The latest report by IMARC Group, titled “North America Microgrid Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the North America microgrid market size reached US$ 10.8 Billion in 2021. A microgrid is an energy system that is generally used for electricity supply across a discrete geographic footprint. It is a smaller version of power grids and mainly comprises wind turbine generators, fuel cells, microturbines, battery storage systems, and photovoltaic generators. It performs control functions over energy sources by enabling autonomous and automatic self-healing operations. In addition, it assists in enhancing reliability, reducing greenhouse gas (GHG) emissions, and lowering stress on the transmission and distribution system. Owing to these properties, microgrids are widely utilized by commercial, industrial, and federal government consumers in North America.
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.
North America Microgrid Market Trends:
The market is primarily driven by the increasing usage of microgrids in defense and remote areas to enhance security against cyberattacks and the threat of grid outages. This can be attributed to the growing reliance on modern communication technologies, such as wireless cloud computing, which makes power systems susceptible to cyber-attacks and hackers, thus escalating the need for a secure network with a continuous power supply. In addition, the implementation of favorable government initiatives to provide energy-efficient power solutions represents another major growth-inducing factor. Besides this, with the increasing environmental concerns, government authorities are establishing biopower, solar, and wind energy farms. This, coupled with various technological advancements that increase the performance of battery inverters and ensure uninterrupted power supply, is also propelling the market growth across the region. Looking forward, IMARC Group expects the market value to reach US$ 19.8 Billion by 2027, exhibiting a CAGR of 10.5% during the forecast period (2022-2027).
Based on the energy source, the market has been segmented into natural gas, combined heat and power, solar photovoltaic (PV), diesel, fuel cell, and others.
Based on the application, the market has been classified into remote systems, institution and campus, utility/community, defense, and others.
On the geographical front, the market has been divided into the United States and Canada.
The competitive landscape of the market has been examined in the report, with detailed profiles of the key players operating in the industry.
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