North American Power & Energy Outlook, 2024
Favorable State and Federal Regulations Drive Transformational Growth
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.
- Analysis Highlights
- Top Predictions for 2024
- Country Outlook
- Clean Power-State of Play
- Transformation in the NA Power Industry
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative 88
- The Impact of the Top 3 Strategic Imperatives on the NA Power & Energy Industry
- Ecosystem
- Scope of Analysis
- What is Included in the Power Sector Outlook Study?
- Growth Environment
- Industry Dynamics
- Trend 1-Accelerated Solar PV Growth
- Trend 2-Substantial BES Deployment
- Trend 3-Steady Growth of Onshore and Offshore Wind
- Trend 4-Increased LNG Exports and Gas Supply
- Trend 5-Investment in Grid Modernization
- Trend 6-Data Center Upgrades and Expansion
- Trend 7-Higher Rate of Digital Transformation
- Trend 8-Progress in Hydrogen Adoption but Still a Long Road Ahead
- Trend 9-Commercial Heat Pump Takeoff
- Trend 10-Industrial Electrification Advancements
- Trend 11-CHP Economics
- Trend 12-CCS Investment Acceleration
- Growth Generator
- NA Power Industry Investment Forecast
- Power Generation Capacity Forecast
- Power Generation Installed Capacity & Electricity Generated
- Annual Power Generation Investment by Country
- Growth Generator- Power Generation Investment for US and Canada
- 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 Universe
- Growth Opportunity 1-Municipalities, Utilities, and Electric Cooperatives
- Growth Opportunity 2-Combined Offering of Renewables and Batteries
- Growth Opportunity 3-Improvements in Grid Infrastructure & Smart Grid Solutions
- Key Conclusions & Future Outlook
- Conclusions & Future Outlook
- Best Practices Recognition
- Frost Radar
- Next Steps
- Benefits and Impacts of Growth Opportunities
- Next Steps
- Take the Next Step
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