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The North America microgrid market value is likely to exceed USD 11.6 billion by 2030 driven by rising adoption of renewable energy technologies.
Overview
The **[North America microgrid market](https://www.gminsights.com/industry-analysis/north-america-microgrid-market)** size is set to exceed USD 11.6 billion by 2030. Rising adoption of renewable energy technologies will be a primary factor propelling microgrid control system installation. Investments in solar, natural gas, and other clean energy technologies have increased significantly to address emission targets. Based on the U.S. Energy Information Administration, in 2020, solar accounted for 3% of the electricity generation in the U.S. and is projected to reach 20% by 2050. These factors will support the development of electric systems, including microgrids, to generate renewable power. Moreover, the emphasis on distributed power generation and central grid stability will augment microgrid network expansion across the region.
The diesel power source microgrid segment in North America is poised to witness more than 13% CAGR through 2030. Rapid industrialization and the strong demand for high-power output generators in industrial establishments are some of the key growth drivers. While renewable-powered grids are gaining traction, microgrids with larger loads are more reliant on diesel generators, due to the requirement for energy reliability and density. The construction of large-capacity power generation plants will therefore promote diesel-powered microgrid installation.
The **[global microgrid market](https://www.gminsights.com/industry-analysis/microgrid-market)** is likely to surpass USD 73.3 billion by 2030 owing to growing demand for grid power supply along with rising electrification.
| Required Fields | Format |
|---|---|
| Market Size in 2021 | USD 3 Billion |
| Value Projection by 2030 | USD 11.6 Billion |
| **Compound Annual Growth Rate (CAGR) ** | 14% |
| AC Microgrid Segment in 2021 | USD 1.5 Billion |
| Diesel Power Sources in 2030 | 13% Market Share |
| Flow Battery Storage Devices in 2030 | 15% Market Share |
| Lithium-Ion Segment in 2021 | USD 1.5 Billion |
| Canada Market in 2030 | 18% Market Share |
| No. Of Tables | 298 |
| Figures & Charts | 28 |
| No. Of Report Pages | 215 |
| Countries covered in the report | U.S., Canada, Mexico |
| Segments covered | Application, Storage Device, Power Source, Grid, Connectivity. |
| Companies covered in the report | General Electric, Eaton, ABB, Siemens, Schneider Electric, Honeywell, Caterpillar, Toshiba Corporation, Tesla, S&C Electric Company, Advanced Microgrid Systems, Helia Technologies, Hitachi Energy Ltd, General Microgrids, and Exelon Corporation. |
Based on the storage device, the lithium-ion segment accounted for USD 1.5 billion in 2021. Compared to lead-acid counterparts, lithium-ion batteries maintain efficient performance and improve the life cycle of microgrids. The overall costs of this battery are also declining rapidly. These factors, along with the innovations in power storage technology, are also slated to stimulate its adoption as a reliable energy storage solution for microgrid systems.
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Focus on on-site power generation fuels microgrid installation in industrial/commercial sectors North America microgrid market from the industrial/commercial applications is predicted to observe growth rate of over 14% through 2030, owing to rapid industrialization. Government bodies have also been introducing favorable reforms for renewables in industrial and commercial establishments. Additionally, these sectors have been emphasizing smart power flow control networking strategies and on-site sustainable power generation, which are also likely to contribute to the growth of microgrid developers in the region.
U.S. to emerge as a lucrative revenue pocket for microgrid service providers U.S. microgrid market size surpassed more than USD 2.5 billion in 2021, given the rapid increase in investor-owned utility projects. The regional power sector has shifted from a centralized system toward a distributed system. To ensure uninterrupted energy supply and effectively manage costs, the deployment of smart technologies has accelerated, providing customers reliability and flexibility. The growing focus on the establishment of utility distribution solutions is thus adding impetus to microgrid network expansion in the country.
R&D facility expansion projects by major players to influence business outlook Top companies operating in the industry are Schneider Electric, Honeywell, Caterpillar, Toshiba Corporation, Tesla, Advanced Microgrid Systems, Helia Technologies, Hitachi Energy Ltd, General Microgrids, and Exelon Corporation, among others. These leaders are focusing on business expansions and other key strategies to reinforce their presence in the industry.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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