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The renewable energy market share in Canada is expected to increase by 18.51 gigawatts from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.37%.
This renewable energy market in Canada research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers renewable energy market segmentation in Canada by end-user (industrial and residential) and type (hydropower, wind, and others). The renewable energy market in Canada report also offers information on several market vendors, including AAA Canada Inc., Bird Construction Inc., Canadian Solar Inc., HELIENE Inc., Innovative Composite Products Inc., Manitoba Hydro, Smart Wires Inc., The Smart Energy Co., VCT Group Inc., and Vestas Wind Systems AS among others.
Download the Free Report Sample to Unlock the Renewable Energy Market Size in Canada for the Forecast Period and Other Important Statistics
The supportive government policies is notably driving the renewable energy market growth in Canada, although factors such as competition from fossil fuels may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the renewable energy industry in Canada. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Renewable Energy Market Driver in Canada
The supportive government policies is one of the key drivers supporting the renewable energy market growth in Canada. Governments across the world support the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers. For instance, in Canada, the investment tax credit (ITC) is an important federal policy developed to support the adoption of solar PV energy in the country. According to the new legislation passed in December 2020, ITC provides a 26% tax credit for solar PV systems installed during 2020-2022 and 22% for systems to be installed in 2023. Meanwhile, many countries are formulating policies to promote the development and adoption of solar power technologies. One notable example is the FiT policy of Canada formulated to encourage investments in renewable energy technologies. Such initiatives from the government will drive market growth during the forecast period.
Key Renewable Energy Market Trend in Canada
The emergence of zero-energy buildings is another factor supporting the renewable energy market growth in Canada. In the country, nearly half of the energy produced is supplied to commercial and residential buildings. The residential sector is one of the major consumers of electricity. However, the concept of ZEBs is an energy-efficient technology in which the building obtains produces its energy using renewables. The energy produced is equal to the amount consumed on an annual basis. They significantly reduce the energy used by slashing the demand and supplying the energy needs from renewable energy sources such as solar panels. The concept is already being implemented in some countries with the help of government regulations and mandates. Thus, the increased adoption of ZEBs will proliferate the use of solar PV systems, which is expected to drive the growth of the market during the forecast period.
Key Renewable Energy Market Challenge in Canada
The competition from fossil fuels is one of the factors hindering the renewable energy market growth in Canada. The cost of establishing a renewable energy facility to produce power is expensive, and the power output from renewable sources is not as much as that from fossil fuels due to the intermittent nature of renewables. For instance, Solar PV installations require a high initial investment even though the material cost has been significantly reduced. The requirement of a vast area for panels to generate a large amount of electricity is the major reason for the increased investment rates. The current decline in the cost of natural gas favors its increased use in power generation, which poses a challenge for energy generation using renewable energy. These factors limit the market growth during the forecast period.
This renewable energy market in Canada analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the renewable energy market in Canada as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the renewable energy market in Canada during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the renewable energy market in Canada encompasses successful business strategies deployed by the key vendors. The renewable energy market in Canada is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
AAA Canada Inc. - The company offers production of renewable energy through hydroelectricity, wind turbines, and solar.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The renewable energy market in Canada forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the renewable energy market in Canada, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the renewable electricity market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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The renewable energy market share growth in Canada by the industrial segment will be significant during the forecast period. The highest consumption of electricity in Canada occurs in the industrial sector. The paper and primary metal manufacturing industry consumed almost 48.8% of industrial electricity in 2021. The demand for renewable energy is expected to increase in the industrial sector as the manufacturers want to reduce carbon emissions and use clean energy for the manufacturing process in Canada. Such factors will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the renewable energy market size in Canada and actionable market insights on post COVID-19 impact on each segment.
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Renewable Energy Market Scope in Canada |
|
|
Report Coverage |
Details |
|
Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.37% |
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Market growth 2022-2026 |
18.51 GW |
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Market structure |
Fragmented |
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YoY growth (%) |
2.47 |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AAA Canada Inc., Bird Construction Inc., Canadian Solar Inc., HELIENE Inc., Innovative Composite Products Inc., Manitoba Hydro, Smart Wires Inc., The Smart Energy Co., VCT Group Inc., and Vestas Wind Systems AS |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key finding 2
*Exhibit 03: Key finding 5
*Exhibit 04: Key finding 6
*Exhibit 05: Key finding 7
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 06: Parent market
*Exhibit 07: Market characteristics
**2.2 Value chain analysis
*Exhibit 08: Value chain analysis - Renewable electricity
*2.2.1 Inputs
*2.2.2 Electricity generation
*2.2.3 Electricity transmission
*2.2.4 Electricity distribution
*2.2.5 End-users
*2.2.6 Innovations
***3. Market Sizing
**3.1 Market definition
*Exhibit 09: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 10: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 11: Canada - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 12: Canada market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 13: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 14: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 15: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 16: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 17: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 18: Threat of rivalry
**4.7 Market condition
*Exhibit 19: Market condition - Five forces 2021
***5. Market Segmentation by End-user
**5.1 Market segments
*The segments covered in this chapter are:
*Exhibit 20: End-user - Market share 2021-2026 (%)
**5.2 Comparison by End-user
*Exhibit 21: Comparison by End-user
**5.3 Industrial - Market size and forecast 2021-2026
*Exhibit 22: Industrial - Market size and forecast 2021-2026 ($ million)
*Exhibit 23: Industrial - Year-over-year growth 2021-2026 (%)
**5.4 Residential - Market size and forecast 2021-2026
*Exhibit 24: Residential - Market size and forecast 2021-2026 ($ million)
*Exhibit 25: Residential - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by End-user
*Exhibit 26: Market opportunity by End-user
***6. Market Segmentation by Type
**6.1 Market segments
*The segments covered in this chapter are:
*Exhibit 27: Type - Market share 2021-2026 (%)
**6.2 Comparison by Type
*Exhibit 28: Comparison by Type
**6.3 Hydropower - Market size and forecast 2021-2026
*Exhibit 29: Hydropower - Market size and forecast 2021-2026 ($ million)
*Exhibit 30: Hydropower - Year-over-year growth 2021-2026 (%)
**6.4 Wind - Market size and forecast 2021-2026
*Exhibit 31: Wind - Market size and forecast 2021-2026 ($ million)
*Exhibit 32: Wind - Year-over-year growth 2021-2026 (%)
**6.5 Others - Market size and forecast 2021-2026
*Exhibit 33: Others - Market size and forecast 2021-2026 ($ million)
*Exhibit 34: Others - Year-over-year growth 2021-2026 (%)
**6.6 Market opportunity by Type
*Exhibit 35: Market opportunity by Type
***7. Customer landscape
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
**7.1 Overview
*Exhibit 36: Customer landscape
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Supportive government policies
*8.1.2 Increase in number of hydro power projects
*8.1.3 Rising demand for clean energy sources
**8.2 Market challenges
*8.2.1 Competition from fossil fuels
*8.2.2 Challenges associated with the availability and storage of renewable sources of energy
*8.2.3 High cost of clean energy technologies
*Exhibit 37: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Emergence of zero-energy buildings
*8.3.2 Increasing popularity of hybrid power projects
*8.3.3 Rising investment in wind energy
***9. Vendor Landscape
**9.1 Overview
*Exhibit 38: Vendor landscape
**9.2 Landscape disruption
*Exhibit 39: Landscape disruption
*Exhibit 40: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 41: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 42: Market positioning of vendors
**10.3 AAA Canada Inc.
*Exhibit 43: AAA Canada Inc. - Overview
*Exhibit 44: AAA Canada Inc. - Product and service
*Exhibit 45: AAA Canada Inc. - Key offerings
**10.4 Bird Construction Inc.
*Exhibit 46: Bird Construction Inc. - Overview
*Exhibit 47: Bird Construction Inc. - Product and service
*Exhibit 48: Bird Construction Inc. - Key offerings
**10.5 Canadian Solar Inc.
*Exhibit 49: Canadian Solar Inc. - Overview
*Exhibit 50: Canadian Solar Inc. - Business segments
*Exhibit 51: Canadian Solar Inc. - Key offerings
*Exhibit 52: Canadian Solar Inc. - Segment focus
**10.6 HELIENE Inc.
*Exhibit 53: HELIENE Inc. - Overview
*Exhibit 54: HELIENE Inc. - Product and service
*Exhibit 55: HELIENE Inc. - Key offerings
**10.7 Innovative Composite Products Inc.
*Exhibit 56: Innovative Composite Products Inc. - Overview
*Exhibit 57: Innovative Composite Products Inc. - Product and service
*Exhibit 58: Innovative Composite Products Inc. - Key offerings
**10.8 Manitoba Hydro
*Exhibit 59: Manitoba Hydro - Overview
*Exhibit 60: Manitoba Hydro - Business segments
*Exhibit 61: Manitoba Hydro - Key offerings
*Exhibit 62: Manitoba Hydro - Segment focus
**10.9 Smart Wires Inc.
*Exhibit 63: Smart Wires Inc. - Overview
*Exhibit 64: Smart Wires Inc. - Product and service
*Exhibit 65: Smart Wires Inc. - Key offerings
**10.10 The Smart Energy Co.
*Exhibit 66: The Smart Energy Co. - Overview
*Exhibit 67: The Smart Energy Co. - Product and service
*Exhibit 68: The Smart Energy Co. - Key offerings
**10.11 VCT Group Inc.
*Exhibit 69: VCT Group Inc. - Overview
*Exhibit 70: VCT Group Inc. - Product and service
*Exhibit 71: VCT Group Inc. - Key offerings
**10.12 Vestas Wind Systems AS
*Exhibit 72: Vestas Wind Systems AS - Overview
*Exhibit 73: Vestas Wind Systems AS - Business segments
*Exhibit 74: Vestas Wind Systems AS - Key offerings
*Exhibit 75: Vestas Wind Systems AS - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 Market definition
*11.1.2 Objectives
*11.1.3 Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 76: Currency conversion rates for US$
**11.3 Research Methodology
*Exhibit 77: Research Methodology
*Exhibit 78: Validation techniques employed for market sizing
*Exhibit 79: Information sources
**11.4 List of abbreviations
*Exhibit 80: List of abbreviations
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