Canada Wind Energy Market Trends, Growth & Revenue [2031]
Canada Wind Energy Market Trends, Growth & Revenue [2031]
Segments - Canada Wind Energy Market by Location of Deployments (Onshore and Offshore) and Country (Canada) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
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| Report ID :EP-2568
| 4.8 Rating
| 71 Reviews
| 210 Pages
| Format :
Report Description
The Canada wind energy market size is projected to expand at a high CAGR during the forecast period, 2021- 2028. The growth of the market is attributed to rising demand for power generation from renewable sources and also significant advancement in power generation technology.
Wind energy is a clean, sustainable, and cost-effective source to generate power or electricity. Technique for power generation from wind is through turbine blades which absorb wind energy and spin a shaft attached to a generator. Wind turbine blades function in the same way as airplane propellers do. Wind turbines are becoming more dependable and powerful as time goes on.
Wind farms can generate electricity that can be utilized locally or sent to the electric grid to power homes and businesses miles away. Wind energy may also be transformed to hydrogen and utilized as a type of transportation fuel or stored for later power generation.
Canada is rapidly working on wind energy as it has a low negative environmental effect on generating power, since it requires no fuel and does not generate pollutants or greenhouse emissions Canada is investing in new wind projects.
Being a part of the 2015 Paris climate agreement, Canada has pledged to decrease greenhouse emissions (GHG) by at least 80% by 2050.
The landscape of Canada makes it suitable for harnessing large volume of wind energy and may reap several corporate, economic, energy, social, and environmental benefits by supporting the development of local wind energy knowledge and wind energy technology that is especially appropriate to the Canada environment.
According to Canada Energy regulator, Canada had approximately 11000 MW of total installed wind capacity in 2015, making it the world's seventh largest wind energy generator.
Market Trends, Drivers, Restraints, and Opportunities
- Environmental rules and investment have become more stringent. These developments have resulted in a significant increase in green career opportunities.
- Infrastructure development projects such as providing clean air, reducing greenhouse gas emissions, providing safe water systems, and promoting renewable energy plants in the country is driving the market for wind energy.
- Covid -19 pandemic has affected the wind energy market adversely due to demand fluctuation and temporary delay in renewable energy projects.
- Large land area and infrastructure for transmission of electricity from wind farm to the city is still a challenge, which is estimated to restrain the market growth.
Scope of the Report
The report on Canada wind energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Canada Wind Energy Market - Canada Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
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Historic Data |
2018–2019 |
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Forecast Period |
2021–2028 |
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Segmentation |
Location of Deployment (Onshore and Offshore) |
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Country Scope |
Canada |
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Report Coverage |
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 |
Capital Power; General Electric; Siemens Gamesa Renewable Energy; Vestas; Acciona SA; |
Market Segment Insights
Onshore wind power is expected to dominate the market
Based on location of deployment, the Canada wind energy market is bifurcated into onshore and offshore. The onshore segment is expected to constitute a key share of the market during the forecast period attributed to less expense to operate as well as quick installation. However, the offshore segment is anticipated to expand at a rapid pace during the forecast period owing to advancement and development in technology.
Segments
The Canada wind energy market has been segmented on the basis of
Location of Deployment
- Onshore
- Offshore
Key Players
- Capital Power
- General Electric
- Siemens Gamesa Renewable Energy
- Vestas
- Acciona SA
Competitive Landscape
Key players competing in the Canada wind energy market include Capital Power; General Electric; Siemens Gamesa Renewable Energy; Vestas; and Acciona SA.
Some of these players are focusing on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
In July, 2020 BluEarth Renewables, Bullfrog Power, and Capital Power signed a power purchase agreement (PPA) with royal bank of Canada (RBC) to procure green energy.
In November, 2020 BHE Canada is building a new 117.6 MW Rattlesnake Ridge Wind Farm in southeast Alberta, which provide low-cost, sustainable electricity by December 2021, the project should be operational. The wind farm is estimated to produce 475 GWh per year (estimated.) when it is finished, enough to power 79,000 households.
The Wild Rose Onshore Wind Farm project (409.6 MW) in Alberta is in the development stage and is anticipated to commence in 2022 with a USD 630 million investments.
Frequently Asked Questions
Trends include increased investment in green infrastructure, growth in green jobs, and the development of wind energy technologies tailored to Canada's landscape. Opportunities exist in both onshore and offshore wind energy segments.
The government is investing in new wind projects, enforcing stricter environmental regulations, and promoting infrastructure development to support renewable energy and reduce greenhouse gas emissions.
Major companies include Capital Power, General Electric, Siemens Gamesa Renewable Energy, Vestas, and Acciona SA.
According to the Canada Energy Regulator, Canada had approximately 11,000 MW of installed wind capacity in 2015, making it the world's seventh largest wind energy generator at that time.
Onshore wind energy is less expensive and quicker to install, making it the dominant segment. Offshore wind energy is expected to grow rapidly due to technological advancements, despite higher initial costs.
Challenges include the need for large land areas, infrastructure for transmitting electricity from wind farms to cities, and temporary delays in projects due to events like the Covid-19 pandemic.
Wind energy is clean and sustainable, producing no fuel emissions or pollutants. It helps Canada reduce greenhouse gas emissions and supports the country's environmental goals.
Wind energy is generated using turbine blades that capture wind energy and spin a shaft connected to a generator, producing electricity. This power can be used locally, sent to the grid, or converted to hydrogen for storage or transportation.
Key drivers include rising demand for renewable energy, technological advancements in wind turbines, government investments, and Canada's commitment to reduce greenhouse gas emissions under the Paris climate agreement.
The Canada wind energy market is expected to expand at a high CAGR during the forecast period of 2021 to 2028, driven by increasing demand for renewable power generation and advancements in wind power technology.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Wind Energy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Wind Energy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Wind Energy Market - Supply Chain
4.5. Global Wind Energy Market Forecast
4.5.1. Wind Energy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Wind Energy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Wind Energy Market Absolute $ Opportunity
5. Global Wind Energy Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Wind Energy Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Wind Energy Demand Share Forecast, 2019-2026
6. North America Wind Energy Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Wind Energy Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Wind Energy Demand Share Forecast, 2019-2026
7. Latin America Wind Energy Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Wind Energy Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Wind Energy Demand Share Forecast, 2019-2026
8. Europe Wind Energy Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Wind Energy Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Wind Energy Demand Share Forecast, 2019-2026
9. Asia Pacific Wind Energy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Wind Energy Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Wind Energy Demand Share Forecast, 2019-2026
10. Middle East & Africa Wind Energy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Wind Energy Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Wind Energy Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Wind Energy Market: Market Share Analysis
11.2. Wind Energy Distributors and Customers
11.3. Wind Energy Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
Methodology
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