Forecast: Solar Energy Consumption in Canada

Analyzing the trend in solar energy consumption in Canada from 2013 to 2023, we observe substantial growth. Starting at 0.015 Exajoules in 2013, the consumption increased to 0.061 Exajoules by 2023. The year-on-year variation showed some fluctuation, with significant growth rates like 66.67% in 2013, 40% in 2014, and a notable drop of 12.82% in 2017. In recent years, growth has been more stable, with variations of 14.29% in 2022 and 8.93% in 2023. The CAGR over the last five years (2019-2023) stands at approximately 11.12%.

Future trends indicate a continued steady increase in solar energy consumption, with forecasts predicting the value will reach 0.084 Exajoules by 2028. The forecasted five-year CAGR is 5.26%, anticipating a growth rate of 29.23% over the period.

Future trends to watch for:

• Technological advancements improving solar panel efficiency
• Government policies and incentives supporting renewable energy adoption
• Potential market disruptions from emerging solar energy technologies
• Growing industrial and residential adoption of solar power