Forecast: Geothermal and Biomass Energy Consumption in Canada

From 2013 to 2023, geothermal and biomass energy consumption in Canada exhibited fluctuating trends, starting from 11.04 Terawatthours in 2013 and systematically declining to 8.34 Terawatthours by 2023. Though some years saw slight increases, the 10-year period generally reveals a downward trajectory, marked by significant drops in 2014, 2020, and 2022. The year-on-year variation provides glimpses of the industry's volatility, with a notable 13.75% rise in 2016, offset by a consistent decline since 2020.

Recent years showcase more pronounced declines. From 2021 to 2022, consumption fell by 13.61%, followed by a 2.08% drop in 2023. The compound annual growth rate (CAGR) for the last five years stands at -4.57%, reflecting the challenging landscape.

Future forecasts for 2024 to 2028 continue this downward trend, with anticipated consumption lowering to 7.63 Terawatthours by 2028. The projected 5-year CAGR of -1.38% encapsulates the expectation of slight but steady declines.

Future trends to watch for include advancements in energy technology, governmental policy changes favoring renewable energy contributions, and shifting market demands which could impact these projections.