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North America Microgrid Market Expected to Witness the Highest Growth 2024

Author : Ronak Bora | Published Date : 2020-09-09 

Strict policies laid down for the adoption of sustainable power technologies with a slowly aging grid infrastructure will drive North America microgrid market share over the coming years. The region has high economic competitiveness, low transmission losses as well as power costs, and high reliability in terms of power, which would likely encourage product penetration further.

North America Microgrid Market is predicted to reach over USD 7 billion by 2024. 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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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.

Quite overtly, the spending on energy infrastructure to deliver power to businesses and households has increased remarkably in the past decade and is replacing the conventional poles, station equipment, and overhead lines and devices. With the rising penetration of renewable sources in the mainstream electricity supply, the operational dependability of the grid network has become an intricate issue for the power giants. In fact, several eminent companies are generously investing in microgrids for seamless integration and distribution of clean energy.

Recently in 2017, Ameren Corporation unveiled the completion of one of the most highly advanced utility scale microgrids in the North America microgrid market. As a part of its commitment toward building a smart and clean energy infrastructure, Ameren has built a microgrid facility with advanced automation & battery storage. The facility will also test, monitor, and control methods for aggregating renewable & clean energy sources from natural gas, solar, and wind. Reports claim that the Ameren microgrid has a significant production potential of up to 1475 kilowatts, which is enough to power more than 190 households and will be contributing immensely to the expansion of North America microgrid market share.

Greater reliance on fossil fuel in remote & rural regions in the world is a vulnerable point in military operations, and the results could be devastating, given the transportation challenges. A microgrid solution, in this regard, has not only enabled an installation to generate its own power for the military sector but has also provided protection against cybersecurity risks. These grids have significantly met the needs for stable electricity supply and that too without relying on a larger regional grid that is more averse to interruption and compromises.

Increasing high-end power consumption across the industries on account of development of new HVAC systems and heavy load machineries will foster the microgrid market. Growing electricity demands across hospitals, retail outlets, automotive, manufacturing operations, offices and industries will encourage product penetration across commercial and industrial application. For instance, as per EIA, the commercial and industrial sector in 2017 accounted about 4.5% and 22.4 % of the primary energy consumption respectively.

Flow batteries accounted for over 5% of North America microgrid market in 2017. Ongoing investment pertaining to the integration of sustainable grid coupled with innovations toward the development of cost-effective and efficient storage technologies will propel the industry growth. key features including long life cycle and higher efficiency will further encourage the product adoption over available substitutes.

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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.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1. Methodology

1.2. Market definitions

1.3. Market estimates & forecast parameters

1.4. Data Sources

1.4.1.   Primary

1.4.2.   Secondary

1.4.2.1.  Paid sources

1.4.2.2.  Public sources

Chapter 2. Executive Summary

2.1. North America microgrid market 3600 synopsis, 2013 - 2024

2.1.1.   Business trends

2.1.2.   Connectivity trends

2.1.3.   Grid type trends

2.1.4.   Power Source trends

2.1.5.   Storage trends

2.1.6.   Application trends

2.1.7.   Country trends

Chapter 3. North America microgrid market Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 - 2024

3.3. Industry ecosystem analysis

3.3.1.   Vendor matrix

3.4. Innovation & sustainability

3.5. Regulatory landscape

3.5.1.   U.S.

3.5.1.1.  Energy Policy Act, 2005

3.5.1.2.  California Public Utility Commission

3.5.1.3.  Electronic Code of Federal Regulation

3.5.1.4.  Safety & Health Regulations for Construction

3.5.1.5.  DOE VTO Advanced Batter R&D Program

3.5.1.5.1.     Mercury-Containing and Rechargeable Battery Management Act of 1996

3.5.2.   Canada

3.5.2.1.  CAN/CSA-C22.2 No. 257-06

3.5.2.2.  CAN/CSA-C22.3 No. 9-08

3.6. Infrastructure/energy investments spending, 2015/2016

3.7. Renewable energy incentive in U.S. States

3.8. Energy policies considered for deployment of microgrid network, U.S.

3.9. Industry impact forces

3.9.1.   Growth drivers

3.9.1.1.  Renewable energy integration

3.9.1.2.  Aging grid infrastructure

3.9.2.   Industry pitfalls & challenges

3.9.2.1.  High capital cost

3.10. Growth potential analysis

3.11.      Porter's analysis

3.12.      Competitive landscape

3.12.1. Strategy dashboard

3.12.1.1.    ABB

3.12.1.1.1.   Next Level strategy – stage 3

3.12.1.1.2.   Acquisition

3.12.1.2.    Siemens

3.12.1.2.1.   Vision 2020

3.12.1.2.2.   Investments

3.12.1.3.    Schneider Electric

3.12.1.3.1.   Investments

3.12.1.4.    Eaton Corporation

3.12.1.4.1.   Investment strategy

3.12.1.4.2.   Technology expansion

3.13. PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/north-america-microgrid-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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