In 2023, the tidal electric power generation at private electric utilities in Canada stood at 1.07 million kilowatts. By 2024, this figure is forecasted to increase to 1.1218 million kilowatts, representing a year-over-year growth of approximately 4.85%. The trend continues with consistent growth each year, reaching 1.3141 million kilowatts by 2028. The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is approximately 4.06%, indicating steady expansion in the sector.
Future trends to watch for include advancements in tidal energy technology, potential governmental incentives to promote renewable energy, and the impact of environmental regulations. Monitoring these factors will be crucial for strategic planning and investment in tidal power generation.
