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.
What will the Renewable Energy Market Size in Canada be During the Forecast Period?
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Renewable Energy Market in Canada: Key Drivers, Trends, and Challenges
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.
Parent Market Analysis
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.
Who are the Major Renewable Energy Market Vendors in Canada?
The report analyzes the market’s competitive landscape and 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.
- Vestas Wind Systems AS
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.
Product Insights and News
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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.
Renewable Energy Market in Canada Value Chain Analysis
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:
- Inputs
- Electricity generation
- Electricity transmission
- Electricity distribution
- End-users
- Innovations
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
What are the Revenue-generating End-user Segments in the Renewable Energy Market in Canada?
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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 |
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Report Coverage |
Details |
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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. |
What are the Key Data Covered in this Renewable Energy Market in Canada Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive renewable energy market growth in Canada during the next five years
- Precise estimation of the renewable energy market size in Canada and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the renewable energy industry in Canada
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of renewable energy market vendors in Canada
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