7 things Canadian energy companies should consider before entering international markets
Canadian companies are poised to provide innovative products and solutions to meet growing global demand for renewable energy and clean technologies. Canada’s fast-growing cleantech industry is fighting tough competitors on the global stage. Though the industry is growing at four times the rate of the overall domestic economy, the sector continues to lose global market share. How can Canada’s entrepreneurs capture export opportunities while minimizing the risks of going global?
When it comes to deploying clean technology in the energy sector, there are several considerations companies must analyze before entering foreign markets. This process is both resource- and time-consuming. The Advanced Energy Centre’s Going Global series, recently launched with “Energy Market Insights: Chile,” provides this analysis, helping export-ready companies identify opportunities and barriers in new markets. The Going Global series analyzes seven key considerations:
- Security of energy supply: is the country’s energy supply resilient and dependable?
- Quality and resilience of electricity supply: is the supply accessible and reliable?
- Efficiency of energy supply: is there control over rising electricity costs?
- Support for growing energy demand: is energy demand growing and how will it be met?
- Environmental sustainability: what are the environmental and climate change indicators that affect demand for renewables?
- Quality of business environment: how easy is it to do business in this market?
- Government support: what is the regulatory environment and how does it impact foreign investment in the energy sector, and cleantech in particular?
Sourced from third-party, verifiable sources, this analysis provides meaningful insight into international markets by answering two key questions frequently asked by companies:
- Are we a good fit for the market?
- What are the opportunities and barriers in a particular market, and do the former outweigh the latter?
Through interviews with export-ready Canadian cleantech companies, the Advanced Energy Centre identified a gap in energy-specific market insights and a need for access to market knowledge obtained by local actors within markets. This series aims to address one of the greatest barriers entrepreneurs face: difficulty identifying foreign business and market opportunities.
Read the first report in the series, Energy Market Insights: Chile.
Going Global Series – Energy Market Insights
Together with MaRS Market Insights, the Centre has launched a Going Global energy series, providing 360-degree snapshots of key markets, and identifying business opportunities and barriers. This series is for export-ready Canadian cleantech companies, with a focus on energy innovation, as they look to expand abroad.
Our Going Global series looks at markets from the lens of what a Canadian cleantech company needs to know before deciding to do a deeper dive into a new energy landscape.
The Advanced Energy Centre would like to extend a special thank you to Simeran Bachra, Nina Da Nobrega Garcia and Meg McQuillan for their significant research and writing contributions to this series.
Kathleen Gnocato is Manager of the Utility Transformation Program for the Advanced Energy Centre at MaRS. See more…
Mieka Buckley-Pearson supports the Advanced Energy Centre and its partners to catalyze the adoption of energy innovation in Ontario and Canada, and to leverage those successes in international markets. See more…