Renewable Power in Canada - Market Research Report (2014-2029)
New York, United States
Last Updated: August 2024
NAICS 22111bCARevenue
$38.7bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
25,627
Businesses
48
Wages
$X.Xbn
Renewable Power in Canada industry analysis
Renewable power producers have enjoyed modest growth over the past five years. Fluctuating energy prices have led to volatility for renewable power producers. Technological improvements have reduced depreciation and wage costs for power producers, taking pressure off profit. Still, high purchase and research and development costs have offset these lower operation costs, keeping profit steady. Overall, industry revenue has been growing at a CAGR of 0.0% over the past five years to reach an estimated $38.7 billion in 2024, including an estimated 1.1% rise in 2024 alone.
Trends and Insights
- Renewable power production has fluctuated alongside energy prices. Advances in technology and government incentives have boosted the popularity of solar, wind and biomass.
- Canada's topography makes hydroelectric power dominant. Wind energy production is rapidly increasing because of cheaper and more efficient wind turbines. Solar and biomass power production have also seen significant growth.
- Renewable energy companies favour populated regions because of high electricity needs. Ontario, Quebec and British Columbia are prime attractions because of their substantial energy needs, driving these companies to invest heavily in these locations.
- Renewable power producers rarely face significant competition. Most areas typically have just one provider, resulting in low internal rivalry among them. This limited competition can impact pricing and innovation.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.0 % over the past five years, to reach an estimated $38.7bn in 2024.
Trends and Insights
Renewable power producers have endured some volatility
- Electricity is essential for participation in modern society. Several reliable revenue streams keep volatility low to moderate and make entering this industry lucrative, though barriers to entry are intense.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Renewable power producers will enjoy accelerated growth
- As Canada grows and expands in the coming years, particularly with a robust post-pandemic economy creating a solid business environment and a growing population, renewable power producers will enjoy accelerated growth.
Biggest companies in the Renewable Power in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Hydro-Quebec | 8,201.7 | 3,203.8 | 39.1 | |
BC Hydro | 5,448.9 | 425.8 | 7.8 | |
Ontario Power Generation Inc. | 909.1 | N/A | N/A |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Hydroelectric power, Wind power and Biomass. Hydroelectric power is the largest segment of the Renewable Power in Canada.
Trends and Insights
Hydroelectric power dominates but other segments are gaining momentum
- Canada relies on hydropower for more than half of its total electricity generation (making Canada one of the few countries to rely on hydroelectricity), as its topography is uniquely suited for this type of generation.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Thermal Power in Canada
Complementors
- Electric Power Transmission in Canada
- Transmission Line Construction in Canada
- Heavy Engineering Construction in Canada
International industries
- Hydroelectric Power in the US
- Wind Power in the US
- Solar Power in the US
- Solar Farm Developers in the US
- Geothermal Electricity Plant Operation in the US
Table of Contents
About this industry
Industry definition
Renewable power producers generate power by harnessing resources that are replenished naturally. Facilities include hydro, solar, wind, geothermal, biomass and other types of power plants that use renewable energy. Renewable power typically emits fewer pollutants than fossil fuel power generators.
What's included in this industry?
Generating electricity through hydraulic turbinesGenerating electricity through tidal powerGenerating electricity through solar panelsGenerating electricity through wind turbinesGenerating electricity through biomass generatorsGenerating electricity through geothermal powerGenerating electricity through other forms of renewable powerCompanies
Hydro-QuebecBC HydroOntario Power Generation Inc.Purchase this report to view all 3 major companies in this industry.
Related Terms
CROWN CORPORATIONJOULEGEOTHERMAL ENERGYBIOMASSIndustry Code
NAICS 221111 - Renewable Power in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Renewable power production has fluctuated alongside energy prices. Advances in technology and government incentives have boosted the popularity of solar, wind and biomass.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Canada's topography makes hydroelectric power dominant. Wind energy production is rapidly increasing because of cheaper and more efficient wind turbines. Solar and biomass po...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Renewable energy companies favour populated regions because of high electricity needs. Ontario, Quebec and British Columbia are prime attractions because of their substantial...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Renewable power producers rarely face significant competition. Most areas typically have just one provider, resulting in low internal rivalry among them. This limited competi...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The largest companies are Crown corporations. Owned by the provincial government, they possess significant competitive advantages over other companies. This ownership structu...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Hydro-Quebec's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of BC Hydro's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Ontario Power Generation Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Hydro-Quebec, and factors influencing its performance in the industry
- Description and key data for BC Hydro, and factors influencing its performance in the industry
- Description and key data for Ontario Power Generation Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Regulatory scrutiny in the renewable power sector is intense. Provincial governments predominantly own these facilities and maintain local monopolies, centralizing control ov...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Power producers secure high and steady profit. Heavy regulation supports profit, but supply chain issues and R&D expenses have limited considerable expansions in recent years...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Renewable Power industry in Canada in 2024?
The market size of the Renewable Power industry in Canada is $38.7bn in 2024.
How many businesses are there in the Renewable Power in Canada industry in 2024?
There are 48 businesses in the Renewable Power industry in Canada, which has grown at a CAGR of 1.3 % between 2019 and 2024.
Has the Renewable Power industry in Canada grown or declined over the past 5 years?
The market size of the Renewable Power industry in Canada has been growing at a CAGR of 0.0 % between 2019 and 2024.
What is the forecast growth of the Renewable Power industry in Canada over the next 5 years?
Over the next five years, the Renewable Power industry in Canada is expected to grow.
What are the biggest companies in the Renewable Power market in Canada?
The biggest companies operating in the Renewable Power market in Canada are Hydro-Quebec, BC Hydro and Ontario Power Generation Inc.
What does the Renewable Power in Canada include?
Generating electricity through hydraulic turbines and Generating electricity through tidal power are part of the Renewable Power industry.
Which companies have the highest market share in the Renewable Power in Canada?
The company holding the most market share in Canada is Hydro-Quebec.
How competitive is the Renewable Power industry in Canada?
The level of competition is low and increasing in the Renewable Power industry in Canada.
