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. The Canadian solar energy market has witnessed significant growth over the past decade due to the declining costs of decentralized renewable technologies, such as solar photovoltaic (PV) and energy storage. This affordability trend has accelerated energy access, particularly in off-grid areas. However, the high upfront costs of building and financing renewable-based mini-grids have hindered widespread adoption. 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 revolutionizing the solar energy market in Canada by making solar systems more accessible to households. 

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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
  • Canada

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing government support for solar power technology
• Rise in investments in clean energy technologies
• Declining levelized cost of energy (LCOE) of solar power generation

However, the market also witnesses some limitations, which are as follows:

• Competition from alternative energy sources
• Intermittent nature of solar power
• Low product replacement cycle of solar panel

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Market Scope in Solar Energy Market in Canada Research Report

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Research Analysis Overview

The Solar Energy Market in Canada encompasses various aspects including solar panel durability, energy generation, energy storage, system enhancement, environmental evaluation, financial viability, grid influence, demand reduction, infrastructure development, energy transfer, thermal energy preservation, architectural photovoltaics, solar cell compositions, renewable energy quotas, incentive programs, power contracts, governmental policies, energy self-sufficiency, climate change countermeasures, atmospheric pollutant reduction, eco-friendly energy alternatives, energy sovereignty objectives, and employment opportunities in the solar sector. Technological advancements and continuous research and development are key drivers in this industry.

Market Research Overview

In the Canadian solar energy sector, businesses focusing on photovoltaic panel manufacturing and installation, solar energy conversion systems, grid integration solutions, solar irradiance modeling, and energy storage technologies are key players. The global renewable electricity market encompasses these entities, alongside independent power producers, gas and power marketing specialists, integrated energy merchants, and renewable electricity distributors. Market expansion is propelled by supportive policies and ambitious renewable energy targets, encouraging the transition towards sustainable power generation and distribution.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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