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North American Power & Energy Outlook, 2024
Favorable State and Federal Regulations Drive Transformational Growth
22-May-2024
North America
Market Outlook
KA1B-01-00-00-00
EG_2024_736
2024 is expected to be a year of significant growth for the renewable energy sector in North America because of favorable climate policies and regulations. In 2022, the United States passed the Inflation Reduction Act (IRA), which has boosted investor confidence and provided incentives for investment in domestic supply chains. Despite challenges related to inflation, the future looks bright for the renewable energy industry in 2024. However, developers, regulators, and other stakeholders must work hard to implement clean energy initiatives while addressing supply chain challenges, and reliability issues. This outlook study covers the growth environment of the region and what Frost & Sullivan predicts for the sector in 2024 and beyond, based on trends observed in the industry over the past two years. The study investigates investment opportunities available to North American industry participants from different power generation sources, highlights future growth opportunities, and provides strategic imperatives that market participants need to consider to capitalize on growth opportunities.
In addition, the outlook offers a comprehensive overview of top trends in the region, from the accelerating growth for solar PV, substantial deployments of battery energy storage (BES), and steady growth for onshore and offshore wind, to the advancement in industrial electrification, among others.
Author: Lucrecia Gomez
Top Predictions for 2024
Country Outlook
Clean Power—State of Play
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the NA Power & Energy Industry
Scope of Analysis
What is Included in the Power Sector Outlook Study?
Industry Dynamics
Industry Dynamics (continued)
Trend 1—Accelerated Solar PV Growth
Trend 1—Accelerated Solar PV Growth (continued)
Trend 2—Substantial BES Deployment
Trend 2—Substantial BES Deployment (continued)
Trend 3—Steady Growth of Onshore and Offshore Wind
Trend 3—Steady Growth for Onshore and Offshore Wind (continued)
Trend 3—Steady Growth for Onshore and Offshore Wind (continued)
Trend 4—Increased LNG Exports and Gas Supply
Trend 4—Increased LNG Exports and Gas Supply (continued)
Trend 5—Investment in Grid Modernization
Trend 5—Investment in Grid Modernization (continued)
Trend 6—Data Center Upgrades and Expansion
Trend 6—Data Center Upgrades and Expansion (continued)
Trend 7—Higher Rate of Digital Transformation
Trend 7—Higher Rate of Digital Transformation (continued)
Trend 8—Progress in Hydrogen Adoption but Still a Long Road Ahead
Trend 8—Progress in Hydrogen Adoption but Still a Long Road Ahead (continued)
Trend 9—Commercial Heat Pump Takeoff
Trend 9—Commercial Heat Pump Takeoff (continued)
Trend 10—Industrial Electrification Advancements
Trend 10—Industrial Electrification Advancements (continued)
Trend 11—CHP Economics
Trend 11—CHP Economics (continued)
Trend 12—CCS Investment Acceleration
Trend 12—CCS Investment Acceleration (continued)
NA Power Industry Investment Forecast
Power Generation Capacity Forecast
Power Generation Installed Capacity & Electricity Generated
Annual Power Generation Investment by Country
US Power Generation Investment Forecast
US Power Generation Industry Analysis
US Power Generation Installed Capacity & Electricity Generated
Canada Power Generation Investment Forecast
Canada Power and Energy Industry Analysis
Canada Power Generation Installed Capacity & Electricity Generated
Growth Opportunity 1—Municipalities, Utilities, and Electric Cooperatives
Growth Opportunity 1—Municipalities, Utilities, and Electric Cooperatives (continued)
Growth Opportunity 2—Combined Offering of Renewables and Batteries
Growth Opportunity 2—Combined Offering of Renewables and Batteries
Growth Opportunity 3—Improvements in Grid Infrastructure & Smart Grid Solutions
Growth Opportunity 3—Improvements in Grid Infrastructure & Smart Grid Solutions (continued)
Conclusions & Future Outlook
Best Practices Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
List of Figures
- Solar Investment by Segment, NA, 2023 & 2030
- Solar PV Annual Capacity Installation (MW) by Country, NA, 2023 & 2035
- Power & Energy: Stationary Li-ion/LA Battery Investment Forecast, NA, 2023–2035
- Power & Energy: BESS Annual Installed Power Capacity Forecast by Country, NA, 2023–2035
- Wind Power Annual Capacity Installation (MW) by Country, NA, 2023 & 2035
- Natural Gas Annual Addition by Country, NA, 2023 & 2035
- Power & Energy: Programs Supporting LV Grid Modernization, NA, 2023
- Planned Transmission Infrastructure Investment, NA, 2024–2030
- Electrical Equipment Revenue Forecast by Technology, NA, 2023–2030
- Data Center Investment Forecast, NA, 2023–2030
- Digital Expenditure Forecast, NA, 2020 & 2030
- Cumulative Electrolyzers Installed Capacity Forecast, NA, 2023–2030
- Electrolyzer Manufacturing Capacity by Participant, NA, 2023
- Commercial Heat Pumps Unit Sales Forecast, US, 2023–2030
- Commercial Heat Pumps: Revenue Forecast, US, 2023–2030
- CHP Revenue and Annual Installed Capacity Forecast, NA, 2023–2030
- CHP Annual Installed Capacity Forecast by Application, NA, 2023 & 2030
- CCS in the Power Industry Annual Capacity Addition Forecast, Americas, 2023, 2030, & 2035
- Projected CSS Revenue Share by End-user Industry, NA, 2030
- Power & Energy: Power Generation Investment Forecast, NA, 2023–2035
- Power and Energy: Annual Installation by Country and Fuel Type, NA, 2023–2035
- Power Generation Installed Capacity by Fuel Type, NA, 2023, 2030, & 2035
- Electricity Generated by Fuel Type, NA, 2023, 2030, & 2035
- Power & Energy Outlook: Investment by Country, NA, 2023–2035
- Power Generation Investment Forecast, US, 2023–2035
- Power Generation Installed Capacity by Fuel Type, US, 2023, 2030, & 2035
- Electricity Generated by Fuel Type, US, 2023, 2030, & 2035
- Power Generation Investment Forecast, Canada, 2023–2035
- Power Generation Installed Capacity by Fuel Type, Canada, 2023, 2030, & 2035
- Electricity Generated by Fuel Type, Canada, 2023, 2030, & 2035
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