Forecast: Total (Excluding Solid Biofuels) Renewable Energy in Canada

From 2013 to 2019, the renewable energy sector in Canada, excluding solid biofuels, experienced a generally declining trend, with sporadic increases. The years 2013 and 2014 observed fluctuations with a 3.1% rise and a -3.25% dip, respectively. This was followed by minor adjustments up to 2019, culminating in a 12.63-unit value. In 2020, there was a notable increase of 7.88%, peaking the series at 13.63 units. From 2021 to 2023, the values stayed relatively stable, hovering around 13.53 units in 2023. The 5-year CAGR up to 2023 indicates an average annual growth rate of 1.2%.

Looking ahead, the forecast indicates a stable growth pattern from 2024 to 2028, with minor annual increases. By 2028, the value is expected to reach 13.7 units, reflecting a 5-year CAGR of 0.2%. The overall 5-year growth rate stands at 1.03%.

Future Trends to Watch For:

• Technological advancements in renewable energy that could spearhead more substantial growth rates.
• Government policies and investments aimed at boosting renewable energy sources.
• Potential market shifts due to economic and geopolitical factors affecting energy supply and demand.
• The development and integration of energy storage solutions to enhance the efficiency and reliability of renewable energy.