Solar Energy Market in Canada to grow by USD 2.25 Billion (2025-2029), driven by government support for solar technology, AI-driven market trends

Solar Energy Market in Canada to grow by USD 2.25 Billion (2025-2029), driven by government support for solar technology, AI-driven market trends

NEW YORK, Jan. 28, 2025 /PRNewswire/ — Report on how AI is redefining market landscape – The global solar energy market in canada size is estimated to grow by USD 2.25billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  23.9%  during the forecast period. Increasing government support for solar power technology is driving market growth, with a trend towards growing adoption of pay-as-you-go (payg) model. However, competition from alternative energy sources  poses a challenge. Key market players include Azgard Solar Inc., Bird Construction Inc., BluEarth Renewables, Canadian Solar Inc., DP Energy, Gorkon Industries, Great Canadian Solar Ltd., Greengate Power Corp., HELIENE Inc., miEnergy Inc., PureSky Community Solar Inc., Quadra Power Inc., and VCT Group Inc..

Technavio has announced its latest market research report titled Solar Energy Market in Canada 2025-2029
Technavio has announced its latest market research report titled Solar Energy Market in Canada 2025-2029

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Solar Energy Market In Canada Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2022

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 23.9%

Market growth 2025-2029

USD 2250.5 million

Market structure

Concentrated

YoY growth 2022-2023 (%)

20.1

Regional analysis

Canada

Performing market contribution

North America at 100%

Key countries

Canada

Key companies profiled

Azgard Solar Inc., Bird Construction Inc., BluEarth Renewables, Canadian Solar Inc., DP Energy, Gorkon Industries, Great Canadian Solar Ltd., Greengate Power Corp., HELIENE Inc., miEnergy Inc., PureSky Community Solar Inc., Quadra Power Inc., and VCT Group Inc.

Market Driver

The Solar Energy Market in Canada is experiencing significant growth as the country shifts towards renewable energy sources to reduce greenhouse gas emissions and combat climate change. Fossil fuels, such as coal, are being replaced by hydro, wind power generation, and solar energy. BP’s latest report predicts solar energy will be the cheapest source of electricity by 2025. The Paris Agreement targets net-zero emissions by 2050, driving demand for solar energy. Radiation from the sun is harnessed through photovoltaic cells to generate electricity and heat. Solar energy is a clean, low-cost alternative to traditional energy sources, reducing environmental pollution and carbon footprint. Installation, storage, and power conversion devices are essential for efficient energy use. Rural communities, often reliant on diesel generators, can benefit from solar energy’s self-sufficiency. Technical expertise, trained personnel, maintenance, and operation are crucial for successful implementation. Governments offer subsidies to promote solar energy adoption, and grid connections ensure access to electricity for end-users. Technology advancements include monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells. Solar energy is a key player in the transition to a sustainable energy future.

link