The outlook provides an extensive review of key trends shaping North America’s energy landscape in 2024, highlighting accelerating growth in solar PV, substantial deployments of battery energy storage (BES), and ongoing advancements in onshore and offshore wind. Industrial electrification also stands out as a significant area of development.
Favorable climate policies and regulatory frameworks are set to propel significant expansion within the renewable energy sector throughout North America in 2024. The introduction of the Inflation Reduction Act (IRA) in the United States in 2022 has bolstered investor confidence and incentivized investments across domestic supply chains, despite challenges associated with inflation.
Efforts to implement clean energy initiatives, tackle supply chain obstacles, and enhance reliability are critical areas of focus for developers, regulators, and stakeholders moving forward. This outlook study assesses the growth environment within the region and offers projections for the sector in 2024 and beyond, drawing on industry trends observed over the past two years.
Key aspects explored include investment opportunities across various power generation sources, emerging growth prospects, and strategic imperatives essential for market participants to capitalize on forthcoming opportunities.
Growth Opportunity Universe:
- Municipalities, Utilities, and Electric Cooperatives
- Integrated Renewable and Battery Solutions
- Grid Infrastructure Enhancements & Smart Grid Solutions
Industry Dynamics:
- Accelerated Growth of Solar PV
- Significant Deployment of Battery Energy Storage
- Continued Expansion of Onshore and Offshore Wind
- Increased LNG Exports and Gas Supply
- Investments in Grid Modernization
- Expansion and Upgrades in Data Centers
- Advancements in Industrial Electrification
- Progress in Hydrogen Adoption
- Rise of Commercial Heat Pumps
- Economic Viability of Combined Heat and Power (CHP)
- Acceleration of Carbon Capture and Storage (CCS) Investments
The report covers in-depth analysis on:
- Key Predictions for 2024
- Country-specific Outlooks
- Current State and Future Prospects of Clean Power
- Transformative Trends in the North American Power Industry
Addressing the challenges and opportunities within this dynamic landscape, the study underscores the strategic imperatives necessary for navigating the evolving North American power and energy sector. It also evaluates the impact of these imperatives on industry dynamics and outlines the ecosystem and scope of analysis included in the power sector outlook study.
Growth Generator Highlights:
- Investment Forecasts for North American Power Industry
- Projections for Power Generation Capacity
- Estimates for Installed Capacity and Electricity Generation
- Annual Investment Trends in Power Generation by Country
Detailed forecasts are provided for:
- Power Generation Investment in the United States
- Analysis of the US Power Generation Industry
- Installed Capacity and Electricity Generation Trends in the US
- Investment Outlook for Canada’s Power Generation Sector
- Analysis of Canada’s Power and Energy Industry
- Installed Capacity and Electricity Generation Trends in Canada
