The global Clean Energy Technologies market is set to grow at a CAGR of 5.5% to reach a market size of US$453.5 Billion by 2027. The Wind segment is projected to record a 5.3% CAGR and reach US$170.3 Billion by 2027 while the Solar segment is expected to grow faster at 6.8% CAGR. Hydropower is projected to clock in a CAGR of 4.1%.
The International Energy Agency revealed that if all the countries that announced climate and energy pledges actually implement them, by 2030, the market for mass produced cleantech can skyrocket to US $650 Billion. Employment in the sector can also catapult to nearly 14 million.
USA, China, Japan, Canada and Germany are the most notable CleanTech players in the world market currently. Governments are racing to shape the future of clean energy technologies by increasing resiliency and diversity of supply chains . Continued focus on boosting industrial strategies will result in higher investment allure and a more prominent role in international trade.
Ontario is at the forefront of CleanTech growth in the country, it ranks #1 as the largest CleanTech sector in Canada. The sector contributes $25.6B to Canada’s GDP. Highly renowned for it’s key technological breakthrough in water remediation through UV disinfection and membrane filtration. Ontario is also a leader in other sectors such as hydrogen, biofuels, electric vehicles, solar, and smart energy technologies.
Ontario is home to 5000 clean tech companies, out of which 5 also made it to the world’s Top 100 CleanTech Companies, namely, ecobee (Smart Thermometers), GaN Systems (Power Transistors), Li-Cycle (Lithium Battery Recycling), Opus One Solutions (Renewable Power Efficiency), and Parity (Energy Efficiency).
largest cleantech sector in Canada
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water technology incubators
cleantech and environment companies
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Ontario’s CleanTech strategy follows a four pillar approach
Venture and Scale ReadinessThe province has been strengthening entrepreneur knowledge of key markets, in-house R&D support, reducing regulatory uncertainty, and developing a strong pool of talent.
Access to CapitalOntario is leveraging several federal investments and increasing access to grants and risk capital to bolster accelerated growth.
Regulatory ModernizationOntario is actively streamlining the regulatory environment and is supporting the development of harmonised industry standards.
Adoption and ProcurementThe Province is also generating more opportunities for pilots and facilitating mainstream adoption of technologies
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