Sellbyville, DE -- (SBWire) -- 10/11/2018 --North America Microgrid Market growth will be fueled by increasing high-end power consumption across the industries on account of development of new HVAC systems and heavy load machineries. Growing electricity demands across hospitals, retail outlets, automotive, manufacturing operations, offices and industries will encourage product penetration across commercial and industrial application.
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.
Ongoing adoption of captive power plants across the manufacturing and industrial sector for ensuring regulated power production will foster North America microgrid market. Increasing investment toward the expansion of decentralized grid coupled with rising investments for the expansion of infrastructure and power sector will accelerate the business growth. For instance, in 2016, the government of Canada, announced an investment of about USD 900 million were financed toward installation of numerous energy sources and R & D across the country.
Natural gas microgrid market will grow on account of stringent government measures pertaining to the adoption of lower emission fuel as a replacement for conventional fuel sources. Ongoing investment toward exploration of unconventional fuel reserves owing to escalating gas demand will enhance the industry outlook. Amren Corporation in 2017, developed an advanced microgrid which utilizes, solar, natural gas and wind energy as a source along with an integrated battery storage and automation system.
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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.
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.
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Microgrid Market in North America to Expand US$7bn by 2024 : Eaton, Schneider Electric, Caterpillar, ABB, Homer Energy and 12 Other Companies Profile
North America Microgrid Market growth will be driven by increasing penetration of captive power plants to provide regulated power supply across the industrial and manufacturing sector.