Canada Renewable Energy Market Overview, 2030

Canada’s renewable energy sector is one of the strongest globally, featuring a varied array of clean energy sources. The nation’s renewable energy progress has been influenced by plentiful natural resources, a dedication to lowering greenhouse gas emissions, and initiatives that endorse green energy. Canada has historically depended on hydropower as its main renewable energy source; however, in recent years, other renewable energy types, including wind, solar, and biomass, have emerged more prominently. Since the early 20th century, hydropower has prevailed as the primary energy generation method in Canada, with the nation hosting some of the largest hydroelectric power facilities in the world. By the 1950s, hydropower had established itself as Canada’s principal electricity source, prompting the government to invest in large hydroelectric endeavors in provinces such as Quebec and British Columbia. The 2000s saw a transition towards wind and solar energy, stemming from escalating global worries regarding climate change. Canada’s expansive open spaces, particularly in the prairie provinces, made it a perfect site for wind farms, and by the 2010s, Canada emerged as a significant contributor to wind energy output, notably in Ontario, Alberta, and Saskatchewan. Besides wind and solar, biomass energy, which comes from agricultural byproducts, wood, and waste, has established a foothold in Canada’s renewable energy landscape, particularly in rural and northern areas. Geothermal energy, while not as developed relative to other renewable resources, is also being investigated for its potential in various provinces like British Columbia. Canada’s renewable energy sector is propelled by effective provincial policies, technological innovations, and the aim to diminish carbon emissions. Ontario and Alberta are key players in solar and wind energy, while Quebec continues to lead in hydropower. The Canadian government has pledged to reach a net-zero emissions goal by 2050, advocating for increased investment in renewables. Canada’s renewable energy market is primed for ongoing growth as the country advances toward cleaner, more sustainable energy options.

According to the research report, ""Canada Renewable Energy Market Overview, 2030,"" published by Bonafide Research, the Canada renewable market is expected to reach a market size of more than USD 89.32 Billion by 2030. Canada has a rich history in renewable energy generation, primarily characterized by hydropower. Traditionally, hydropower has comprised the bulk of Canada’s electricity production, particularly in Quebec and British Columbia, which are home to extensive water resources. Nevertheless, within the last twenty years, the renewable energy sector has evolved with increasing investments in wind, solar, and biomass energy. Wind energy began to rise in prominence in the early 2000s, with Ontario and Alberta becoming front-runners in wind power generation. Solar energy, after initially developing slowly, experienced substantial growth beginning in the 2010s as technology prices fell and government incentives were introduced. Biomass energy has also made a considerable contribution, especially in rural and forested areas where wood and agricultural residues are plentiful. Canada presents considerable prospects for the escalation of renewable energy due to its extensive land mass, advantageous geography, and robust policy support. Wind and solar energy hold the potential for large-scale growth, especially in the prairie provinces of Alberta, Saskatchewan, and Manitoba, where land and wind conditions are ideal. Hydropower continues to represent a significant opportunity for further expansion, particularly in northern and remote regions where infrastructure is being put in place. Biomass represents another expanding opportunity, particularly in the forest-rich areas of British Columbia and Quebec, where waste materials can be harnessed for energy production. The Canadian government plays a pivotal role in advancing renewable energy through a variety of programs and incentives, such as the Clean Energy Fund and the Investment Tax Credit for clean energy initiatives. Provinces like Ontario and British Columbia also provide provincial incentives that encourage the adoption of solar, wind, and other renewable technologies.

Canada's renewable energy market is varied, with important contributions from hydropower, wind power, solar energy, bioenergy, geothermal, and additional sources. Each category of renewable energy fulfills a distinct function in addressing the nation’s energy requirements while promoting its sustainability aims. Hydropower is the primary source of renewable energy in Canada, accounting for over 60% of the nation’s total electricity production. The extensive water resources found in provinces like Quebec, British Columbia, and Manitoba make hydropower a logical option. Prominent hydroelectric facilities such as James Bay and Churchill Falls rank among the largest globally. Hydropower remains a dependable, renewable energy source and is anticipated to continue being the foundation of Canada’s clean energy future. Wind energy has experienced rapid growth in Canada, influenced by favorable wind conditions, technological improvements, and supportive regulations. Provinces including Ontario, Alberta, and Saskatchewan have invested significantly in onshore wind projects. Canada is listed among the top 10 countries worldwide for wind power capacity. Wind energy is vital for supplying clean, renewable electricity to the grid and is projected to undergo considerable growth, particularly in the prairie provinces, which provide wide land areas and robust wind resources. Solar energy in Canada is expanding at a remarkable pace, particularly in the southern and western provinces such as Ontario and British Columbia, where sunlight exposure is more abundant. The decrease in solar panel costs and federal incentives like the Investment Tax Credit have made solar installations more accessible for residential, commercial, and industrial purposes. As technology advances in efficiency and affordability, solar energy is expected to assume a progressively pivotal role in Canada's energy composition. Bioenergy in Canada, sourced from organic materials such as wood, agricultural byproducts, and landfill gas, is an essential part of the renewable market. Biomass is particularly important in forested provinces like British Columbia and Quebec, where forest waste is utilized for electricity production.

The renewable energy sector in Canada serves a diverse array of end-users, which include the industrial, residential, and commercial categories. Each of these sectors contributes substantially to the implementation of renewable energy technologies, with their respective expansion motivated by energy needs, cost benefits, and sustainability objectives. The industrial sector in Canada ranks among the largest consumers of renewable energy, particularly in areas like Ontario and Quebec, where major industries such as mining, manufacturing, and pulp and paper thrive. These sectors are progressively integrating renewable energy solutions, such as hydropower, wind, and bioenergy, to decrease operating expenses, promote sustainability, and comply with environmental standards. Renewable energy enables industrial operations to lessen their reliance on fossil fuels and reduce greenhouse gas emissions. The biomass and biofuel industries are also seeing increased interest, especially in areas involved in agriculture and forestry, where byproducts can be harnessed for energy production. The residential sector in Canada has experienced considerable advancements in the uptake of renewable energy, especially in solar and geothermal technologies. Homeowners are more frequently investing in solar panels for electricity production, as decreasing costs and government incentives (such as tax credits and rebates) render the technology more economical. Geothermal heat pumps are likewise becoming favored in residential settings, particularly in cooler climates, for heating and cooling purposes. Additionally, residential bioenergy solutions, like wood pellets for heating, are prevalent in rural and northern regions. The shift towards renewable energy in the residential sector is fueled by environmental concerns and the aim to curtail long-term energy expenditures. The commercial sector, encompassing office buildings, retail outlets, and service-based businesses, is increasingly incorporating renewable energy to lower energy expenses and enhance sustainability. Solar energy is the predominant renewable source utilized by commercial structures, with numerous businesses opting for rooftop solar systems to produce electricity. Wind power and bioenergy are also gaining recognition, particularly among larger commercial operations striving to achieve corporate sustainability objectives and lessen their carbon emissions.


Considered in this report
• Historic Year: 2019
• Base year: 2024
• Estimated year: 2025
• Forecast year: 2030

Aspects covered in this report
• Renewable Energy Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Hydropower
• Wind Power
• Solar Energy
• Bioenergy
• Geothermal
• Others

By End-User
• Industrial
• Residential
• Commercial

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

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