Latest News- Solar Energy Market in Canada: Grid-connected is expected to lead the Application segment during 2025-2029
The Solar Energy Market in Canada is being driven by Increasing government support for solar power technology
The Solar Energy Market in Canada is expected to grow at a CAGR of 23.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2250.5 million. In the Canadian energy market, the drive to expand energy access has gained significant momentum over the past decade. The substantial cost reduction of decentralized renewable technologies, including solar Photovoltaic (PV) and energy storage, has made off-grid solutions more economically viable. However, the high upfront costs associated with building and financing renewable-based mini-grids remain a significant barrier to adoption for many households. To address this challenge, a new business model, Pay-As-You-Go (PAYG), has emerged. Under this model, customers make an initial small 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 is crucial in accelerating the adoption of solar systems and improving energy access in Canada.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Grid-connected, Off-grid) End-user (Utility, Rooftop) Technology (Photovoltaic systems, Concentrated solar power systems) Geography (North America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Solar Energy Market in Canada Research Report
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The Solar Energy Market in Canada is experiencing significant growth as the country shifts towards renewable energy sources like Solar Energy for electricity generation. Solar Technology, including Photovoltaic cells, is becoming increasingly efficient, reducing reliance on Fossil Fuels and decreasing Greenhouse gas emissions. Energy Storage devices and Power conversion devices play a crucial role in maximizing the usage of Solar Energy and ensuring Net-Zero Emissions in line with the Paris Agreement. The installation of Solar Panels is on the rise, particularly in rural communities previously reliant on Diesel Generators, with Government subsidies and Grid connections facilitating access to this Low-cost energy source. However, the need for Technical expertise, Trained personnel, Maintenance, and Operation must be addressed to ensure optimal performance and sustainability. Renewables, including Solar Energy, are key to mitigating Climate change and reducing Environmental pollution, ultimately lowering the Carbon footprint of the Energy sector. Coal, a major contributor to Fossil Fuel emissions, faces increasing opposition.
In the dynamic energy landscape, the global renewable electricity market encompasses businesses involved in the production and distribution of electricity derived from sustainable sources, such as Solar, Wind, and Hydro. This sector comprises independent power producers, gas and power marketing specialists, integrated energy merchants, and manufacturers of renewable energy equipment. Factors propelling market expansion include governmental support for renewable energy deployment and net-zero emissions targets, as exemplified by the Paris Agreement. Notable industry players, like BP, are actively investing in renewables to meet evolving market demands and reduce reliance on fossil fuels.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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