harsh winter weather and the dominance of hydropower, which offers reliability in extreme conditions, are expected to restrain the market's growth. The market is characterized by a mix of large and small players, including notable companies such as 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 Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD billion, till 2025
-
1.3 Recent Trends and Developments
-
1.4 Market Dynamics
-
1.4.1 Drivers
-
1.4.2 Restraints
-
-
1.5 PESTLE Analysis
-
1.6 Supply Chain Analysis
-
Canada Distributed Solar Power Generation Market Size 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.
