IMARC Group, a leading market research company, has recently releases report titled “North America Microgrid Market Report: Energy Source (Natural Gas, Combined Heat and Power, Solar Photovoltaic (PV), Diesel, Fuel Cell, and Others), Application (Remote Systems, Institution and Campus, Utility/Community, Defense, and Others), and Country 2024-2032”. The study provides a detailed analysis of the industry, including the North America microgrid market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the North America Microgrid Market?
The North America microgrid market size reached US$ 13.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 33.7 Billion by 2032, exhibiting a growth rate (CAGR) of 10.4% during 2024-2032.
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North America Microgrid Market Growth:
The escalating need for reliable and sustainable energy solutions is one of the factors responsible for the growth of the North America microgrid market. Additionally, the demand for microgrids is rising due to the focus of the region on improving energy security and reducing carbon emissions, which is fueling the market. Besides this, the integration of advanced technologies like energy storage systems and smart grid infrastructure further enhances the efficiency and resilience of microgrids, making them an attractive option for remote communities, military bases, and critical infrastructure, which is bolstering the market.
Moreover, the growing frequency of extreme weather events and the need for disaster-resistant power systems are propelling the demand for microgrids, as they can operate independently of the main grid, ensuring uninterrupted power supply during emergencies.
North America Microgrid Market Segmentation:
- 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
- Key Regions Analysed
-
- United States
- Canada
North America Microgrid Market Trends:
Emerging trends in the North America microgrid market include the increasing use of artificial intelligence along with machine learning for optimizing microgrid operations and energy management. These technologies enable predictive maintenance, demand forecasting, and real-time adjustments to maximize efficiency and reduce costs. In addition to this, there is also a growing focus on community and campus microgrids, which provide localized energy generation and consumption, fostering sustainability and community resilience, which is creating a positive outlook for the market.
Furthermore, the market is experiencing a demand for public-private partnerships and investments to accelerate the deployment of microgrids and support research and development efforts, which is anticipated to drive the North America microgrid market over the forecasted period.
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Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• 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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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