The forecasted total support for all fossil fuels for residential use in Canada shows a progressive increase from 2024 to 2028. Starting at 281.84 million USD in 2024, it is expected to grow steadily to 309.53 million USD by 2028. This consistent upward trend marks an approximate year-on-year increase of about 2.5% to 2.6% annually. Assuming a similar rate of growth, the Compound Annual Growth Rate (CAGR) over the 5-year forecast period demonstrates a modest, yet stable incline reflective of continued reliance or policy-driven support for fossil fuels in the residential sector.
Future trends to watch for include potential policy shifts towards renewable energy sources, which could alter these projections. Additionally, technological advancements in energy efficiency and the implementation of carbon pricing mechanisms could significantly impact market dynamics and support levels.
