North America Microgrid Market size to exceed $7bn by 2024
Published Date: August 16, 2018 Authors: Ankit Gupta, Aditya Singh Bais
North America Microgrid Market size will exceed USD 7 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Favorable government policies pertaining to integration of sustainable energy technology along with aging grid infrastructure will foster the North America microgrid market. Relatively low power cost, reliability, economic competitiveness and reduced transmission losses are some of the underlined parameters which will encourage the product adoption. In addition, increasing investments toward the expansion of distributed generation technologies will further complement the industry growth.
Canada microgrid market is set to exceed installation of 400 MW by 2024. Increasing investments toward sustainable energy sources along with accelerating power demand from off-grid and remote areas will encourage the technology adoption. In addition, the growing development of renewable energy sources to reduce the dependence on conventional grid network will positively impact the business growth. For instance, in 2016, the Government of Canada invested around USD 2.4 billion toward the development of numerous energy sources including wind and solar.
Get more details on this report - Request Free Sample PDF
Increasing penetration of captive power plants to provide regulated power supply across the industrial and manufacturing sector will expand the North America microgrid market size. In addition, the upsurge in investments toward the development of decentralized grid along with growing investment opportunities toward infrastructure and energy sector will further propel the industry growth. According to the Government of Canada, in 2016, around USD 900 million were invested toward research, development and deployment of various energy sources across the nation.
Browse key industry insights spread across 205 pages with 222 market data tables & 28 figures & charts from the report, “North America Microgrid Market Size By Connectivity (Grid Connected, Off-Grid), By Grid Type (AC Microgrid, DC Microgrid, Hybrid), By Source (Diesel Generators, Natural Gas, Solar PV, CHP), By Storage (Lithium-Ion, Lead Acid, Flow Batteries, Flywheel), By Application (Healthcare, Educational Institutes, Military, Utility, Industrial/Commercial, Remote) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Increasing spending toward the exploration of unconventional reserves on account of growing gas demand across the region will propel the natural gas microgrid market. Favorable government initiatives and policies toward the development of low emission fuel as a substitute to conventional fuel sources will stimulate the industry growth. For instance, in 2017, Amren Corporation announced the completion of technologically advanced microgrid network which uses wind, solar and natural gas as a power source with advanced automation and battery storage system.
Extensive electricity requirement for manufacturing operations, industries, offices, retail outlets, automotive and hospitals will complement the microgrid market across industries/commercial applications. In addition, escalating high end power consumption on account of the presence of new heavy load machinery and HVAC systems will complement the business outlook. According to EIA in 2017, the industrial and commercial sector consumed 22.4% and 4.5% of the primary energy respectively.
Flow battery in 2017, accounted for over 5% of the North America microgrid market share. Rapid technological advancement toward the development of efficient and cost-effective storage systems coupled with growing investments toward the integration of renewable grid infrastructure will positively influence the product demand. High efficiency and longer life cycles are some of the key features which will make its adoption preferable over other alternatives.
Notable industry players across the North America microgrid market includes Schneider Electric, GE Alstom, ABB, Siemens, Caterpillar Inc, Honeywell, Tesla, EnSync Inc, Virdity Energy Solutions, Toshiba, Exelon, Advanced Microgrid Solutions, Power Analytics Corporation, Hitachi, and Lockheed Martin.
North America microgrid market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:
North America Microgrid Market, By Connectivity
- Grid connected
- Off grid
North America Microgrid Market, By Grid
- AC microgrid
- DC microgrid
North America Microgrid Market, By Power Source
- Diesel generators
- Natural gas
- Solar PV
- Combined Heat & Power (CHP)
North America Microgrid Market, By Storage Device
- Lead acid
- Flow battery
North America Microgrid Market, By Application
- Educational institute
The above information is provided on a country basis for the following:
- North America