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 the publisher 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.