The tidal electric power generation in Canada showed fluctuations over the last decade, peaking at various intervals but generally maintaining a position around 4 million kilowatts. By 2023, the value stood at 4.2246 million kilowatts. The year-on-year variation for the last two years saw a modest increase of 0.65% in 2023 and a previous slight decline of 1.3% in 2022. The compound annual growth rate (CAGR) over the last five years averaged at 0.69%, indicating slow incremental growth overall.
Looking ahead, the forecasted data suggest a steady increase in tidal electric power generation, with a projected CAGR of 0.52% from 2024 to 2028, leading to an approximate 2.64% growth rate over this period.
Future trends to watch for:
- Technological advancements in tidal power systems improving efficiency and capacity.
- Government policies and incentives favoring renewable energy development.
- The impact of environmental and societal factors on the expansion of tidal energy projects.
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