Canada Solar Pv Panels Market Size & Outlook, 2023-2030
Canada solar pv panels market, 2018-2030 (US$M)
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Canada solar pv panels market highlights
- The Canada solar pv panels market generated a revenue of USD 2,645.0 million in 2023 and is expected to reach USD 4,845.4 million by 2030.
- The Canada market is expected to grow at a CAGR of 9% from 2024 to 2030.
- In terms of segment, crystalline silicon was the largest revenue generating technology in 2023.
- Thin Film is the most lucrative technology segment registering the fastest growth during the forecast period.
Solar pv panels market data book summary
| Market revenue in 2023 | USD 2,645.0 million |
| Market revenue in 2030 | USD 4,845.4 million |
| Growth rate | 9% (CAGR from 2023 to 2030) |
| Largest segment | Crystalline silicon |
| Fastest growing segment | Thin Film |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thin Film, Crystalline Silicon |
| Key market players worldwide | JinkoSolar Holding Co Ltd DR, Canadian Solar Inc, Hanwha, GCL Technology Holdings Ltd, First Solar Inc, SunPower Corp |
Other key industry trends
- In terms of revenue, Canada accounted for 1.6% of the global solar pv panels market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. solar pv panels market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 4,845.4 million by 2030.
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Solar PV Panels Market Scope
Solar PV Panels Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada solar pv panels market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar pv panels market will help companies and investors design strategic landscapes.
Crystalline silicon was the largest segment with a revenue share of 33.62% in 2023. Horizon Databook has segmented the Canada solar pv panels market based on thin film, crystalline silicon covering the revenue growth of each sub-segment from 2018 to 2030.
The market is expected to witness policy changes from the government to accelerate the growth of the domestic solar energy market. Factors such as upcoming solar projects and government support to reduce the reliance on fossil fuels are expected to promote the use of renewable energy sources.
This is anticipated to foster the demand for solar PV panels in the country over the forecast period. The latitude of Canada results in a relatively low level of solar irradiance (solar power per unit area). The northern territories in the country have a relatively lower solar potential and receive less direct sunlight.
Over 80% of Canada’s solar power generation capacity is in Ontario. According to the Canadian Renewable Energy Association, the country installed at least 1.8 GW of utility scale solar PV capacity in 2022.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada solar pv panels market , including forecasts for subscribers. This country databook contains high-level insights into Canada solar pv panels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada solar pv panels market size, by technology, 2018-2030 (US$M)
Canada Solar PV Panels Market Outlook Share, 2023 & 2030 (US$M)
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