Canada Power Market Size (2024 - 2029)

The Canadian power market is poised for significant expansion, driven by increasing electricity demand across various sectors and advancements in electricity generation technology. Despite the challenges posed by a centralized and regulated electricity sector, the market is expected to grow, particularly with the rise of the renewables segment. The shift towards electrification in transportation and the development of hydrogen technology present substantial opportunities for market growth. Additionally, the industrial sector's expansion, fueled by the construction and manufacturing industries, is anticipated to further boost electricity demand, contributing to the overall increase in market size.

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Market Size of Canada Power Industry

Canada Power Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 8.50 %
Market Concentration Low

Major Players

Canada Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

Canada Power Market Analysis

The Canadian power market is expected to witness a CAGR of around 8.5% during the forecast period, 2022-2027. The COVID-19 pandemic had a noticeable impact on the electricity sector of the country in the form of plummeted power demand. It was recorded that the electricity demand witnessed a downfall of around 10% in Ontario and 5% in Alberta, British Columbia, and New Brunswick. The Canadian power market is expected to grow considerably in the near future due to perpetually increasing electricity demand in all the sectors of the economy, and the technological development in the electricity generation sector, particularly the generation source and its integration. However, the highly centralized and regulated electricity sector acts as a deterrent to the growth of the power sector.

  • The renewables segment is expected to show a considerable elevation in its growth in the coming years.
  • The consistently growing electricity demand in the transportation and hydrogen production areas creates ample opportunities for the power sector. The drift toward the electrification of transportation is expected to have a positive impact on electricity consumption in the evolving scenario. Further, hydrogen production, which requires electricity for the electrolysis process, will also be a contributor, as the country is also working on hydrogen technology development.
  • Industrial sector growth is anticipated to steer the electricity demand in the near future due to the constantly growing construction and manufacturing industry.

Canada Power Industry Segmentation

The Canadian power market report includes:

Power Generation Source
Renewables
Natural Gas
Nuclear
Coal
Oil
Other Power Generation Sources
End User
Residential
Commercial
Industrial
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Canada Power Market Size Summary

The Canadian power market is poised for significant growth, driven by increasing electricity demand across various sectors and advancements in electricity generation technologies. Despite the challenges posed by the COVID-19 pandemic, which led to a temporary decline in power demand, the market is expected to expand considerably. The shift towards electrification in transportation and the development of hydrogen technology are anticipated to boost electricity consumption. However, the highly centralized and regulated nature of the electricity sector may pose challenges to growth. The renewable energy segment, particularly hydro, wind, and solar power, is expected to experience substantial growth, supported by government incentives and corporate investments in renewable projects.

The industrial sector's expansion, particularly in construction and manufacturing, is expected to drive increased electricity demand in the coming years. Several large-scale projects, such as the construction of new hospitals and infrastructure, are set to contribute to this demand. The Canadian power market is characterized by its fragmented nature, with key players like TC Energy Corporation and Ontario Power Generation leading the industry. Ongoing and planned projects, including the development of combined cycle gas turbine power plants and utility-scale solar projects, underscore the country's commitment to enhancing its power generation capacity. These developments are expected to support the forecasted growth of the power market in Canada.

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Canada Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Generation Source

      1. 2.1.1 Renewables

      2. 2.1.2 Natural Gas

      3. 2.1.3 Nuclear

      4. 2.1.4 Coal

      5. 2.1.5 Oil

      6. 2.1.6 Other Power Generation Sources

    2. 2.2 Transmission and Distribution

    3. 2.3 End User

      1. 2.3.1 Residential

      2. 2.3.2 Commercial

      3. 2.3.3 Industrial

Canada Power Market Size FAQs

The Canada Power Market is projected to register a CAGR of greater than 8.5% during the forecast period (2024-2029)

TC Energy Corporation, Ontario Power Generation, Enbridge Inc., Electricite de France SA and Engie SA are the major companies operating in the Canada Power Market.

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Canada Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)