Market Size of Canada Thermal Power Industry
| 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
*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 |
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.
Canada Thermal Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Forecast in MW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Source
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2.1.1 Oil
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2.1.2 Natural Gas
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2.1.3 Nuclear
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2.1.4 Coal
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Canada Thermal Power Market Size FAQs
What is the current Canada Thermal Power Market size?
The Canada Thermal Power Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)
Who are the key players in Canada Thermal Power Market?
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.
