Solar Energy Market in Canada to Grow by USD 2.25 Billion from 2025-2029, Government Support for Solar Technology Boosting Growth, AI’s Impact on Transformation

Over the past decade, the demand for improving energy access has been a significant focus across Canada. The decreasing costs of decentralized renewable technologies, such as solar photovoltaic (PV) and energy storage, have made off-grid technologies more affordable. However, the high upfront costs of building and financing renewable-based mini-grids have been a barrier for households. To address this issue, a new business model called Pay-As-You-Go (PAYG) has emerged. Under this model, customers make a small initial payment and follow up with predetermined installments, typically made via mobile phones. If a customer fails to make a payment or is overdue, the system is designed to be disabled. This innovative financing solution has the potential to accelerate the adoption of solar systems in Canada, particularly for off-grid and under-served communities.

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 Market Challenges

•         The Solar Energy Market in Canada faces challenges from fossil fuels, hydro, and wind power generation as traditional energy sources. The shift towards Net-Zero Emissions and the Paris Agreement pushes for more Renewable Energy Sources. Solar energy, derived from the Sun, is a promising solution for electricity and heat generation. However, radiation levels and climate change pose challenges. Solar energy’s efficiency can be improved through Photovoltaic cells, including monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells. BP reports that solar energy will be the cheapest energy source by 2025. Challenges include installation, storage, and power conversion devices. Coal, hydro, and diesel generators contribute to greenhouse gas emissions, environmental pollution, and population growth’s carbon footprint. Government subsidies and access to electricity are crucial for rural communities. Grid connections, technical expertise, trained personnel, maintenance, and operation require investment. Self-sufficiency through solar energy technology is a goal, but EV charging infrastructure and end-use efficiency must also be considered.

•         The solar energy market in Canada has seen significant growth, yet fossil fuels continue to dominate the country’s energy production and consumption. According to the International Energy Agency (IEA), over 80% of Canada’s energy comes from conventional sources like oil, coal, and natural gas. Establishing renewable energy farms for solar power generation involves substantial costs, and the power output from these sources is not yet equivalent to that of fossil fuels.

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Segment Overview 

This solar energy market in Canada report extensively covers market segmentation by

• Application

• End-user

• Technology

• Geography

1.1 Grid-connected-  The grid-connected segment of Canada’s solar energy market is projected to dominate the industry in 2024, driven by the increasing adoption of renewable energy sources, electric mobility, and digitalization of the grid. Grid-connected solar PV systems directly supply solar energy to buildings without energy storage systems, with surplus energy fed back to the grid and shortfalls imported. Cost reductions in solar PV systems make them a cost-effective electricity solution. The Canadian government’s energy policies support solar PV installation in residential homes and businesses, with plans to add 2 GW of renewable energy, including solar, to the grid by 2030. These factors will significantly fuel the growth of the grid-connected segment of the solar energy market in Canada.

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Research Analysis

Solar energy is a renewable and clean source of electricity that harnesses the power of the sun through photovoltaic cells. It is becoming an increasingly popular alternative to traditional fossil fuel-based energy sources due to its environmental benefits and potential for low-cost energy generation. Solar energy is a key component of the transition to renewable energy sources and net-zero emissions, as outlined in the Paris Agreement and the global effort to combat climate change. The solar energy market in Canada is growing, with advancements in technology leading to more efficient solar panels and the integration of energy storage devices and power conversion devices. However, the transition to solar energy also presents challenges, such as the need for technical expertise and trained personnel for installation, maintenance, and operation. Access to electricity, particularly in rural communities, is a significant issue in Canada. Solar energy offers a solution, with the potential to provide power to remote areas through the use of solar panels and battery storage. However, the initial cost of installation and grid connections can be a barrier. Government subsidies and incentives can help make solar energy more accessible and affordable for Canadians. The use of solar energy also reduces greenhouse gas emissions and decreases environmental pollution, making it an attractive option for those looking to reduce their carbon footprint. Despite these benefits, solar energy still faces competition from traditional energy sources such as coal and diesel generators. However, as the technology continues to advance and the cost of solar energy continues to decrease, it is poised to become a major player in Canada’s energy market.

Market Research Overview

Solar energy is a renewable energy source that harnesses the power of the sun using photovoltaic cells to generate electricity and provide heat. Canada, with its abundant sunlight and commitment to net-zero emissions, is an ideal market for solar energy. Solar energy production does not emit greenhouse gases, making it an environmentally friendly alternative to fossil fuels, hydro, and other traditional energy sources. The solar industry in Canada is growing, driven by the need to reduce carbon footprint, access to electricity in rural communities, and the increasing popularity of electric vehicles (EVs). Solar energy can be generated using various technologies such as monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells. The installation, operation, and maintenance of solar energy systems require technical expertise, trained personnel, and access to grid connections. Energy storage devices and power conversion devices are essential for maximizing the efficiency of solar energy systems. The Canadian government offers subsidies to encourage the adoption of renewable energy sources and reduce reliance on coal and diesel generators. The solar industry also offers opportunities for self-sufficiency and reducing environmental pollution. The Paris Agreement and the global focus on climate change further highlight the importance of solar energy in the transition to a low-carbon economy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application

• End-user

• Technology

• Geography

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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