Canada Wind Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 18.17 gigawatt |
| Market Volume (2029) | 27.75 gigawatt |
| CAGR (2024 - 2029) | 8.83 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Wind Energy Market Analysis
The Canada Wind Energy Market size is estimated at 18.17 gigawatt in 2024, and is expected to reach 27.75 gigawatt by 2029, growing at a CAGR of 8.83% during the forecast period (2024-2029).
- In the long term, factors such as upcoming new wind projects, the declining costs of wind technologies becoming competitive with fossil fuel sources, and additional subsidies on wind energy systems are driving the market.
- In the absence of any new initiatives, an underdeveloped power grid in Canada is expected to hinder the market's growth in the coming years.
- Nevertheless, under the 2015 Paris Agreement on Climate Change, Canada is committed to reducing greenhouse gases (GHG) by at least 80% below 2005 levels by 2050. Since, among Canadian renewable energy sources, wind energy contributes low-cost power and flexibility to a modernized electricity grid, this, in turn, is expected to provide a better opportunity for the market in the coming future.
Canada Wind Energy Market Trends
The Onshore Segment is Expected to Dominate the Market
- Electricity from wind energy is one of Canada's fastest-growing methods of electrical generation. Canada's geography allows it to capitalize on large amounts of wind energy. Increased wind energy deployment benefits include grid-wide energy savings and reductions in greenhouse gas emissions and air contaminants (including SOX, NOX, and mercury).
- In 2023, Canada reached an installed onshore wind energy capacity of 16.989 GW. All of the new wind capacity added in 2023 came from the onshore project. According to the International Renewable Energy Agency, around 1724 MW of new wind power generation was installed in 2023, a significant rise from the previous years.
- In July 2023, ACCIONA Energía initiated the construction of Forty Mile, a 280MW wind project in the County of Forty Mile No. 8 in Alberta, Canada. The project is expected to be commissioned in 2025 and is being developed by Renewable Energy Systems Canada Inc. Such projects are expected to drive onshore wind development during the forecast period.
- Under its energy transition law, the country aims to generate more than half of its electricity using clean energy sources by 2030. Long-term electricity auctions support this target. The Canadian government primarily focuses on expanding and liberalizing the electricity market by opening the industry to private and foreign investments, which may drive the onshore wind energy market during the forecast period.
- Hence, with several onshore wind energy projects under operation and others in the planning and construction phases, the Canadian wind energy market is expected to grow during the forecast period due to investment and government policies.
Upcoming Projects and Investments in Wind Energy are Expected to Drive the Market
- According to Statics Canada, wind and solar energy generation represented 7.2% of Canada’s total electricity in 2023, making it the region's significant renewable energy source. Ontario, Quebec, and Alberta are the provincial leaders in wind power capacity. In 2023, Canada reached an installed wind energy capacity of 16.989 GW.
- With the increasing need for an affordable, reliable, clean, and diverse electricity supply, the government and utilities nationwide are increasingly considering wind power. With the country's unparalleled wind resources, ample opportunities exist to maximize wind energy development's economic and environmental benefits.
- According to the Canadian Renewable Energy Association, in 2023, Canada added 2.3 GW of new installed capacity, including more than 1.7 GW of new utility-scale wind, nearly 360 MW of new utility-scale solar, 86 MW of new on-site solar, and 140 MW / 190 MWh of energy storage. Such additions in renewable installed capacity will eventually fuel investment in upcoming wind projects.
- The country has been looking for opportunities and potential locations across national boundaries for new projects. In the past few years, Alberta has emerged as an attractive market for investors, as it is likely to witness about USD 8.3 billion in investment in developing wind energy projects by 2030. Apart from Alberta, Saskatchewan is expected to witness huge investments as the province aims to increase its renewable capacity by 50% by 2030.
- Further, the government is focusing on developing wind projects on the country's offshore coast to drive renewable generation. For instance, in December 2023, the Minister of Energy and Natural Resources of Canada signed a Memorandum of Understanding to develop offshore wind projects within its inland bays to enable the development of offshore wind projects in Newfoundland.
- Hence, such factors are expected to drive the Canadian wind energy market during the forecast period.
Canada Wind Energy Market Industry Overview
The Canadian wind energy market is moderately consolidated. Some of the major players in the market are Siemens Gamesa Renewable Energy SA, General Electric Company, Vestas Wind Systems AS, Acciona SA, and Capital Power Corporation.
Canada Wind Energy Market Leaders
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General Electric Company
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Siemens Gamesa Renewable Energy SA
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Acciona SA
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Capital Power Corporation
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Vestas Wind Systems A/S
*Disclaimer: Major Players sorted in no particular order
Canada Wind Energy Market News
- June 2023: The Minister of Natural Resources of Canada announced USD 50 million in funding for the Bekevar Wind Power Project. The finance is delivered in partnership with the Cowessess First Nation and Innagreen Investments.
- February 2023: Nova Scotia's environment minister announced the approval of two proposed wind farms to build 28 turbines in West Hants and another 12 in Cumberland County. The Benjamins Mill Wind Project will contain up to 28 turbines located about 13 km southwest of Windsor, NS. The project aims to produce up to 150 MW of energy from turbines that are 200 meters tall from the ground to the tip of the blade.
Canada Wind Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Canada Wind Energy Installed Capacity and Forecast in GW, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Upcoming Projects and Investments in Wind Energy
4.5.1.2 Declining Costs of Wind Technologies
4.5.2 Restraints
4.5.2.1 Increasing Adoption of Alternate Clean Energy Sources
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Onshore
5.1.2 Offshore
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 Siemens Gamesa Renewable Energy SA
6.3.2 General Electric Company
6.3.3 Vestas Wind Systems AS
6.3.4 Acciona SA
6.3.5 Capital Power Corporation
6.3.6 TransAlta Corporation
6.3.7 Alberta Wind Energy Corporation
6.3.8 BluEarth Renewables Inc.
6.3.9 Northland Power Inc.
6.3.10 Innergex Renewable Energy Inc.
6.3.11 EDP Renováveis
- *List Not Exhaustive
6.4 List of Other Prominent Players
6.5 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Canada's Ambitious Targets and Reducing Greenhouse Gas Emissions
Canada Wind Energy Industry Segmentation
Wind energy is a form of renewable energy that is generated by harnessing the power of the wind. Wind turbines, which are large structures with long blades that rotate around a central hub, convert the wind's kinetic energy into electrical energy.
The Canadian wind energy market is segmented by location of deployment (onshore and offshore). For each segment, the market sizes and forecasts have been done based on installed capacity (GW).
| Location of Deployment | |
| Onshore | |
| Offshore |
Canada Wind Energy Market Research FAQs
How big is the Canada Wind Energy Market?
The Canada Wind Energy Market size is expected to reach 18.17 gigawatt in 2024 and grow at a CAGR of 8.83% to reach 27.75 gigawatt by 2029.
What is the current Canada Wind Energy Market size?
In 2024, the Canada Wind Energy Market size is expected to reach 18.17 gigawatt.
Who are the key players in Canada Wind Energy Market?
General Electric Company, Siemens Gamesa Renewable Energy SA, Acciona SA, Capital Power Corporation and Vestas Wind Systems A/S are the major companies operating in the Canada Wind Energy Market.
What years does this Canada Wind Energy Market cover, and what was the market size in 2023?
In 2023, the Canada Wind Energy Market size was estimated at 16.57 gigawatt. The report covers the Canada Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Canada Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major challenges facing the Wind Power Market in Canada?
The major challenges facing the Wind Power Market in Canada include a) Grid integration and transmission infrastructure b) Environmental and wildlife concerns c) Financing and investment barriers
What are the key deal types in the Canada Wind Power Market?
The key deal types in the Canada Wind Power Market include a) Asset Transactions and Equity offerings b) Debt Offerings and Partnerships c) Private Equity, and Acquisition
What are the major challenges facing the Wind Power Market in Canada?
The major challenges facing the Wind Power Market in Canada include a) Grid integration and transmission infrastructure b) Environmental and wildlife concerns c) Financing and investment barriers
Wind Energy in Canada Industry Report
The Canadian wind power market is experiencing significant growth, driven by both onshore and offshore installations, with onshore wind currently dominating in terms of installed capacity. The market is segmented by types, including onshore and offshore wind, and categorized by applications in residential, commercial, and industrial sectors, as well as by turbine capacity, ranging from small-scale to large-scale installations. Key market drivers include government support through policies like Renewable Portfolio Standards and Feed-in Tariff programs, technological advancements that lower costs and increase efficiency, and a growing public preference for sustainable energy solutions. Challenges such as grid integration, environmental concerns, and financing persist, but ongoing investments and policy support are expected to continue driving the market forward. This dynamic growth underscores the increasing importance of Canada wind turbines and wind energy in Canada as pivotal elements in the country's energy strategy. For detailed statistics on the Wind Energy in Canada market share, size, and revenue growth rate, consult Mordor Intelligence™ Industry Reports, which include a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download to understand the trends shaping this sector.
