Rising Grid Modernization as well as improved focus on energy efficiency is analyzed to boost the U.S Microgrid market during the forecast period 2021-2026.
U.S. Microgrid Market Size is forecast to reach $6.5 billion by 2026, at a CAGR of 13.7% during 2021-2026. Northeast region in U.S is dominated the market by a market share of more than 31% in 2020. The U.S. Northeast is one major regions that has been witnessing an increased number of power outages in recent years due to natural calamities and bad weather. In a 2017 report, the American Society of Civil Engineers reported that there were 3,571 total outages in 2019, lasting 49 minutes on average. As per the U.S. Energy Information Administration (EIA), in 2019, electricity consumers in the U.S. witnessed power outages for an average of 7.8 hours annually. In the United States, most ice storms are in the north-eastern part of the country. The number and duration of power outages in the region have increased due to an increase in the magnitude and frequency of hurricanes and ice storms, which are creating opportunities for the microgrid market in the region. Furthermore, utility microgrid projects in the region include “National Grid’s Potsdam Microgrid which planned to try out the services in Potsdam, New York. Hence these factors are analysed to drive the market in the forecast period 2021-2026.
The production of reliable back-up battery systems to ensure an uninterrupted supply of energy is necessary for power storage and transmission. Such storage systems are actively being designed by companies in the lead acid industry for energy storage, with a specific emphasis on government bodies who need to ensure the continuous delivery of electricity to households and factories. According to the International Renewable Energy Agency (IRENA), at the end of 2019, global renewable energy potential stood at 2,537 GW, reflecting a 25 percent growth in wind and solar electricity. Although renewable energy potential is rising at an incredible pace, the energy market faces a challenge in the form of energy storage. It is predicted by the International Energy Agency (IEA) that the planet will need 266 GW of energy storage by 2030.
Energy storage flow battery technology could potentially substitute or compete with diesel and lithium ion generation as part of a microgrid kit, but demand stability and cost competitiveness need to be strengthened. Flywheel energy storage (FES) has attracted new interest in a plant microgrid for uninterruptible power supply (UPS) applications. The FES has been a successful alternative to conventional battery storage systems because of technical advances in materials technology, bearings, power electronics and others. The main growth drivers in this area are rapid urbanisation, industrialisation and the growing demand for electricity. Private sector involvement in the production of investments will significantly induce the economy in the right direction.
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U.S Microgrid Market Growth Drivers:
Growing Rural demand Driven by Rising Government initiatives
The Government of the country is taking several initiatives for the adoption of micro grids. In 2020, a legislation was passed in Hawaii for establishing micro grid service tariffs for the state power company and its subsidiaries. US micro grid market share is expected witness substantial expansion, owing to similar moves taken by other starts nationwide. Furthermore Rural areas in U.S. pay at least double the amount for their setting up complete electric network. Owing to this reason several rural areas in this country have been setting up micro grids. For instance, Residents of Maine’s Isle au Haut are investing in their own micro grid to address aging infrastructure, high utility costs and a reliance on the mainland. Hence increased adoption of Micro grids in U.S. is analyzed to drive the market in the forecast period 2021-2026.
The Major Players in this Market Include
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the U.S. Microgrid market. In 2019, the market of U.S. Microgrid industry outlook has been fragmented by several companies. U.S. Microgrid top 10 companies include Siemens, Schneider, Honeywell, Eaton, AWS TruePower/Homer Energy, S&C Electric, Bloom Energy, Box Power, Power Analytics Corporation, Exelon Corporation among others. In 2020, Bloom Energy launched Quick-Deploy Microgrid Program to help customers prepare for future wildfire seasons with permanent AlwaysON Microgrids for their facilities.
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