North America Microgrid Market to cross USD 7 billion by 2024

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North America Microgrid Market to cross USD 7
billion by 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key 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.

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Continued...

• 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.

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U.S. Microgrid Market Size, By Storage Device,
2017 2024 (USD Million)

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Continued...

• 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.

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Industry Coverage

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Companies

• Schneider Electric
• GE Alstom
• ABB
• Siemens
• Caterpillar
• Honeywell
• Tesla
• EnSync
• Virdity Energy Solutions

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Table 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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