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Canada Solar Energy Market size is set to grow by USD 2.257 bn from 2024-2028, increasing government support for solar power technology to boost the market growth, Technavio

NEW YORK, May 17, 2024 /PRNewswire/ — The global solar energy market in canada  size is estimated to grow by USD 2256.74 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  24.16%  during the forecast period.

For more insights on the forecast market size and historic data (2018 – 2022) – Download Free sample report in a minutes

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Grid-connected and Off-grid), End-user (Utility and Rooftop), Technology (Photovoltaic systems and Concentrated solar power systems), and Geography (North America)

Region Covered

Canada

Key companies profiled

Azgard Solar Inc., Bird Construction Inc., BluEarth Renewables, Canadian Solar Inc., DP Energy, Gorkon Industries, Great Canadian Solar Ltd., GREENGATE POWER CORP., HELIENE Inc, miEnergy Inc., PureSky Community Solar Inc., Quadra Power Inc., and VCT Group Inc.

Key Market Trends Fueling Growth

Solar energy has gained significant attention in Canada over the past decade due to advancements in renewable technology, particularly in solar photovoltaic (PV) systems. The declining costs of solar PV and energy storage have improved affordability, making off-grid technologies more accessible. Financing challenges for renewable-based mini-grids have led to the emergence of the Pay-As-You-Go (PAYG) business model, addressing high upfront costs through installment payments. Solar energy generation contributes to reducing greenhouse gas emissions, addressing climate change, and offers self-sufficiency for rural communities. Technological advancements include monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells, improving efficiency and energy storage. Solar energy offers a low-carbon alternative to traditional sources like coal and diesel generators, reducing population’s carbon footprint and environmental pollution. 

Market Challenges

  • Solar energy, a renewable source, remains a significant yet secondary contributor to Canada’s energy mix, despite its growing adoption. Fossil fuels, including oil, coal, and natural gas, dominate, accounting for over 80% of the country’s energy production and consumption (International Energy Agency). The high cost of setting up solar farms and lower power output compared to fossil fuels pose challenges. Technological advancements have led to the development of various solar cell types, such as monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon. Energy storage devices, power conversion devices, and efficiency improvements are essential for solar energy’s self-sufficiency. Solar energy’s environmental benefits, including reduced carbon footprint and decreased pollution, make it an attractive alternative for population growth areas and rural communities, especially in the context of access to electricity and grid connections. Government subsidies and the expansion of EV charging infrastructure further support the solar energy market in Canada.

Research report provides comprehensive data on impact of trend, driver and challenges – Buy Report

Segment Overview 

This solar energy market in Canada report extensively covers market segmentation by

  1. Application 
  • 1.1 Grid-connected
  • 1.2 Off-grid
  • End-user 
  • Technology 
    • 3.1 Photovoltaic systems
    • 3.2 Concentrated solar power systems
  • Geography 
  • 1.1 Grid-connected-  The solar energy market in Canada is primarily segmented by application, with grid-connected systems leading the way in 2023. These systems, which do not require energy storage, supply solar electricity directly to buildings and feed excess energy back to the grid. The growth of this segment is driven by the increasing adoption of renewable energy sources, electric mobility, and digitalization of the grid. Canada is transitioning towards solar power generation to bolster energy security, foster economic growth, and reduce greenhouse gas emissions. The shift towards renewables is a response to climate change, population growth, and the need to reduce environmental pollution and carbon footprint. Solar energy, derived from the sun’s radiation, is a low-cost, clean alternative to fossil fuels, coal, and other traditional energy sources. Net-zero emissions, access to electricity, and government subsidies are key factors influencing the market’s expansion. Power conversion devices, efficiency, and energy storage devices are essential components of the solar energy value chain. The Paris Agreement and BP’s net-zero emissions targets further underscore the importance of renewables in the global energy landscape.

    For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

    Research Analysis

    ai_research_analysis

    Market Research Overview

    The Solar Energy Market in Canada has been experiencing significant growth due to various factors such as increasing environmental consciousness, government incentives, and technological advancements. Solar power is becoming an essential part of Canada’s energy mix, with the country having an abundant supply of solar energy. The province of Ontario leads the solar market in Canada, accounting for a significant share of installed capacity. Solar energy is used for both residential and commercial applications, with the latter segment showing rapid growth. The Canadian solar market is expected to continue its expansion, driven by the government’s commitment to reducing greenhouse gas emissions and increasing the use of renewable energy sources. The market also benefits from the country’s vast and open spaces, making it an ideal location for large-scale solar projects. The use of advanced technologies like thin-film solar cells and solar tracking systems is increasing, making solar energy more efficient and cost-effective. The market is also witnessing the entry of new players, adding to the competition and innovation in the sector. Overall, the Solar Energy Market in Canada presents significant opportunities for investors and stakeholders alike.

    Table of Contents:

    1 Executive Summary
    2 Market Landscape
    3 Market Sizing
    4 Historic Market Size
    5 Five Forces Analysis
    6 Market Segmentation

    • Application
    • End-user
    • Technology
      • Photovoltaic Systems
      • Concentrated Solar Power Systems
    • Geography


    7 Customer Landscape
    8 Geographic Landscape
    9 Drivers, Challenges, and Trends
    10 Company Landscape
    11 Company Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts
    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: [email protected]
    Website: www.technavio.com/

    SOURCE Technavio

    Originally published at https://www.prnewswire.com/news-releases/canada-solar-energy-market-size-is-set-to-grow-by-usd-2-257-bn-from-2024-2028–increasing-government-support-for-solar-power-technology-to-boost-the-market-growth-technavio-302147993.html
    Images courtesy of https://pixabay.com

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