North American Power & Energy Outlook, 2022

North American Power & Energy Outlook, 2022

After a challenging year in 2020, the year 2021 redefined the global energy industry in many ways. The world witnessed rising concern about climate change and demand for sustainable solutions and processes. Following the latest COP summit, more than 100 countries have pledged commitment to net-zero emissions by 2050. In North America, Canada announced a commitment to reduce total greenhouse gas emissions by 40 to 45% from 2005 levels by 2030, and the United States aims to cut its emissions in half by 2030 (between 50 and 52% from 2005 levels).

Despite the difficulties brought on by the COVID-19 pandemic, stakeholders across the energy value chain exhibited great resilience by developing innovative business models and sustainable practices to increase their sales. This activity resulted in record growth for the renewable industry in 2021. And in spite of the supply chain constraints, in 2022, installation of renewable energy sources is poised to continue its momentum as demand for clean energy solutions accelerates in North America.

Renewables was the big story in 2021, and 2022 will experience the continuity of that momentum as more and more stakeholders are pursuing their sustainability targets. Frost & Sullivan predicts investments of more than $62 billion in the renewable energy sector across North America in 2022.

This research offers a comprehensive overview on top power and energy trends for North America in 2022, including the re-focus of US energy policy on cleaner energy, domination of renewables (solar PV, wind, hydro, and geothermal), the next wave of gas, the future of nuclear power, the question of whether coal can phase out, the upcoming hydrogen economy, the rise of power storage, and digital transformation.

This Frost & Sullivan research service analyzes the North American power and energy market from 2020 to 2030, with 2021 as the base year. It offers power investment predictions for selected countries segmented by the various power generation sources. The research also highlights future growth opportunities and the strategic imperatives market participants need to consider to capitalize on them.