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
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Details
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Report Title
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Canada Wind Energy Market - Canada Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Location of Deployment (Onshore and Offshore)
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Country Scope
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Canada
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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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Capital Power; General Electric; Siemens Gamesa Renewable Energy; Vestas; Acciona SA;
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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
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.
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