Microgrid Market in North America to hit $7bn by 2024: Global Market Insights, Inc.
SELLBYVILLE, Del., August 28, 2018 /PRNewswire-iReach/ -- North America Microgrid Market is poised to surpass 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.
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.
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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.
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.
Browse key industry insights spread across 205 pages with 222 market data tables & 28 figures & charts from this 2018 report North America Microgrid Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-microgrid-market
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.
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.
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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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.
Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, [email protected]
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