Market Size of Canada Power EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
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 Power EPC Market Analysis
The market for power EPC in Canada is expected to grow at a CAGR of more than 3% in the forecast period year 2020-2025. Factors such as huge investment and government policies are likely to drive the Canadian power EPC market during the forecast period. Canada's energy sector accounts for over 10% of the nominal Gross Domestic Product (GDP). Also, Canada is the sixth-largest energy producer, the fourth largest net exporter, and the eighth-most significant consumer. With increasing population and economy, Canada requires more sources of power. Hence, the Canadian government, with various private players, invested a considerable amount in renewable energy. Between 2014 to 2018 wind energy sector receive USD 7.9 billion, solar power witness USD 4.4 billion, and other renewable sources get USD 1.7 billion. This, in turn, recent investment likely to be driven by the number of such various projects that are likely to propel the Canada power EPC market during the forecast period. Besides, the declining costs of wind and solar technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewable energy systems are driving the Canada power EPC 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 market in the coming years.
- Canada is focusing on wind power and is expected to dominate the market owing to high investment and better wind current, providing economic viability for a large project.
- 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 Canada Power EPC market in the coming future.
- Increasing wind installations, owing to the projects announced and the ambitious renewable energy targets, are expected to drive the power EPC market in Canada during the forecast period.
Canada Power EPC Industry Segmentation
The Canada power EPC market report include:
| Type | |
| Thermal | |
| Oil & Gas | |
| Renewable | |
| Nuclear | |
| Others |
Canada Power EPC Market Size Summary
The power EPC market in Canada is poised for growth, driven by substantial investments and supportive government policies. As a significant player in the global energy sector, Canada ranks high in energy production, exportation, and consumption. The increasing demand for power, fueled by population growth and economic expansion, has led to significant investments in renewable energy sources such as wind and solar. The declining costs of these technologies, coupled with additional subsidies, are further propelling the market. However, challenges such as an underdeveloped power grid could impede growth if new initiatives are not introduced. The focus on wind power, supported by favorable wind conditions and economic viability, is expected to dominate the market, with Canada aiming to generate a significant portion of its electricity from renewable sources by 2030.
The Canadian power EPC market is characterized by a mix of domestic and foreign investments, particularly in wind and solar energy projects. Alberta and Saskatchewan are emerging as key regions for renewable energy development, with substantial investments planned to increase their renewable capacity. The government's commitment to clean energy, supported by policies and long-term electricity auctions, is expected to drive the market forward. Despite the current lack of operational offshore wind projects, the potential for future developments remains. The market is partially fragmented, with major companies like Valard Construction Ltd., Bantrel Co., and Aecon Group Inc. playing significant roles. Overall, the combination of investment, policy support, and upcoming projects is set to enhance the growth trajectory of the Canadian power EPC market.
Canada Power EPC Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast, in USD billion, until 2025
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply-Chain Analysis
-
1.7 PESTLE Analysis
-
-
2. MARKET SEGMENTATION
-
2.1 Type
-
2.1.1 Thermal
-
2.1.2 Oil & Gas
-
2.1.3 Renewable
-
2.1.4 Nuclear
-
2.1.5 Others
-
-
Canada Power EPC Market Size FAQs
What is the current Canada Power EPC Market size?
The Canada Power EPC Market is projected to register a CAGR of 3% during the forecast period (2024-2029)
Who are the key players in Canada Power EPC Market?
Valard Construction Ltd. , Bantrel Co. , Aecon Group Inc., CIMA+ Canada Inc. and Canadian Solar Inc. are the major companies operating in the Canada Power EPC Market.
