Canada’s clean technology industry is now worth nearly $11 billion and is on course to eclipse the nation’s aerospace industry within five years, a new report suggests.
According to the Canadian Clean Technology Industry Report 2013, prepared by Analytica Advisors president Celine Bak, our country’s cleantech industry employs over 52,000 people—significantly more than in aerospace—and employment grew 17% between 2009 and 2011, a time when unemployment was rampant.
Currently, Canada accounts for 1% of the global cleantech market, which is estimated to be worth $1 trillion. But Canada’s share could climb to 3% and it grows into a $26 billion industry by 2013, the report says.
Further, our cleantech industry could become a global export leader. We already export 48% of what we produce in cleantech, but this number could reach up to 70% by 2015.
Canada’s cleantech industry is comprised of 720 companies, who collectively spent a whopping $1 billion annually on research and development—more than both the resource and pharmaceutical industries.