North America Microgrid Market Size, Share, Growth Analysis, By Grid type(Alternate current microgrid, Direct current microgrid, and Hybrid.), By Power source(Natural gas, Combined heat and power, Diesel, solar), By Region - Industry Forecast 2024-2031

North America Microgrid Market size was valued at USD 3 billion in 2021 and is poised to grow from USD 3.42 billion in 2022 to USD 9.76 billion by 2030, growing at a CAGR of 14% in the forecast period (2023-2030).

The North America microgrid market has experienced substantial growth and evolution in recent years, driven by a convergence of technological advancements, energy security concerns, and a shifting energy landscape. Microgrids are localized energy systems that can operate independently or in conjunction with the main grid, utilizing a combination of distributed energy resources (DERs) like solar panels, wind turbines, batteries, and backup generators. One of the primary drivers behind the surge in microgrid adoption is the increasing need for energy resilience and reliability. Extreme weather events, natural disasters, and grid vulnerabilities have highlighted the importance of having resilient energy solutions that can continue to provide power during disruptions.

Microgrids offer the ability to "island" from the main grid, ensuring critical facilities like hospitals, military bases, and data centers have a reliable power supply. Renewable energy integration is another key factor influencing the market. North America has witnessed a growing emphasis on reducing carbon emissions and transitioning towards cleaner energy sources. Microgrids facilitate the integration of renewable resources into the energy mix, enhancing sustainability and reducing dependence on fossil fuels. Moreover, advancements in energy storage technologies have significantly contributed to microgrid development. Batteries and other storage solutions enable microgrids to store excess energy generated during peak production periods for use during high-demand periods or grid outages. This enhances grid stability and can also contribute to load management and cost savings. Government policies and incentives have also played a pivotal role in fostering the microgrid market. Various federal and state-level initiatives have encouraged the deployment of microgrids by offering grants, tax credits, and regulatory support. These incentives have attracted investments from both public and private sectors.

North America Microgrid Market is poised to grow at a sustainable CAGR for the next forecast year.