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N.A. Microgrid Market By 2024 Top Key Industry Players - Electric, GE Alstom, ABB, Siemens, Caterpillar, Honeywell, Tesla, EnSync, Virdity Energy Solutions, Toshiba, Exelon, Advanced Microgrid Solutions, Power Analytics Corporation, Hitachi, Lockheed Mart
N.A. Microgrid Market
Ongoing adoption of captive power plants across the manufacturing and industrial sector for ensuring regulated power production will foster N.A. 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
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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.
Natural gas microgrid market will grow on account of stringent government measures pertaining to the adoption of lower emission fuel as a replacement for conventional fuel sources. Ongoing investment toward exploration of unconventional fuel reserves owing to escalating gas demand will enhance the N.A. microgrid market outlook. Amren Corporation in 2017, developed an advanced microgrid which utilizes, solar, natural gas and wind energy as a source along with an integrated battery storage and automation system.
Extensive electricity requirement for manufacturing operations, industries, offices, retail outlets, automotive and hospitals will complement the N.A. 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.
N.A. Microgrid Market was worth over USD 2 billion in 2017 and will surpass USD 7 billion by 2024.
Growth Drivers:
• Renewable energy integration
• Aging grid infrastructure
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Canada microgrid market is predicted to reach deployment of over 400 MW capacity by 2024. Growing electricity demand across remote and off grid areas along with upsurge in investments toward the adoption of clean energy technology will complement the business growth. Furthermore, ongoing development of distributed energy sources to minimize the dependency on conventional grid will enhance the industry outlook. In 2016 Canada government made an investment of USD 2.4 billion for developing wind and solar energy sources.
Browse key industry insights spread across 205 pages with 222 market data tables & 28 figures & charts from the report, North America Microgrid Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-microgrid-market
Key industry players across the N.A. 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 Related Reports:
Microgrid Market By Connectivity, Grid Type, Application and 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, EnSync Inc, Lockheed Martin Corporation, Honeywell International Inc, Viridity Energy Inc, Exelon Corporation and Advanced Microgrid Storage.
https://www.gminsights.com/industry-analysis/microgrid-market
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