Canada Energy Storage System Market Overview, 2029

Canada Energy Storage System Market Overview, 2029

Energy storage systems are a game-changer for the Canadian energy landscape, enabling the integration of renewable energy sources, reducing greenhouse gas emissions, and enhancing grid resilience and reliability. The Canadian government has implemented various strategies and policies to support the growth of the energy storage system market. One of the key strategies is the support for renewable energy adoption, with a goal of generating 90% of its electricity from non-emitting sources by 2030. This has created a significant demand for energy storage systems to integrate renewable energy sources into the grid and ensure reliable and uninterrupted energy supply. To promote the development and deployment of energy storage technologies, the Canadian government provides funding and incentives for energy storage projects. These programs include the Strategic Innovation Fund, the Green Infrastructure Fund, and the Clean Growth Program, which support research and development, demonstration projects, and commercial deployment of energy storage technologies. Collaborations are an important aspect of the Canadian energy storage system market, as they help to bring together different stakeholders and promote the development and deployment of energy storage technologies. The Canadian Energy Storage Association (CESA) is a non-profit organization that represents the interests of the energy storage industry in Canada. CESA works to promote the development and deployment of energy storage technologies through advocacy, education, and research. The organization brings together different stakeholders, including government agencies, utilities, technology developers, and investors, to collaborate and advance the energy storage industry in Canada. For example, the University of Waterloo and the University of Toronto have partnered to establish the Waterloo Institute for Sustainable Energy (WISE) and the Toronto Energy Institute (TEI), respectively. These institutions are focused on researching and developing energy storage technologies, and they collaborate with industry partners to bring these technologies to market.

According to the research report ""Canada Energy storage system Market Overview, 2029,"" published by Bonafide Research, the Canada Energy storage system market is expected to reach a market size of more than USD 7 Billion by 2029. The Canadian energy storage system market is a unique and dynamic industry that is influenced by various factors that are distinct to the country. One of the major factors that set the Canadian market apart from other countries in the region is its vast geography and diverse climate. The country's remote and northern communities are heavily dependent on diesel generators for their energy needs, which can be expensive and environmentally harmful. Energy storage systems can help reduce the reliance on diesel generators and provide a more reliable and sustainable source of energy. The Canadian government has recognized this potential and has implemented various initiatives to support the deployment of energy storage systems in remote and northern communities. Canada's well-established electricity grid is another factor that creates opportunities for the deployment of energy storage systems. With a significant portion of the population living in urban areas, there is a growing demand for energy storage systems in commercial and industrial settings, as well as in residential settings. The Canadian government has implemented various policies and incentives to support the deployment of energy storage systems in these settings, including net metering and time-of-use pricing. The Canadian energy storage system market is also influenced by the country's commitment to reducing greenhouse gas emissions and transitioning to a low-carbon economy.

The Canadian energy storage system market is segmented into various types, with batteries being the most common form of energy storage. Batteries are popular due to their flexibility and efficiency, and lithium-ion batteries are particularly favored due to their high energy density and long cycle life. In Canada, the battery energy storage market is expected to grow significantly in the coming years, driven by the increasing adoption of renewable energy sources and the need for reliable energy storage solutions. One of the leading types of energy storage in Canada is pumped-storage hydroelectricity (PSH). PSH systems store energy by pumping water to a higher reservoir when energy is abundant and releasing it to a lower reservoir to generate electricity when needed. Canada has a long history of using PSH for energy storage, with several large-scale PSH facilities in operation across the country. The largest PSH facility in Canada is the Revelstoke Dam in British Columbia, which has a capacity of 2,480 MW. PSH is a mature technology that offers several advantages, such as high efficiency, long lifespan, and the ability to provide large-scale energy storage. However, the development of new PSH facilities can be challenging due to environmental concerns and the need for significant capital investment. As a result, the growth of the PSH market in Canada is expected to be relatively slow compared to other energy storage technologies. Thermal energy storage (TES) is another type of energy storage that is gaining popularity in Canada. TES systems store energy in the form of heat, typically using molten salt or other materials. Flywheel energy storage (FES) is a growing energy storage technology in Canada. FES systems store energy in the form of rotational kinetic energy. Other types of energy storage technologies, such as compressed air energy storage (CAES), hydrogen storage, and supercapacitors, are also being developed and deployed in Canada. These emerging technologies offer unique advantages and are being explored for various applications

The Canadian energy storage market is a dynamic and growing industry, with various segments and applications. One of the most promising segments is the residential sector, where energy storage systems are becoming increasingly popular. These systems are typically smaller in scale and are often used in conjunction with residential solar PV systems to store excess energy for later use, reducing reliance on the grid. The Canadian government has recognized the potential of energy storage in residential settings and has implemented various policies and incentives to support its growth. For example, the Ontario government's GreenON Rebates program offers rebates of up to $5,000 for the installation of energy storage systems in residential settings. This program has helped to spur the growth of the residential energy storage market in Ontario and has encouraged other provinces to follow suit. The residential energy storage market is expected to continue to grow in Canada, driven by the increasing adoption of renewable energy sources and the need for reliable and sustainable energy solutions. Residential energy storage systems can provide backup power during outages, help to manage energy costs by storing energy during off-peak hours and using it during peak hours, and reduce reliance on the grid.While the residential sector is experiencing significant growth, the commercial and industrial sector is currently the leading segment in terms of size and revenue. Energy storage systems in commercial and industrial settings are larger in scale and can be used for a variety of purposes, including peak shaving, load balancing, and backup power.

Energy storage systems have significant potential applications in the transportation sector, particularly in relation to electric vehicles (EVs) and other alternative fuel vehicles. One of the key challenges facing the widespread adoption of EVs is the limited range and charging infrastructure, which can make it difficult for drivers to travel long distances without running out of power. Energy storage systems can help to address these challenges by providing a means of storing excess energy generated from renewable sources or during off-peak hours when electricity demand is low. One potential application of energy storage systems in the transportation sector is the development of battery-swapping stations, which would allow EV drivers to quickly and easily swap out depleted batteries for fully charged ones. This would eliminate the need for lengthy charging times and enable drivers to travel longer distances without stopping. In addition, battery-swapping stations could be powered by renewable energy sources such as solar or wind, further reducing the carbon footprint of EVs. The potential application of energy storage systems in the transportation sector is the use of stationary energy storage systems to support the charging infrastructure for EVs. By storing excess energy generated from renewable sources or during off-peak hours, energy storage systems could help to balance the load on the grid and ensure that charging stations are always available when needed. This would help to alleviate concerns about range anxiety and make it easier for drivers to switch to EVs. Energy storage systems could also play a key role in the development of alternative fuel vehicles such as hydrogen fuel cell vehicles. Hydrogen fuel cells generate electricity through a chemical reaction between hydrogen and oxygen, producing only water as a byproduct

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Emergency Medical Equipment market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type
• Emergency Resuscitation Equipment
• Diagnostic Medical Equipment
• Personal Protective Equipment
• Patient Handling Equipment
• Other Equipment

By Application Type
• Trauma Injuries
• Cardiac Care
• Respiratory Care
• Oncology
• Others

By End User
• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers
• Others

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Emergency Medical Equipment industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.