Canada Thermal Power Market Size Analysis & Growth Opportunities 2022-2031

The Canada thermal power market is expected to grow at a CAGR of more than 1% in the forecast period. Factors such as increasing population and power consumption are resulting in the growth of the power demand. With growing power demand, new thermal power projects are being planned and constructed, which, in turn, is driving the market significantly. Nuclear and natural gas-based power plants are expected to witness significant growth in the coming years. On the other hand, phasing out of coal-based thermal plants and rising competition from renewables are some factors which are hindering the market growth.

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– Canada has vast reserves of natural gas. With upcoming projects, natural gas plants are expected to witness significant growth during the forecast period.
– In 2018, Natural Resources Canada issued its small modular reactors (SMR) Roadmap, a plan for nuclear technology development based on SMRs. This is likely to create significant opportunities for the nuclear power plant operators and EPC companies in the near future.
– Nuclear power is expected to dominate the market during the forecast period.

Key Market Trends

Natural Gas Based Thermal Power to Witness Significant Growth

– Thermal power generation in Canada held a significant share primarily by coal, gas, and nuclear. In 2019, natural gas generated more than 69 TWh of electricity, and its share is expected to grow further during the forecast period.
– Genesee Generating Station is undergoing upgradation with units 4 and 5, which will use high-efficiency gas turbine technology and have a generation capacity of up to 1,060 megawatts. The project is expected to be completed by 2023 at the cost of USD 1.4 billion.
– Additionally, Cascade Combined-Cycle Gas Turbine (CCGT) Power Plant is also under construction phase, which is expected to be completed by 2022. With an investment of USD 1.12 billion, the plant will 900 MW to the grid.
– Also, Sundance 7 gas-fired powerplant is another major project, which is delayed from 2020 to 2022, will be a combined-cycle natural gas generation facility with a gross generation capacity of 856 MW.
– With advantages like low emissions in comparison to coal and fewer harms in comparison to nuclear, the market share of natural gas in power generation is likely to grow in the future at the highest rate.

Nuclear Energy to Dominate the Market

– With aging power plants, more refurbishment projects are being carried to extend the service lifetimes of nuclear fleets. This, in turn, is expected to drive the growth of the market during the forecast period.
– Darlington and Bruce nuclear units in Ontario are undergoing refurbishment, which will allow the nuclear plants to operate well beyond the mid-century. The Darlington refurbishment project is expected to be completed by 2026 and the Bruce project by 2033.

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