The North America microgrid market reached a value of US$ 8.14 Billion in 2018. A microgrid refers to a distinct energy system consisting of interconnected loads and distributed energy resources that operate parallelly, or independently from the main power grid. Similar to contemporary electrical grid, a microgrid consists of power generation system, distribution system, and controls, such as voltage regulation and switch gears. It provides power backup for the grid in case of emergencies and is cost-effective. Additionally, it performs dynamic control over energy sources by enabling autonomous and automatic self-healing operations. Some of the other benefits offered by a microgrid include enhancing reliability, reducing greenhouse gas (GHG) emissions, and lowering stress on the transmission and distribution system. As a result, it provides local, reliable, and affordable energy security for urban and rural communities as well as offer solutions for commercial, industrial and federal government consumers.
The North America microgrid market is currently being driven by several factors. The escalating demand for microgrid is based on the availability of reliable, stable and affordable power. Moreover, the usage of microgrid in defense and remote areas to enhance security against cyberattacks and threat of grid outages have also increased its demand in the region. Apart from this, several government initiatives are being implemented to provide energy-efficient power solutions. Additionally, rising environmental concerns and technological innovations will continue to spur the microgrid market growth in the coming years. Looking forward, IMARC Group expects the market to reach a value of US$ 15.39 Billion by 2024, registering a CAGR of 11.2% during 2019-2024.
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