Between 2013 and 2023, hydroelectric power generation in Canada showed a consistent upward trend, rising from 249.48 thousand kilowatts in 2013 to 560.77 thousand kilowatts in 2023. Notably, there was significant growth from 2015 to 2017 with a peak year-on-year increase of 37.66% in 2015. Although 2020 saw a minor dip of -0.61%, the overall trend remained positive. From 2019 to 2023, the sector witnessed steady but moderate growth rates, with a Compound Annual Growth Rate (CAGR) settling at 4.35% over the last 5 years.
Looking forward, the forecast from 2024 to 2028 anticipates continued growth, albeit at a slower rate. The forecasted 5-year CAGR is 2.76%, translating to an overall growth rate of 14.57%. By 2028, hydroelectric power generation is expected to reach 669.32 thousand kilowatts.
Future trends to watch for:
• Increased investments in renewable energy infrastructure could boost capacity.
• Technological advancements may enhance efficiency and output of hydroelectric plants.
• Environmental regulations and climate change policies will play a critical role in shaping the sector.