Title: North America Microgrid Market to cross USD 7 billion by 2024
1North America Microgrid Market to cross USD 7
billion by 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
2Key Insights from North America Microgrid Market
- North America Microgrid Market was worth over USD
2 billion in 2017 and 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. - 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.
3Continued...
- 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.
4U.S. Microgrid Market Size, By Storage Device,
2017 2024 (USD Million)
5 Browse Full Market Research Report On North
America Microgrid Market _at_ https//bit.ly/2wg5vSc
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Report _at_ https//bit.ly/2NH98Y6
6Continued...
- 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.
7Industry Coverage
8Companies
- Schneider Electric
- GE Alstom
- ABB
- Siemens
- Caterpillar
- Honeywell
- Tesla
- EnSync
- Virdity Energy Solutions
9Table OF Content
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 industry 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
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