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North America AC Microgrid Market Size

Report ID: GMI8789
Published Date: Apr 2024
Report Format: PDF

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North America AC Microgrid Market Size

North America AC Microgrid Market size was valued USD 2.3 billion in 2023 and is anticipated to grow at a CAGR of 10.1% between 2024 and 2032. It refers to a localized power distribution system that operates autonomously or in conjunction with the main grid, utilizing alternating current (AC) technology. It integrates various distributed energy resources (DERs) including solar panels, wind turbines, energy storage systems, and conventional generators to supply electricity to a specific area or facility.

North America AC Microgrid Market

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Growing demand for reliable and resilient power supply solutions, primarily in areas prone to grid outages will augment the market growth. Growing emphasis on renewable energy integration coupled with advancements in energy storage technologies will drive the product deployment. Rising concerns about energy security and stringent environmental regulations will prompt the industries and communities to invest in microgrid solutions for enhanced energy independence and sustainability, thereby stimulating the industry growth.

North America AC Microgrid Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America AC Microgrid Market Size in 2023:	USD 2.3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	10.1%
2032 Value Projection:	USD 6.1 Billion
Historical Data for:	2019 to 2023
No. of Pages:	300
Tables, Charts & Figures:	201
Segments covered:	Connectivity, Power Source, Storage Device, Application and Country
Growth Drivers:	Technological Advancements Government initiatives and funding programs Rising Renewable Energy Integration
Pitfalls & Challenges:	High Initial Investment

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Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size for AC microgrid in North America reached USD 2.3 billion in 2023 and is set to witness 10.1% CAGR up to 2032, owing to growing demand for reliable and resilient power supply solutions, primarily in areas prone to grid outages.

The lithium-ion segment in the North America AC microgrid industry is set to grow at over 11.5% CAGR through 2032, on account of high energy density, fast charging capabilities, and long lifecycle.

U.S. market is anticipated to surpass USD 4.5 billion by 2032, due to increasing energy demand, aging infrastructure, and the imperative to mitigate climate change.

AlphaStruxure, Caterpillar Inc., Dynapower, Delta Electronics, Inc., Eaton Corporation, Enphase Energy, Emerson Electric Co., Enel X, General Electric Company, Ideal Power Inc, Kohler Power, Siemens AG, S&C Electric Company, Schneider Electric SE, Toshiba Corporation and Tata Power.