North American Power & Energy Outlook, 2024

Description

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.

Product Code: KA1B-27

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 8™
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 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

Best Practices Recognition

Frost Radar

Frost Radar

Next Steps

Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
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