Canada Renewable Energy Market Size (2024 - 2029)

The Canadian renewable energy market is poised for growth, driven by advancements in technology and government initiatives aimed at reducing reliance on coal. Despite the challenges posed by a centralized and regulated electricity sector, the market's capacity is expected to expand, particularly in the wind energy segment due to new projects. The government's strong support for renewable energy sources and the development of grid-integration technologies are key factors contributing to the anticipated increase in market size over the forecast period.

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Market Size of Canada Renewable Energy Industry

Canada Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 9.00 %
Market Concentration Low

Major Players

Canada Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Canada Renewable Energy Market Analysis

The Canadian renewable energy market is expected to register a CAGR of around 9% during the forecast period. The COVID-19 pandemic did not significantly impact the Canadian renewable energy market as the under-construction renewable projects continued. For example, the solar PV installed capacity in 2020 was around 3,342 MW, which was higher than in 2019. The country's renewable energy market is likely to grow in the future due to technological developments in the field, particularly the grid-integration technology development and the diversification of clean energy generating sources. However, the highly centralized and regulated electricity sector hampers the market's growth.

  • The wind energy segment is expected to witness significant growth during the forecast period due to the several upcoming wind power projects in the country.
  • The Canadian government pledged to phase out coal in the coming years, creating ample opportunities for deeper penetration of renewables in the energy sector. In 2021, the Ministry of Environment and Climate Change implemented a plan to phase out coal-fired electricity by 2030 and achieve carbon neutrality by 2050.
  • The tremendously high government support for renewables-based power generation is expected to bolster the market's growth in the future.

Canada Renewable Energy Industry Segmentation

The scope of the Canadian renewable energy market report includes:

Type
Hydro Energy
Wind Energy
Solar Energy
Bioenergy
Tidal Energy
End User
Residential
Commercial and Industrial
Transportation
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Canada Renewable Energy Market Size Summary

The Canadian renewable energy market is poised for substantial growth, driven by technological advancements and government initiatives aimed at reducing carbon emissions. Despite the challenges posed by a centralized and regulated electricity sector, the market is expected to expand significantly, with wind energy emerging as a key growth segment. The government's commitment to phasing out coal and achieving carbon neutrality by 2050 is creating opportunities for increased renewable energy adoption. The development of grid-integration technologies and diversification of clean energy sources are further expected to bolster the market's expansion. The wind energy sector, in particular, is set to benefit from numerous upcoming projects, with provinces like Ontario, Quebec, and Alberta leading the charge.

Canada's renewable energy landscape is characterized by a strong government support framework, which has been instrumental in accelerating the transition to clean energy. The country has made significant strides in expanding its renewable electricity capacity, with hydropower remaining dominant and wind energy experiencing unprecedented growth. Financial incentives and technical support for renewable projects have been pivotal in this development. The government's initiatives, such as funding for electric buses and solar panel installations, alongside investments in smart grid technologies, are expected to have a profound impact on the sector's growth. Key players in the market include Canadian Solar Inc., EDF Renewables, Engie SA, Siemens Gamesa Renewable Energy SA, and Vestas Wind Systems AS, all contributing to the fragmented yet dynamic renewable energy market in Canada.

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Canada Renewable Energy 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 Type

      1. 2.1.1 Hydro Energy

      2. 2.1.2 Wind Energy

      3. 2.1.3 Solar Energy

      4. 2.1.4 Bioenergy

      5. 2.1.5 Tidal Energy

    2. 2.2 End User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and Industrial

      3. 2.2.3 Transportation

Canada Renewable Energy Market Size FAQs

The Canada Renewable Energy Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)

Canadian Solar Inc., Electricite de France SA (EDF Renewables), Engie SA, Siemens Gamesa Renewable Energy SA and Vestas Wind Systems AS are the major companies operating in the Canada Renewable Energy Market.

Canada Renewable Energy Market Report Snapshots

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