As per Centre for Climate and Energy Solutions (C2ES), renewable energy has grown at the fastest rate as compared to other sources, with solar generation estimated to become the fastest growing electricity source that is anticipated to grow from 7% in 2015 to around 36% of the total energy renewable generation in the U.S. by 2050.
CRIFAX added a report on ‘North America Medium Voltage Switchgear Market, 2021-2030’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
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The consumption of energy has been increasing over the last decade followed by growing demand for energy and power from among the population. Further, change in climatic conditions on account of global warming is driving the high demand for energy in the region, which is anticipated to drive the growth of the market over the forecast period (2021-2030). The demand for alternative sources of energy has increased and many methods are being explored to generate power through alternative energy sources that are renewable and sustainable in order to fulfil the energy demands in the region. Solar generation is estimated to be the source of energy that can be tapped and is expected to be the energy source that would be increasingly available. Moreover, it is predicted that at least 36% of total renewable energy generation in the U.S. would be available by 2050 through solar generation from a meagre 7% that was generated as of 2015.
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The consumption of power through the use of fossil fuels for generating power had been the highest, with usage of coal accounting for more than 50% of all electricity generated in the U.S. It was predicted that renewables contributed about 15 percent towards electricity generation in the year 2016 which may increase to 25 percent by 2030 in the U.S. Hydropower, wind power and biomass had contributed to majority of power generated in the U.S. and they have helped to bring down the emission levels of greenhouse gases considerably with hydro power being relatively cheaper for consumption. As of 2018, fossil fuels are the primary source of energy consumed in the U.S. forming about 80% of the energy consumed in the U.S. Canada contributed about 5% of the global production of natural gas. Additionally, Canada recorded a production of 28.2 million MWh of electricity through hydro generation as of 2019. Rising number of steps taken to embrace alternative and sustainable sources of energy is estimated to to positively impact the growth of the North America Medium Voltage Switchgear market over the forecast period.
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To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the North America Medium Voltage Switchgear market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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