North America Microgrid Market Size

North America Microgrid Market Size

North America Microgrid Market size valued at USD 3 billion in 2021 and is projected to expand at more than 14% CAGR from 2022 to 2030.

With the electricity grid in the U.S. aging and the ongoing preparations for a net-zero future, modernized grid infrastructure development has become critical to increasing their resiliency. Based on data from the U.S. Energy Information Administration, the electricity grid connects over 145 million customers and 7,300 power plants with over 160,000 miles of high-voltage transmission or distribution lines. This strong dependence on electricity will stimulate the installation of microgrid networks since they can ensure a continuous supply of power during emergencies such as outages.

In the U.S., government bodies have also been targeting to electrify remote locations and ensure reliable power supply through the maintenance of the central grid. Additionally, an upsurge in investments toward distributed electricity generation systems is also witnessed across the region, augmenting the use of advanced microgrid solutions. Despite this favorable growth environment, high costs of licensing and integration across the main grid may hinder industry expansion.