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The Canada power EPC market size is projected to expand at a CAGR of 3% during the forecast period, 2021-2028. The growth of the market is attributed to rising government initiatives toward the development of renewable energy power plants.
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Canada Power EPC Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast The Canada power EPC market size is projected to expand at a CAGR of 3% during the forecast period, 2021-2028. The growth of the market is attributed to rising government initiatives toward the development of renewable energy power plants. The energy sector in Canada accounts for more than 10% of the nominal GDP. In 2020, Canada was sixth-largest energy producer, fourth-largest net exporter, and the eighth-largest consumer in the world. The government, along with various private players have invested significantly in renewable energy. Furthermore, the falling costs of wind and solar technologies are making them competitive with fossil fuel sources. Moreover, subsidies on renewable energy systems are further propelling the Canada power EPC market. Request Sample link :-https://growthmarketreports.com/request-sample/2388 Market Trends, Drivers, Restraints, and Opportunities Increasing initiatives and support from government is projected to drive the market growth. Increasing wind power system installation is anticipated to fuel the market growth. High cost of capital investment can create challenges for the growth of the market. Development of modern power grid can create immense opportunities for the market players. Market Segment Insights: Renewable segment to account a major market share Based on types, the market is segregated into thermal, oil & gas, renewable, nuclear, and others. The renewable segment is anticipated to exhibit a high CAGR during the forecast period. The wind energy generation is estimated to account for a large market share in the renewable industry.
Canada increased its installed wind power capacity by 597 MW in 2019, representing an increase of 5% year-over-year (YoY). The wind capacity added in 2018 came from coastal projects, and five projects worth more than USD 1 billion were completed in 2019. Furthermore, under the country’s energy transition law, it has a policy in place to generate more than half of its electricity from clean energy sources by 2030. Enquiry Link :-https://growthmarketreports.com/enquiry-before-buying/2388 Competitive Landscape The major players in the Canada power EPC market include Valard Construction Ltd., Bantrel Co., Aecon Group Inc., CIMA+ Canada Inc., Stantec Inc., and Canadian Solar Inc. Companies are engaging in mergers, acquisitions and partnerships to leverage their market position. In 2019, Canada has total installed capacity of 13,413 MW, holding second-largest wind power capacity in North America. This installed capacity is sufficient to power approximately 3.4 million homes across the country. Furthermore, the country has 138 solar PV farms in Canada with at least 1 MW of capacity, totaling over 1,700 MW. About Growth Market Reports: GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys. Contact: Growth Market Reports Phone: +1 909 414 1393 Email: sales@growthmarketreports.com Web: https://growthmarketreports.com Follow Us: LinkedIn | Twitter