Press release
North America Microgrid Market 2018-2024 By Key Players: Eaton Corporation, Schneider Electric, Caterpillar, ABB, Homer Energy, EnSync., Hitachi, Honeywell, Exelon Corporation, Lockheed Martin Corporation, Power Analytics Corporation
North America Microgrid Market
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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.
Ongoing adoption of captive power plants across the manufacturing and industrial sector for ensuring regulated power production will foster North America microgrid market. Increasing investment toward the expansion of decentralized grid coupled with rising investments for the expansion of infrastructure and power sector will accelerate the business growth. For instance, in 2016, the government of Canada, announced an investment of about USD 900 million were financed toward installation of numerous energy sources and R & D across the country.
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.
North America Microgrid Market was worth over USD 2 billion in 2017 and will cross USD 7 billion by 2024. The capacity is set to exceed 3 GW by 2024.
Growth drivers
• Renewable energy integration
• Aging grid infrastructure
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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.
Key industry players across the North America microgrid market include Eaton Corporation, Schneider Electric, Caterpillar, ABB, Homer Energy, EnSync., Hitachi, Honeywell, Exelon Corporation, Lockheed Martin Corporation, Power Analytics Corporation, Toshiba Corporation, Advanced Microgrid Solutions, Viridity Energy Solutions and Tesla.
Browse Full Report: https://www.gminsights.com/industry-analysis/north-america-microgrid-market
Browse Related Report:
Microgrid Market Size By Connectivity, Grid Type, Application & Forecasts, 2024
Eminent industry players in microgrid market includes Eaton Corporation, Siemens Ag, GE Alstom, Schneider Electric, ABB, Caterpillar Inc, Homer Energy LLC, Power Analytics Corporation.
https://www.gminsights.com/industry-analysis/microgrid-market
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