Analytica Advisors recently released the 2013 Canadian Clean Technology Industry report. The report is a comprehensive study outlining the employment levels, research and development expenditure, export numbers, and growth projections. It was conducted in order to get a feel for the size of the clean technology industry in Canada, and the direction that it’s headed in.
The Canadian clean technology industry is fairly small, made up of about 720 companies. What they may lack in size, however, they make up for in reach. This small number of companies is responsible for the $10.6 billion dollar industry, representing about one percent of the global market share.
This news illustrates the remarkable resilience the clean technology industry has shown during these slow economic times, with Analytica Advisors projecting potential growth of the industry to reach $26 billion in five years. This is excellent news for Canadians. The industry currently employs about 52,600 people in Canada, and all indicators point to this industry becoming a major economic driver of the Canadian economy. Why shouldn’t it? With the after effects of hurricane Sandy still being felt across the east coast, climate change has officially moved from a vague threat to a clear and present danger.
The Canadian clean technology industry can make a significant contribution to the Canadian climate change strategy. The clean technology industry encompasses more than just renewable energy, it’s focused on air, water, land and energy, providing energy efficiency, renewable energy, and energy recovery. This complete approach to the problem of climate change could give Canada the momentum necessary to make meaningful changes.
In fact, that’s already taking place. The Canadian clean technology industry is going full steam ahead, already enmeshing itself into Canada’s economy by providing products and services to almost every industry. The small handful of companies that make up this industry are also looking outside Canada for their revenues, with 82% of the companies exporting an average of 50% of their product sold. The average clean technology company is nine times more likely to export than the average Canadian small or medium company in a different industry.
The Canadian clean technology industry is currently a leader in the global clean technology market. If projected growth is realized, it should remain that way. The Canadian clean technology industry is here to stay, permanently affixed as a real and growing Canadian industry. This $10 billion dollar industry represents tremendous opportunities for Canada, and should be given support by the government to ensure it doesn’t fall behind in the global race for clean technology.