Based on the data, the production of electricity, gas, steam, and air conditioning supply in Canada has shown a general upward trend from 2013 to 2023, reaching 65.8 billion Canadian dollars in 2023. Year-on-year variations indicate significant fluctuations, particularly in 2020 with a decline of 3.35%, followed by a rebound in 2021 with a 9.59% increase. The compound annual growth rate (CAGR) over the past five years (2019-2023) stands at 1.94%. The forecasted data from 2024 to 2028 suggest a continued rise, albeit at a more moderate CAGR of 1.46%, with a total growth rate of 7.53% over the five-year period.
A few trends to watch for in the future include:
- Technological advancements in renewable energy sources and their integration into the existing grid.
- Potential regulatory changes aiming at reducing carbon emissions and encouraging cleaner energy production.
- Market dynamics driven by shifts in global energy demand and geopolitical factors.
- Investment in infrastructure improvements to enhance efficiency and capacity in energy production and distribution.