How will North America microgrid market go on to become a business vertical worth USD 7 billion by 2024?
Some of the pivotal factors that have propelled North America microgrid market growth over the recent years are the governmental & regulatory inclinations toward network expansion and the rising financial backing to support such projects. Increasingly becoming the most resilient and sustainable options for industries to provide continual operation during blackouts and natural disasters, microgrids are becoming the essentials of the energy and utilities sector. A substantiation validating the aforesaid is that of a report by the Federal Energy Regulatory Commission that claims the utilities across the U.S. to have invested nearly USD 35 billion in 2016 for the expansion of the energy transmission network.
U.S. Microgrid Market Size, By Storage Device, 2017 & 2024 (USD Million)
Rising adoption of renewable energy technologies to impel North America microgrid market size
Quite overtly, the spending on energy infrastructure to deliver power to businesses and households has increased remarkably in the past decade and is replacing the conventional poles, station equipment, and overhead lines and devices. With the rising penetration of renewable sources in the mainstream electricity supply, the operational dependability of the grid network has become an intricate issue for the power giants. In fact, several eminent companies are generously investing in microgrids for seamless integration and distribution of clean energy.
Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/2833
Recently in 2017, Ameren Corporation unveiled the completion of one of the most highly advanced utility scale microgrids in the North America microgrid market. As a part of its commitment toward building a smart and clean energy infrastructure, Ameren has built a microgrid facility with advanced automation & battery storage. The facility will also test, monitor, and control methods for aggregating renewable & clean energy sources from natural gas, solar, and wind. Reports claim that the Ameren microgrid has a significant production potential of up to 1475 kilowatts, which is enough to power more than 190 households and will be contributing immensely to the expansion of North America microgrid industry share.
North America microgrid market to be swayed by the rise in product demand from the military
Greater reliance on fossil fuel in remote & rural regions in the world is a vulnerable point in military operations, and the results could be devastating, given the transportation challenges. A microgrid solution, in this regard, has not only enabled an installation to generate its own power for the military sector but has also provided protection against cybersecurity risks. These grids have significantly met the needs for stable electricity supply and that too without relying on a larger regional grid that is more averse to interruption and compromises.
To illustrate further, under its Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS), the U.S. military is aiming to deploy microgrids to supply power in the event of attack or loss of the utility grid. The program is also focusing to integrate solar PV and the diesel backup generators in order to provide diverse fuel sources, enabling uninterrupted power and lower carbon emission.
Recently, the U.S. Department of Defense, in this regard has issued a solicitation for multiple microgrid projects in the military sector that will assess large-scale energy storage. It is also imperative to mention here that the U.S. DOD is the largest petroleum & fossil fuel consumer and greenhouse gas emitter in the world – which is also one of the many reasons why U.S. military are looking at renewable energy microgrids.
Taking into consideration the aforementioned scenario, it wouldn’t be wrong to say that the U.S. military has become one of the significant investment ground for potential North America microgrid industry investors. Further powered by government backing and funding advances, the military microgrid projects are expected to be more secure & reliable and are poised to be a lucrative sector of the North America microgrid industry, which according to reliable reports is expected to surpass 7 billion by 2024, with a capacity expansion of 3 GW.
Author Name :Ojaswita Kutepatil