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North America Hybrid Microgrid Market Trends

Report ID: GMI9567
Published Date: May 2024
Report Format: PDF

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North America Hybrid Microgrid Market Trends

Rising need for energy security and resilience against natural disasters, cyber-attacks, and other disruptions is boosting the demand for solutions offering a reliable and secure power supply by operating independently from the main grid during emergencies, thereby escalating the product penetration. Increasing focus on sustainability and the transition to renewable energy sources will augment the market landscape. Furthermore, corporations and communities are increasingly adopting hybrid solutions to achieve sustainability goals, reduce energy costs, and enhance resilience, thereby accelerating the product demand.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of North America hybrid microgrid was reached USD 608.7 million in 2023 and is expected to register 10.7% CAGR from 2024 to 2032, owing to the growing energy consumption in the region coupled with the aging electrical infrastructure.

North America hybrid microgrid industry from the grid connected segment and is likely to exceed USD 1.22 billion by 2032 due to rising demand for continuous power supply during grid outages or disruptions.

The U.S. hybrid microgrid industry is expected to cross USD 463 million by 2032 due to rising support from the government in terms of polices and incentives and various grants and subsidies supporting the financial viability of microgrid projects.

ENGIE, FlexGen Power Systems, General Electric, HOMER Energy, Langley Holdings, MTU Solution, Piller Power Systems, S&C Electric Company, Schneider Electric SE, Siemens AG, Stellae Energy, and Yanmar Holdings Co., Ltd, are some of the major hybrid microgrid companies in North America.