Based on the historical data, wood fuel production in Canada witnessed an erratic trend from 2013 to 2023. The peak production occurred in 2014 and 2015 at 4.639 million cubic meters, followed by a sharp decline in 2016 to 2.05 million cubic meters. Despite slight recoveries in 2019 and 2021, the overall trend since 2016 has been a decline. By 2023, wood fuel production stood at 1.3972 million cubic meters, showing a 5.98% year-on-year decrease from 2022. The 5-year CAGR for this period was 3.55%, indicating a moderate increasing trend in some years.
However, forecasts for the next five years predict a continual decline, with the production expected to hit 0.96846 million cubic meters by 2028. This suggests an average annual decrease (CAGR) of 5.86% and an overall decline of 26.06% from 2024 levels.
Future Trends to Watch For:
- Government and policy changes impacting renewable energy sources
- Technological advancements in alternative fuels
- Market demand shifts towards sustainable and renewable energy
- Availability of raw materials and cost factors
- Global economic influences and environmental concerns
