According to IMARC Group’s latest report, titled “North America Microgrid Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026.’the North America microgrid market reached a value of US$ 10.1 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 10.5% during 2021-2026.
A microgrid represents a distinct and self-sufficient energy system comprising of interconnected loads and distributed energy resources operating parallelly or independently from the main power grid. It includes a power generation system, distribution system, and numerous controls, such as voltage regulation and switch gears. Microgrids are cost-effective, offer power backup during emergencies, and enable autonomous and automatic self-healing operations. They also enhance reliability, reduce greenhouse gas (GHG) emissions, lower stress on the transmission and distribution systems, etc. Consequently, microgrids provide reliable and affordable energy security for urban and rural communities and are thus utilized by government bodies as well as by commercial and industrial establishments.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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North America Microgrid Market Trends/Drivers:
The rising utilization of these energy systems across the defense sector to enhance network security against cyberattacks and risks of grid outages is primarily driving the North America microgrid market. Moreover, the ability of these systems to function under island mode, independent of all external power and data transmissions, is further catalyzing the market growth. Besides this, numerous technological advancements, including the introduction of control and dispatch strategies, improvement in load management, integration with inverter interfaced distributed generation (DG) systems, etc., are also augmenting the regional market. Furthermore, the launch of several favorable initiatives by government bodies to provide energy-efficient power solutions is expected to fuel the North America microgrid market in the coming years.
Report Scope:
- North America Microgrid Market
- Key Regions Analysed
- United States
- Canada
- Analysis for Each Country
- Market by Energy Source
- Natural Gas
- Combined Heat and Power
- Solar Photovoltaic (PV)
- Diesel
- Fuel Cell
- Others
- Market by Application
- Remote Systems
- Institution and Campus
- Utility/Community
- Defense
- Others
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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