Canadian propane production stood at 426.73 thousand terajoules in 2023, reflecting a consistent growth trend. Following fluctuations between 2013 and 2016, the sector saw robust improvements, especially between 2016 and 2019. The compound annual growth rate (CAGR) over the past five years leading to 2023 was 3.07%. Year-on-year variations highlight periods of rapid growth post-2016 with a recent slowdown but still positive momentum.
- 2014-2023: Noticeable growth and stabilization post-2016
- 2018-2023: Growth tapering, indicating maturation
- 2024-2028: Projected growth at a CAGR of 2.23%
Future trends to watch include potential shifts in global energy demand, technological advancements in production, and Canada's regulatory changes impacting propane. Sustainable energy transitions could also influence future growth rates.
