Solar Energy Market in Canada to Grow by USD 2.25 Billion from 2025-2029, Government Support for Solar Technology Boosting Growth, AI's Impact on Transformation - Technavio

NEW YORK, Feb. 5, 2025 -- Report with market evolution powered by AI - The solar energy market in canada size is estimated to grow by USD 2.25 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  23.9%  during the forecast period. Increasing government support for solar power technology is driving market growth, with a trend towards growing adoption of pay-as-you-go (payg) model. However, competition from alternative energy sources  poses a challenge. Key market players include Azgard Solar Inc., Bird Construction Inc., BluEarth Renewables, Canadian Solar Inc., DP Energy, Gorkon Industries, Great Canadian Solar Ltd., Greengate Power Corp., HELIENE Inc., miEnergy Inc., PureSky Community Solar Inc., Quadra Power Inc., and VCT Group Inc..

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Solar energy is a rapidly growing sector in Canada's energy market, with renewables, including hydro, wind power, and solar, accounting for over 80% of new electricity capacity additions in 2020. The solar industry is gaining momentum as the world moves towards net-zero emissions and the Paris Agreement. Solar energy harnesses the power of the sun through photovoltaic cells, converting radiation into electricity. The market is witnessing a shift from traditional fossil fuels like coal to cleaner, low-cost energy generation. BP's latest report predicts solar energy will overtake hydro as the largest renewable energy source by 2025. Solar energy is not just about electricity but also heating, making it a versatile solution for both rural and urban communities. The Canadian solar market faces challenges such as access to electricity in remote areas, where diesel generators are commonly used. However, solar energy offers self-sufficiency and reduces environmental pollution and carbon footprint. The solar industry requires technical expertise, trained personnel for installation, maintenance, and operation. Government subsidies and grid connections are crucial for the growth of this sector. Solar technology continues to evolve, with advancements in monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells. Energy storage devices and power conversion technologies improve efficiency and ensure a consistent power supply. The solar industry's future lies in its ability to adapt to the evolving energy landscape, including the growing demand for EV charging infrastructure. 

Over the past decade, the demand for improving energy access has been a significant focus across Canada. The decreasing costs of decentralized renewable technologies, such as solar photovoltaic (PV) and energy storage, have made off-grid technologies more affordable. However, the high upfront costs of building and financing renewable-based mini-grids have been a barrier for households. To address this issue, a new business model called Pay-As-You-Go (PAYG) has emerged. Under this model, customers make a small initial payment and follow up with predetermined installments, typically made via mobile phones. If a customer fails to make a payment or is overdue, the system is designed to be disabled. This innovative financing solution has the potential to accelerate the adoption of solar systems in Canada, particularly for off-grid and under-served communities. 

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•         The Solar Energy Market in Canada faces challenges from fossil fuels, hydro, and wind power generation as traditional energy sources. The shift towards Net-Zero Emissions and the Paris Agreement pushes for more Renewable Energy Sources. Solar energy, derived from the Sun, is a promising solution for electricity and heat generation. However, radiation levels and climate change pose challenges. Solar energy's efficiency can be improved through

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