The Canada distributed solar power generation market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 12% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing awareness and concerns about the environment and sustainable future.
It is the personal generation of electricity from solar energy. The energy generated is used directly in households, factories, and commercial areas rather than being routed to a centralized system.
One of the major drivers for the distributed solar power generation market in the nation is the growing need for clean energy. With almost 66 per cent of electricity produced by hydropower and renewables combined, the nation boasts one of the cleanest electrical networks in the world.
Rooftop solar provides contemporary energy services to homes that previously did not have access to it, lowering power prices on islands and other remote places that rely on oil-fired production, and allowing residents and small companies to generate their electricity.
Commercial and industrial systems are projected to expand the most since they are often less expensive and have a reasonably steady demand profile during the day, allowing for greater power bill savings, depending on the policy plan in place.
After China, Canada is the world's second-largest hydroelectric production. In 2018, the country produced approximately 387.3 TWh of energy with an installed capacity of 81,000 MW of hydropower. Hydropower has been used to generate energy in the nation for over a decade, dating back to before 1900. Over 500 hydropower plants are located throughout the nation.
Hydropower has an advantage over other renewable energy options in the nation because of its dependability in the country's cold and severe weather. The country receives less than 51% of its sunlight and has severe temperatures in the winter, which may reach -40 C with concomitant wind chills, making it unsuitable for wind and solar power generation. As a result, the country's harsh winter weather and increased reliance on hydropower are projected to be the primary constraints for the country's distributed solar power production market over the projection period.
Market Trends, Drivers, Restraints, and Opportunities
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Expensive cost of grid expansion is projected to propel the market growth during the forecast period.
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Technological improvements that have resulted in lower solar panel manufacturing costs and higher efficiency have been key drivers in the market expansion.
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The steady transition away from traditional energy sources like coal and natural gas and toward clean energy is estimated to drive market expansion during the forecast period.
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The increasing use of alternative energy sources for distributed power generation in the country is anticipated to stifle market growth in the coming years.
Scope of the Report
The report on the Canada distributed solar power generation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Distributed Solar Power Generation Market - Canada Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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End-users (Households, Industries, and Commercial Centers)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Polaron Solartech Corp; Grasshopper Solar Corporation; Canadian Solar Inc. Ltd; EDF Renewables Canada Inc.; and LONGi Green Energy Technology Co., Ltd.
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Market Segment Insights
Industries segment is projected to account for a major market share
In terms of end-users, the Canada distributed solar power generation market is bifurcated into households, industries, and commercial centers.
The industries segment is expected to account for a key share of the market in the coming years due to many economic benefits, and are evaluating it as a continuous supply of energy to minimize downtimes and equipment damage caused by voltage variations in traditional power networks. On the other hand, the commercial centers segment is anticipated to expand at a rapid pace during the forecast period owing to rising environmental concerns.
Segments
The Canada distributed solar power generation market has been segmented on the basis of
End-users
- Households
- Industries
- Commercial Centers
Key Players
- Polaron Solartech Corp
- Grasshopper Solar Corporation
- Canadian Solar Inc. Ltd
- EDF Renewables Canada Inc.
- LONGi Green Energy Technology Co., Ltd.
Competitive Landscape
Key players competing in the Canada distributed solar power generation market include Polaron Solartech Corp; Grasshopper Solar Corporation; Canadian Solar Inc. Ltd; EDF Renewables Canada Inc.; and LONGi Green Energy Technology Co., Ltd.