Canada Renewable Energy Market Size
| 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
*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 Market Trends
This section covers the major market trends shaping the Canada Renewable Energy Market according to our research experts:
Wind Energy Expected to Witness Significant Growth
- Canada has been markedly developing the renewable energy sector for decades. It expanded its renewable electricity fleet substantially due to the milestones achieved in research and innovation, which led to better commercialization of renewable technologies. Hydropower dominates the country's renewable power domain, whereas it has unprecedently witnessed huge growth in the wind energy sector in recent years.
- Wind technology held a share of 13% in the renewable electricity mix and 3% in the overall electricity generation mix as of 2020, owing to the falling costs and technological development. In 2021, it witnessed an increment in the installed capacity of about 677 MW with new utility-scale projects that came online in the said year. The most highlighted provinces in the progress of wind energy are Ontario, Quebec, and Alberta. However, these provinces still have a long way to achieve the carbon-neutrality target by 2050.
- The country planned around 31 more wind projects recently. For instance, in December 2021, a consortium of renewable industry players planned a wind power project, Sharp Hills Wind Project, in Alberta. The 298-MW project will be developed in multiple phases by Alberta Wind Energy, EDP Renewables Canada, and Eolectric. It is likely to be in service in 2023.
- The country anticipates one more large-scale wind power project, Yarmouth offshore wind project. This project is a 1-GW offshore wind farm, 20 km off the coast of Yarmouth, Nova Scotia, with a depth range of 44-60 m and 10 m/s wind speed. The project's commercial operation is expected in 2025, after the completed construction by Beothuk Energy.
- Such developments may have an overwhelming effect on wind technology development in the country.
Government Support Expected to Drive the Market
- Canada has made incredible achievements in renewable energy development, made possible with government support. The Canadian energy department offered great financial support to the projects to accelerate the clean energy transition. It also offered incentives for the use of renewable sources of power generation for commercial users and homeowners.
- Renewable energy sources accounted for around 71% of the power generation mix as of 2020. The country witnessed a high-paced growth in wind and solar energy penetration, with new capacities installed across the country in the last five years. According to the Canada Renewable Energy Association (CANREA), in 2021, around 1 GW of solar and wind capacity was installed, with the major share held by the Alberta region. However, the target of net-zero emissions by 2050 requires more effort from the government to reach the goal. Thus, the Canadian government has initiated many new programs to financially support renewable projects.
- In October 2021, the Canadian government announced plans to contribute CAD 44.8 million to 60 new electric buses originating from Halifax Regional Municipality. The funding will also be utilized to expand the project to Ragged Lake Transit Centre. The facility will be installed with solar panels to achieve a net-zero standard. The construction will start in 2022 and be completed in 2023.
- The government also contributed to the technical development of grid networks for better integration of renewable technologies. For instance, in 2021, it launched a USD 964-million program to support the upcoming smart renewable energy and grid-modernization projects. The funds will be allocated particularly for investments in clean energy technologies, like wind, solar, storage, hydro, geothermal, and tidal.
- Such initiatives by the Canadian authorities will significantly impact the growth of renewables in the country.
Canada Renewable Energy Industry Overview
The Canadian renewable energy market is fragmented. Some of the key players include Canadian Solar Inc., Electricite de France SA (EDF Renewables), Engie SA, Siemens Gamesa Renewable Energy SA, and Vestas Wind Systems AS.
Canada Renewable Energy Market Leaders
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Canadian Solar Inc.
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Electricite de France SA (EDF Renewables)
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Engie SA
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Siemens Gamesa Renewable Energy SA
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Vestas Wind Systems AS
*Disclaimer: Major Players sorted in no particular order
Canada Renewable Energy Market News
- In January 2022, Canada planned a new utility-scale solar power project, Fox Coulee Solar Project, in Alberta. The 85.6-MW solar PV power project will be developed by two companies, Aura Power Developments and Subra GP, in a single phase. Its construction will be started in 2022 and is expected to be in service by 2023.
- In April 2021, Canadian bakery products company Bimbo Canada entered two VPPAs (Virtual Power Purchase Agreements) with RES Canada to buy power from two upcoming wind and solar power plants in the country. The two 15-year VPPAs will deliver 50 MW of electricity for the company's 16 bakeries, 14 distribution centers, and 191 depots. The power plants will be operational by the end of 2022.
Canada Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Hydro Energy
5.1.2 Wind Energy
5.1.3 Solar Energy
5.1.4 Bioenergy
5.1.5 Tidal Energy
5.2 End User
5.2.1 Residential
5.2.2 Commercial and Industrial
5.2.3 Transportation
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Canadian Solar Inc.
6.3.2 Electricite de France SA (EDF Renewables)
6.3.3 Engie SA
6.3.4 Siemens Gamesa Renewable Energy SA
6.3.5 Vestas Wind Systems AS
6.3.6 Acciona SA
6.3.7 EDP Renovaveis SA
6.3.8 Enel SpA
6.3.9 IOGEN Corporation
6.3.10 Bio-EnPower Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 |
Canada Renewable Energy Market Research FAQs
What is the current Canada Renewable Energy Market size?
The Canada Renewable Energy Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in Canada Renewable Energy Market?
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.
What years does this Canada Renewable Energy Market cover?
The report covers the Canada Renewable Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Canada Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the segments covered in the Canada Renewable Energy Market report?
The segments covered in the Canada Renewable Energy Market report are a) Type: Hydro Energy, Wind Energy, Solar Energy, Bioenergy, Tidal Energy b) End User: Residential, Commercial and Industrial, and Transportation
Canada Renewable Energy Industry Report
The renewable energy market in Canada is set for remarkable growth, driven by government policies and the rise of zero-energy buildings. With Canadian renewable energy companies leading the charge, focusing on hydropower, wind, and other sources, the market is expanding notably in both industrial and residential sectors. Government incentives and the shift towards zero-energy buildings are propelling the demand for renewable solutions, emphasizing Canada's commitment to sustainable practices. Globally, the energy market is shifting towards more sustainable options, supported by decreasing costs and technological advancements in renewable energy. Despite challenges from fossil fuels and a centralized electricity sector, the future looks bright for renewable energy in Canada, offering vast opportunities for growth and innovation. Canadian companies are crucial to the global transition towards sustainable energy, highlighting the importance of renewable energy in Canada's landscape. For detailed market insights, Mordor Intelligence™ provides statistics on Canada's renewable energy market share, size, and growth rate, including a forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
