Press release
North America Microgrid Market Research Study for Forecast Period By Key Players: Eaton, Schneider Electric, Caterpillar Inc., ABB, HOMER Energy, EnSync Energy Systems, Hitachi, Honeywell, Toshiba Corporation, Tesla
North America Microgrid Market
Aging grid infrastructure coupled with stringent government policies toward adoption of sustainable power technologies will stimulate North America microgrid market. Economic competitiveness, low power cost & transmission losses and reliability are key the parameters that will encourage the product penetration. In addition, ongoing funding toward the development of distributed generation technology will enhance the industry landscape.
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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. 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.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:
1. Eaton
2. Schneider Electric
3. Caterpillar Inc.
4. ABB
5. HOMER Energy
6. EnSync Energy Systems
7. Hitachi
8. Honeywell
9. Toshiba Corporation
10. Tesla
North America Microgrid Market, By Connectivity
• Grid connected
• Off grid
North America Microgrid Market, By Grid
• AC microgrid
• DC microgrid
• Hybrid
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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 industry 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.
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.
Eminent participants in the North America microgrid market include GE, ABB, Schneider Electric, Alstom, Siemens, Honeywell, Caterpillar Inc, Tesla, Virdity Energy Solutions, EnSync Inc, Toshiba, Hitachi, Advanced Microgrid Solutions, Lockheed Martin, Exelon and Power Analytics Corporation.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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