North America Microgrid Market to Hit A Remuneration Mark of USD 7 Billion by 2024
Oct 11, 2019
Ongoing adoption of captive power plants across the manufacturing and industrial sector for ensuring regulated power production will foster North America microgrid market
Selbyville, United States - October 11, 2019 /MarketersMedia/ —
Some of the pivotal factors that have propelled North America microgrid market growth over the recent years are the governmental & regulatory inclinations toward network expansion and the rising financial backing to support such projects. Increasingly becoming the most resilient and sustainable options for industries to provide continual operation during blackouts and natural disasters, microgrids are becoming the essentials of the energy and utilities sector. A substantiation validating the aforesaid is that of a report by the Federal Energy Regulatory Commission that claims the utilities across the U.S. to have invested nearly USD 35 billion in 2016 for the expansion of the energy transmission network.
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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.
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.
Increasing high-end power consumption across the industries on account of development of new HVAC systems and heavy load machineries will foster the North America 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.
Recently, the U.S. Department of Defense, in this regard has issued a solicitation for multiple microgrid projects in the military sector that will assess large-scale energy storage. It is also imperative to mention here that the U.S. DOD is the largest petroleum & fossil fuel consumer and greenhouse gas emitter in the world – which is also one of the many reasons why U.S. military are looking at renewable energy microgrids.
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Taking into consideration the aforementioned scenario, it wouldn’t be wrong to say that the U.S. military has become one of the significant investment ground for potential North America microgrid market investors. Further powered by government backing and funding advances, the military microgrid projects are expected to be more secure & reliable and are poised to be a lucrative sector of the North America microgrid market, which according to reliable reports is expected to surpass 7 billion by 2024, with a capacity expansion of 3 GW.
Some Points From Table Of Content: -
Chapter 8. North America Microgrid Market, By Application
8.1. North America microgrid market share by application, 2017 & 2024
8.2. Healthcare
8.2.1. Market estimates and forecast, 2013-2024
8.2.2. Market estimates and forecast, by country, 2013-2024
8.3. Educational institute
8.3.1. Market estimates and forecast, 2013-2024
8.3.2. Market estimates and forecast, by country, 2013-2024
8.4. Military
8.4.1. Market estimates and forecast, 2013-2024
8.4.2. Market estimates and forecast, by country, 2013-2024
8.5. Utility
8.5.1. Market estimates and forecast, 2013-2024
8.5.2. Market estimates and forecast, by country, 2013-2024
8.6. Industrial/commercial
8.6.1. Market estimates and forecast, 2013-2024
8.6.2. Market estimates and forecast, by country, 2013-2024
8.7. Remote
8.7.1. Market estimates and forecast, 2013-2024
8.7.2. Market estimates and forecast, by country, 2013-2024
8.8. Others
8.8.1. Market estimates and forecast, 2013-2024
8.8.2. Market estimates and forecast, by country, 2013-2024
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/north-america-microgrid-market
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