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North America DC Microgrid Market Size

Report ID: GMI11580
Published Date: Sep 2024
Report Format: PDF

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North America DC Microgrid Market Size

North America DC Microgrid Market was valued at USD 1.8 billion in 2023 and is estimated to grow at a CAGR of 10.4% between 2024 to 2032. This localized energy system utilizes direct current power to effectively manage and distribute electricity sourced from renewables, energy storage, and DC-powered loads within a designated area. It facilitates the smooth integration of renewable technologies, including solar panels and wind turbines, and allows for the direct use and storage of energy, eliminating the need for conversion to alternating current.

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Growing emphasis on sustainability in the region is increasing their reliance on renewable energy sources, such as solar and wind leading to propel product demand to facilitate the direct integration of these renewable technologies. Increasing demand for products that can minimize energy losses associated with AC/DC conversion, helping businesses and utilities to achieve significant cost savings over time leading to boost industry growth.

North America DC Microgrid Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America DC Microgrid Market Size in 2023:	USD 1.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	10.4%
2032 Value Projection:	USD 4.8 Billion
Historical Data for:	2021 to 2023
No. of Pages:	60
Tables, Charts & Figures:	20
Segments covered:	Connectivity, Power Source, Storage Device, Application and Country
Growth Drivers:	Increasing renewable energy integration Rising urbanization and smart city initiatives
Pitfalls & Challenges:	Grid integration challenges

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Increasing frequency of extreme weather events and natural disasters has highlighted the need for resilient energy systems, creating demand for microgrids that can operate independently from the main grid, providing backup power during outages thereby fostering the product penetration. Rising investments in innovation in energy storage systems, such as batteries, and advanced control technologies to make the system more feasible will augment the product demand.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of North America DC microgrid was worth over USD 1.8 billion in 2023 and is projected to grow at a CAGR of 10.4% through 2032, owing to the increasing renewable energy integration.

The off-grid segment is predicted to hit USD 1.2 billion by 2032, due to its independence, which is particularly valuable in remote or underserved areas where grid access is limited or unreliable.

The flywheel segment is expected to grow at a CAGR of over 11% through 2032, owing to its high round-trip efficiency, typically ranging from 85% to 95%, making it ideal for applications requiring quick bursts of energy.

The U.S. DC microgrid market is anticipated to cross USD 3.5 billion by 2032, driven by increasing demand for reliable power solutions during outages.

Major key players in the North America DC microgrid industry include ABB, Enel X, Eaton Corporation, Hitachi Energy, PowerSecure, PG&E, Schneider Electric, SolarWorX, Sumitomo Electric Industries, Schaltbau Group, and Weidmuller.