The forecast for Canada's wave energy RD&D spending indicates a steady increase from 2024 to 2028. In 2023, the investments were estimated to be below the 470,000 USD (PPP, 2018 dollars). Year-over-year growth rate shows a slight increase of approximately 2.13% between 2024 and 2025, followed by 2.08% from 2025 to 2026, and stability between 2026 and 2027. The forecast anticipates a return to growth in 2028 with a 2.04% increase. The five-year compound annual growth rate (CAGR) from 2023 to 2028 is projected to average around 1.56%.
Future trends to watch for:
- Technological advancements that may enhance efficiency and reduce costs, potentially accelerating RD&D investment.
- Government policies or incentives aimed at renewable energy could significantly influence funding trajectories.
- Competition and collaboration with global wave energy initiatives may shape Canada's strategic investments.
- The potential impact of climate change policy developments on renewable energy priorities.
