Canada Thermal Power Market Size (2024 - 2029)

The thermal power market size in Canada is anticipated to experience modest growth over the forecast period. The increasing demand for electricity, driven by a growing population and higher consumption, is prompting the development of new thermal power projects, including nuclear facilities, which could significantly contribute to market expansion. However, the market faces challenges due to the gradual elimination of coal-based plants and the rising competition from renewable energy sources. Despite these challenges, Canada's substantial natural gas reserves present an opportunity for the country to reduce its dependence on foreign energy, potentially supporting the growth of the thermal power sector.

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Market Size of Canada Thermal Power Industry

Canada Thermal Power Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 1.00 %
Market Concentration Medium

Major Players

Canada Thermal Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

Canada Thermal Power Market Analysis

The Canadian thermal power market is expected to register a CAGR of more than 1% in the forecast period.

  • Long-term, more people and more electricity use would lead to more electricity being needed.With growing power demand, new thermal power projects such as nuclear are being planned and constructed, which, in turn, would drive the market significantly.
  • On the other hand, phasing out coal-based thermal plants and rising competition from renewables are a few restraints to market growth.
  • Still, Canada's large natural gas reserves are a chance for the country to become less reliant on foreign energy sources and could help the thermal power market grow.

Canada Thermal Power Industry Segmentation

Thermal power plants are power stations that transform heat energy into electric energy. Burning oil, liquid natural gas (LNG), nuclear fuel, and other materials results in thermal power, which turns generators and generates electricity.This generation usually provides electricity because it can cater to various power demands from industrial, commercial, and residential customers.

The fuel type is a segment in Canada's thermal power market. By fuel type, the market is segmented into coal, natural gas, nuclear, and oil. For each segment, market sizing and forecasts have been done based on installed capacity (MW).

Source
Oil
Natural Gas
Nuclear
Coal
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Canada Thermal Power Market Size Summary

The Canadian thermal power market is poised for moderate growth, driven by increasing electricity demand and the development of new thermal power projects, particularly in nuclear energy. Despite challenges such as the phasing out of coal-based plants and competition from renewable energy sources, Canada's substantial natural gas reserves present an opportunity to reduce reliance on foreign energy and bolster market expansion. Natural gas combined-cycle plants, known for their efficiency, are expected to play a significant role in this growth. The refurbishment of aging power plants, especially in the nuclear sector, is also anticipated to contribute to the market's development, with projects in Ontario extending the operational lifespan of existing facilities.

The market landscape is moderately consolidated, with key players like SaskPower International Inc., Emera Inc., and TransAlta Corporation leading the charge. Initiatives such as the development of small modular reactors (SMRs) and significant investments in nuclear energy infrastructure underscore Canada's commitment to maintaining a robust thermal power sector. These efforts are complemented by strategic partnerships and investments aimed at enhancing the country's position as a global hub for SMR technology. As nuclear energy continues to be a major component of Canada's power generation, its market share is expected to remain significant, supported by ongoing research, development, and refurbishment projects.

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Canada Thermal Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in MW, till 2028

    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 Source

      1. 2.1.1 Oil

      2. 2.1.2 Natural Gas

      3. 2.1.3 Nuclear

      4. 2.1.4 Coal

Canada Thermal Power Market Size FAQs

The Canada Thermal Power Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)

Emera Inc , SaskPower International Inc , TransAlta Corporation , Ontario Power Generation Inc and Northland Power Inc. are the major companies operating in the Canada Thermal Power Market.

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