Canada Renewable Energy Storage Market Size & Share 2033

Canada Renewable Energy Storage Market Size, Share, Trends, and Forecast by Source, Technology, Application, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A29943

Buy Now Discount
Offer

Canada Renewable Energy Storage Market Overview:

The Canada renewable energy storage market size reached USD 1.20 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 3.10 Billion by 2033, exhibiting a growth rate (CAGR) of 10.20% during 2025-2033. The widespread adoption of renewable energy, growing government incentives, declining battery costs, and the increasing need for grid stability and energy security are driving the market growth. Advancements in storage technologies and the rising need to adhere to environmental goals, including net-zero carbon emissions, are some of the other major factors propelling the growth of the market across Canada.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 1.20 Billion
Market Forecast in 2033	USD 3.10 Billion
Market Growth Rate (2025-2033)	10.20%

Canada Renewable Energy Storage Market Trends:

Rising Government Incentives and Environmental Goals

Canada’s commitment to reducing greenhouse gas (GHG) emissions and achieving net-zero emissions by 2050 has led to significant government support for renewable energy storage. Through policies, subsidies, and programs that encourage energy storage solutions, the Canadian government is accelerating clean energy adoption. For instance, the 2030 Emissions Reduction Plan represents an ambitious and realizable roadmap, setting out a sector-by-sector pathway for the Canadian government in order to achieve its targeted emissions reduction of 40 percent below the 2005 levels by 2030 and net-zero emissions by 2050. In the same way, in June 2024, the governments of Canada and Manitoba announced funding for 32 projects with a dollar value of $10.9 million willing to reduce emissions and enable Manitoba businesses' adoption of low-carbon technologies, to create jobs and build climate-resilient communities. In addition to this, Federal and provincial incentives also drive investments in large-scale storage projects to stabilize energy from intermittent sources like solar and wind, which is further facilitating the market growth across the country.

Canada Renewable Energy Storage Market Size

Increasing Initiatives Toward Renewable Energy Adoption

The growing wind and solar capacity necessitate storage solutions for reliability and grid balance, which is a major growth-inducing factor in the market. For instance, in June 2024, Neoen is one of the top makers of renewable energy on the world and commissioned its Fox Coulee solar farm in Starland County in Alberta. With a capacity of 93 MWp, it can generate clean electricity since December 2023 and ends up producing about 100 GWh of green electricity a year-like the homes of 20,000 people will consumption and avoiding around 70,000 tons CO2 per year-once fully operational. Solar farm is wholly owned by Neoen. Similarly, Canadian Solar Inc. announced in December 2023 that e-STORAGE, which is part of the Company's majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), is planning on launching SolBank 3.0, the next phase of its utility-scale energy storage system.

Canada Renewable Energy Storage Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on source, technology, and application.

Source Insights:

Wind
Hydropower
Solar
Bio Energy

The report has provided a detailed breakup and analysis of the market based on the source. This includes wind, hydropower, solar, and bio energy.

Technology Insights:

Pumped Hydroelectric Storage
Battery Energy Storage
Flywheel Energy Storage
Compressed Air Energy Storage
Thermal Energy Storage
Hydrogen Energy Storage

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes pumped hydroelectric storage, battery energy storage, flywheel energy storage, compressed air energy storage, thermal energy storage, and hydrogen energy storage.

Application Insights:

Residential
Commercial
Industrial

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes residential, commercial, and industrial.

Regional Insights:

Ontario
Quebec
Alberta
British Columbia
Others

The report has also provided a comprehensive analysis of all the major regional markets, which include Ontario, Quebec, Alberta, British Columbia, and others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Canada Renewable Energy Storage Market News:

In August 2024, Ontario's government announced the largest competitive energy procurement in its history to generate affordable electricity for families and businesses. This is an extension of up to 5,000 megawatts (MW) of energy that will be procured in a series of procurements that will strengthen economic prosperity and meet the rising demand for clean and reliable energy.
In June 2024, Enphase Energy, Inc., a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, announced that it had commenced shipment of its most powerful home battery yet, the IQ® Battery 5P, in Canada. The IQ Battery 5P features a modular design with a capacity of 5 kWh and can be connected to new IQ8 Microinverters to provide homeowners with reliable electricity when they need it.

Canada Renewable energy storage Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Source Technology Application Region
Sources Covered	Wind, Hydropower, Solar, Bio Energy
Technologies Covered	Pumped Hydroelectric Storage, Battery Energy Storage, Flywheel Energy Storage, Compressed Air Energy Storage, Thermal Energy Storage, Hydrogen Energy Storage
Applications Covered	Residential, Commercial, Industrial
Regions Covered	Ontario, Quebec, Alberta, British Columbia, Others
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the Canada renewable energy storage market performed so far and how will it perform in the coming years?
What is the breakup of the Canada renewable energy storage market on the basis of source?
What is the breakup of the Canada renewable energy storage market on the basis of technology?
What is the breakup of the Canada renewable energy storage market on the basis of application?
What is the breakup of the Canada renewable energy storage market on the basis of region?
What are the various stages in the value chain of the Canada renewable energy storage market?
What are the key driving factors and challenges in the Canada renewable energy storage?
What is the structure of the Canada renewable energy storage market and who are the key players?
What is the degree of competition in the Canada renewable energy storage market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Canada renewable energy storage market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the Canada renewable energy storage market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Canada renewable energy storage industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Purchase Options Discount
Offer

Inquire Before Buying

Speak to an Analyst

Request Brochure

Request Customization

Benefits of Customization

Personalize this research
Triangulate with your data
Get data as per your format and definition
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.