North American Power & Energy Outlook, 2024

North American Power & Energy Outlook, 2024

Favorable State and Federal Regulations Drive Transformational Growth

RELEASE DATE
22-May-2024
REGION
North America
Deliverable Type
Market Outlook
Research Code: KA1B-01-00-00-00
SKU: EG_2024_736
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Description

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

Table of Contents

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

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
More Information
Deliverable Type Market Outlook
Author Lucrecia Gomez
Industries Energy
No Index No
Is Prebook No
Podcast No
WIP Number KA1B-01-00-00-00