Between 2013 and 2023, renewable energy supply in Canada demonstrated fluctuating trends. Starting at 17.69 units in 2013, it decreased with notable dips in 2014 and 2016, experienced a significant increase in 2020, and arrived at 16.36 units in 2023. Over the last two years (2022-2023), there was a slight decline of -0.18%. The 5-year Compound Annual Growth Rate (CAGR) from 2018 to 2023 was approximately 0.11%, indicating a stable yet stagnant growth trend.
Looking ahead to 2028, the forecast suggests a gradual decline in the renewable energy supply, with an expected 5-year CAGR of -0.15%. This suggests minimal but consistent decrease in renewable energy supply over the next five years.
Future Trends to Watch For:
- Policy changes and government incentives aimed at promoting renewable energy.
- Technological advancements in renewable energy production and storage.
- Impact of global energy market fluctuations and price changes.
- Increasing emphasis on sustainability and carbon reduction commitments.