According to the research report titled ‘North America Microgrid Market Forecast 2027 Application, By Connectivity, By Grid Type, By Source, By Storage Device, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America microgrid market is expected to expand substantially over the forecast timespan 2021-2027.
 

Growing usage of modern technology with the purpose of preventing power outages is mainly driving the North America microgrid market growth, claims the study.
 

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Microgrids were first utilized by hospitals, data centers, and other institutions, which demonstrated great efficiency, and are now being employed by enterprises of all sizes. They enable the deployment of more zero-emission electricity sources, hence reducing greenhouse gas emissions.
 

Rising adoption of innovative and sustainable technologies is likely to boost the commercial potential of these solutions in North America as organizations in the region are striving to meet environmental goals. Moreover, rapid urbanization and rigid renewable energy guidelines for commercial and residential companies are favoring the market dynamics.
 

Sustainable on-site generation technologies coupled with smart control networking activities are anticipated to boost the usage of cutting-edge technologies. In addition, favorable regulatory initiatives targeted at decreasing carbon footprints, as well as controlling fossil fuel depletion will create new growth prospects for microgrid industry in North America.
 

Based on grid type, AC segment is set to hold a major revenue share by 2027 owing to continuous upgradation of existing electrical networks. Moreover, increasing deployment of high-voltage AC electrical infrastructure is expected to boost segmental expansion.
 

From a regional perspective, United States market is slated to grow rapidly, attributable to legislative incentives, high utility prices, and grid failure vulnerability. Several companies in the United States are considering adopting microgrids to help them transition to a low-carbon economy on their own or in conjunction with governments. For instance, NRG Energy converted its headquarters in Princeton, New Jersey, into a wholly microgrid demonstration project laboratory where concepts for real-world applications can be tested.
 

Increasing state-level regulations and programs to encourage solution deployment is expected to boost the North America microgrid market growth. Additionally, growing market penetration in areas such as California, Alaska, Georgia, Alaska, New York, Maryland, Oklahoma, and Texas, which are home to about 160 microgrids, is enhancing the industry outlook
 

Considering the competitive landscape, Spirae LLC, General Microgrids Inc., S&C Electric Co., Homer Energy LLC, Tesla Inc., Eaton Corp. plc, General Electric Co., Caterpillar Inc., Schneider Electric SE, and Siemens AG are among the major competitors in the market.