Renewable Power in Canada - Industry Market Research Report

Going green: Continued growth in demand for renewable power will support industry growth

Throughout 2023, renewable power companies have expanded. While the industry has benefited from an improving economy, industrial output has slightly decreased in response to the coronavirus pandemic. This dampened demand from some of the industry's major markets; specifically, commercial and industrial markets, as many industries were forced to shut down to help mitigate the spread of coronavirus. Overall, industry revenue has been growing at a CAGR of 2.2% over the past five years and is estimated to reach $39.5 billion in 2023. This includes a 1.1% rise in 2023 alone, when profit will reach 16.7%. This growth in 2023 can be mainly attributed to improving economic conditions after the peak of the coronavirus pandemic. The Renewable Power industry in Canada generates power by harnessing resources that are replenished naturally. Industry facilities include hydro, solar, wind, geothermal, biomass and other types of power plants that use renewable energy. Renewable power typically emits fewer pollutants than fossil fuel power generators. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.