What’s driving the microgrid market growth? | By Top vendors Toshiba Corporation, Honeywell, Tesla, Caterpillar, Hitachi, EnSync, Lockheed Martin Corporation, ABB, Eaton, Siemens, Schneider Electric
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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.
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.
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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.
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 & SWOT analysis:
• ABB Ltd
• Eaton Corporation
• Schneider Electric
• Caterpillar Inc.
• Honeywell International
• Homer Energy LLC
• EnSync Inc
• Advanced Microgrid Solutions
• Viridity Energy Solutions, Inc
• Toshiba Corporation
• Exelon Corporation
• Power Analytics Corporation
• Lockheed Martin Corporation
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.
Browse Full Report: https://www.gminsights.com/industry-analysis/north-america-microgrid-market
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.
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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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