The output of the Electricity, Gas, Steam, and Air Conditioning Supply sector in Canada has shown a steady upward trend from 2013 to 2023, increasing from 49.79 billion CAD to 68.5 billion CAD. The annual growth rates fluctuated, peaking at 7.87% in 2018 and leveling to around 2-3% in the years 2020 to 2023. Over the recent five-year period, the compound annual growth rate (CAGR) stands at approximately 2.71%. This indicates a consistent but modest economic expansion in this sector.
Looking forward, the projected CAGR from 2024 to 2028 is slightly lower at 1.89%, reflecting a forecasted growth of 9.83% over the next five years. The predicted values suggest an incremental but steady rise in output, reaching 77.18 billion CAD by 2028.
Future trends to watch for:
- Efforts to enhance energy efficiency and reduce carbon emissions.
- Investments in renewable energy sources which may impact the traditional energy supply sector.
- Advancements in technology that could lead to more cost-effective and sustainable energy production methods.