North America Microgrid Market Overview
The North America microgrid market is a rapidly growing industry that involves the development of small-scale energy systems designed to provide reliable and resilient power to communities, businesses, and institutions. The growth of this market is driven by several factors, including increasing demand for renewable energy sources, improving technology and declining costs, and the need for energy security and grid independence. The market is segmented into various types of microgrids such as remote microgrids, campus microgrids, and community microgrids, among others. Key players in the North America microgrid market include Siemens, ABB, General Electric, and Schneider Electric, among others.
North America Microgrid Market Size
The North America microgrid market is expected to grow at a CAGR of XXXX% during the forecast period 2018-2025. The market has been witnessing a surge in interest owing to its potential for providing greener and more sustainable energy solutions.
The market is expected to be dominated by the United States, which will account for nearly half of the total revenue generated by the North America microgrid market. Canada and Mexico are also expected to register significant growth rates during the forecast period.
Some of the key players in this market include GE Renewable Energy, ABB Ltd., NRG Energy Inc., Siemens AG, and Schneider Electric SE. The increasing focus on sustainability initiatives is expected to drive the demand for eco-friendly microgrids across North America.
North America Microgrid Market Share
The North America microgrid market is expected to grow at a CAGR of XX% during the forecast period 2016-2021, owing to increasing government initiatives and investments in green energy. The market is segmented based on technology and region.
Based on technology, the market is segmented into PV solar microgrids and Concentrated Solar Power microgrids. PV solar microgrids are mainly used for power generation and distribution applications, such as business parks, hospitals, schools, and retail stores. Concentrated Solar Power (CSP) microgrids are used for power generation applications such as industrial plants, data centres, military bases, and municipalities. The regional segmentation includes the United States, Canada, Mexico, and the Rest of North America.
The United States dominates the market with a share of XX% in 2016 and is expected to account for XX% by 2021. Canada follows with a share of XX% in 2016 and is projected to account for XX% by 2021. Mexico is expected to grow at a higher CAGR than other regions due to its large population base and growing economy. The Rest of North America accounts for XX% in 2016 and is projected to grow at a CAGR of XX%.
Growth of the North America Microgrid Market
The North America microgrid market is expected to grow at a CAGR of XXXX% from 2016 to 2021, according to a new report. The market is growing due to the increasing awareness about the benefits of microgrids and the need for sustainable energy solutions.
Microgrid technology has been found to be more reliable and efficient than traditional grid systems. This is because microgrids are designed to work as standalone units or in conjunction with other renewable energy sources, such as solar panels or wind turbines.
The major players in the North America microgrid market are Schneider Electric (France), ABB (Sweden), Eaton Corporation (U.S.), Siemens AG (Germany) and Samsung Electronics Co., Ltd.(South Korea). These companies are focusing on developing microgrid solutions for commercial, industrial, and residential customers.
Trends in the North America Microgrid Market
There is a growing trend of incorporating microgrids into the power grids across the globe. The primary drivers for this are:
- Increasing demand for sustainable energy, which leads to more stringent environmental regulations and demands for clean and reliable power grids.
- Implementation of smart grid technology, which helps manage and monitor energy usage and flows to improve overall system efficiency. This in turn leads to increased adoption of microgrids as part of the overall smart grid infrastructure.
- Growing concern over cyber security threats and vulnerabilities that could lead to outages or even worse impacts on critical infrastructure such as power grids. Implementing microgrids as part of regular cyber security measures can help mitigate these risks.
- Growing awareness among consumers about the benefits of using renewable energy sources, such as solar and wind, which in turn drives demand for microgrid solutions that can enable these types of energy sources to be used more effectively.
Regional Analysis for North America (2019 & 2025)
Geographically, North America is the largest region in the world. It has a population of over 325 million people and covers an area of more than XXXX million square kilometres. The region is divided into six countries- Canada, Mexico, United States of America (USA), Argentina, Brazil, and Chile- which account for almost half of the global population. The region is also home to many companies and institutions such as Google, Facebook, IBM and Microsoft.
The microgrid market in North America has been witnessing significant growth over the past few years owing to various factors such as rising awareness about climate change and its effects on infrastructure, increase in investment for renewable energy sources such as solar power and wind power, and increasing focus on smart city initiatives. The microgrid market in North America is expected to grow at a CAGR of around XXXX% during 2018-2025.
The major players operating in the microgrid market in North America include Schneider Electric (France), Eaton Corporation (US), ABB Ltd (Switzerland), Siemens AG (Germany), Vestas Wind Systems A/S (Denmark) among others. The major segments covered under this market are commercial/industrial segment, municipal segment, and residential segment.
The commercial/industrial segment is expected to be the fastest growing segment owing to increasing demand for energy storage and efficiency measures in this sector. Municipal segment is expected to witness the highest growth owing to growing initiatives by governments to deploy microgrids in their municipalities. Residential segment is expected to be the least affected by the growth of the microgrid market due to increasing uptake of solar and wind power in this category.
Drivers and restraints for the North America Microgrid market
The North America microgrid market is expected to grow at a CAGR of XXXX% from 2017 to 2024. The growth of the microgrid market is mainly due to the increasing focus on distributed energy resources (DER) and smart city solutions. The increased awareness about DERs, as well as the need for reliable and sustainable energy solutions, is expected to drive the growth of the North America microgrid market.
The key players in this market are ABB Ltd., Alstom SA, Eaton Corporation, General Electric Company, Hitachi Power Systems Europe Ltd., IBM Corp., Mitsubishi Heavy Industries Ltd., Schneider Electric SE, Statkraft AS and Toshiba Corp.
The North America microgrid market is segmented based on applications and end users. Applications include transportation, healthcare, residential/commercial/industrial buildings, and utilities. End users include commercial entities such as small businesses and medium-sized businesses (MSBs), public entities such as municipalities and state governments, schools/universities/higher education institutions (HEIs), transportation providers such as airlines and trucking companies, hospitals/medical centres/healthcare providers, residential households, and retailers.
Based on geography, the North America microgrid market is divided into two regions: Canada and U.S. The Canadian region is expected to account for a larger share of the total regional revenue owing to its larger population base. However, U.S. will witness a higher growth rate owing to its larger installed base of microgrids.
The major drivers for the North America microgrid market are the increasing focus on DERs and smart city solutions, as well as the need for reliable and sustainable energy solutions. Other factors such as government initiatives and legislation, increasing demand from the transportation sector, and increasing adoption of renewable energy sources are also factors that are driving the growth of the North America microgrid market.