The Canada power EPC market size is projected to expand at a CAGR of 3% during the forecast period, 2021-2028. The growth of the market is attributed to rising government initiatives toward the development of renewable energy power plants.
The energy sector in Canada accounts for more than 10% of the nominal GDP. In 2020, Canada was sixth-largest energy producer, fourth-largest net exporter, and the eighth-largest consumer in the world. The government, along with various private players have invested significantly in renewable energy. Furthermore, the falling costs of wind and solar technologies are making them competitive with fossil fuel sources. Moreover, subsidies on renewable energy systems are further propelling the Canada power EPC market.
Canada is focusing on wind power and is expected to dominate the market due to high investment and improved wind current, allowing economic viability for development of large projects. By attracting foreign investment, the wind industry in the country aims to generate 60% of its electricity from renewable sources by 2030. As a result, the Canada Power EPC market is expected to benefit from improved opportunities in the coming years.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing initiatives and support from government is projected to drive the market growth.
- Increasing wind power system installation is anticipated to fuel the market growth.
- High cost of capital investment can create challenges for the growth of the market.
- Development of modern power grid can create immense opportunities for the market players.
Scope of the Report
The report on the Canada power EPC market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Canada Power EPC Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Thermal, Oil & Gas, Renewable, Nuclear, and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Valard Construction Ltd.; Bantrel Co., Aecon Group Inc.; CIMA+ Canada Inc.; and Stantec Inc.; Canadian Solar Inc.
Canada Power EPC Market Segment Insights:
Renewable segment to account a major market share
Based on types, the market is segregated into thermal, oil & gas, renewable, nuclear, and others. The renewable segment is anticipated to exhibit a high CAGR during the forecast period. The wind energy generation is estimated to account for a large market share in the renewable industry. Canada increased its installed wind power capacity by 597 MW in 2019, representing an increase of 5% year-over-year (YoY). The wind capacity added in 2018 came from coastal projects, and five projects worth more than USD 1 billion were completed in 2019. Furthermore, under the country’s energy transition law, it has a policy in place to generate more than half of its electricity from clean energy sources by 2030.
The government was primarily focused on expanding and liberalizing the electricity market, as well as opening the industry to private and foreign investors, which is expected to drive the market. Moreover, the production of wind power in the country was initially motivated by environmental concerns. Additionally, the increased reliability persuaded large corporations to invest in renewable energies such as wind to meet the rising demand for electricity. The government agencies and utilities across the country are increasingly considering wind and solar power as a solution to the nation's growing requirement for affordable, reliable, clean, and diverse electricity supply. Thus, the country's unparalleled wind resources is helping to maximize the economic activities and benefit environment.
Segments Covered in the Report
The Canada power EPC market is segmented on the basis of
- Oil & Gas
The major players in the Canada power EPC market include Valard Construction Ltd., Bantrel Co., Aecon Group Inc., CIMA+ Canada Inc., Stantec Inc., and Canadian Solar Inc.
Companies are engaging in mergers, acquisitions and partnerships to leverage their market position. In 2019, Canada has total installed capacity of 13,413 MW, holding second-largest wind power capacity in North America. This installed capacity is sufficient to power approximately 3.4 million homes across the country. Furthermore, the country has 138 solar PV farms in Canada with at least 1 MW of capacity, totaling over 1,700 MW.
Canada has 31 offshore wind farm projects under its development which are scheduled to begin between 2021 and 2022. Alberta Utilities granted permission in 2019 for a 400-megawatt Canadian solar facility (Travers solar project), which is expected to be Canada's largest operating solar energy project. The Travers Solar project is anticipated to begin construction in 2020, with commercial operations beginning in 2021.