North America Energy Market was valued at USD 100 Billion in 2022 and is projected to reach USD 150 Billion by 2030, growing at a CAGR of 6% from 2024 to 2030.
The North American energy landscape is undergoing a significant transformation, driven by the evolving requirements of various industries. As sectors like manufacturing, technology, and data centers expand, their energy demands intensify, prompting a shift towards innovative solutions to ensure reliability, efficiency, and sustainability.
Data centers, for instance, are experiencing exponential growth due to the surge in digital activities. This expansion has led to increased energy consumption, with projections indicating that data centers could account for a substantial portion of future energy demands. To address this, companies are exploring industrial-scale carbon capture and underground storage to meet environmental goals. Exxon Mobil predicts data centers will make up 20% of the carbon capture market by 2050. Already, Meta has partnered with Entergy for a carbon capture project in Louisiana to offset emissions from new gas plants. As the demand for data centers drives energy consumption, utilities are building more natural gas plants. The feasibility and costs of broad implementation remain uncertain, but with support from federal tax credits and high electricity premiums, carbon capture could expand to meet data center needs.
In the manufacturing sector, energy efficiency remains paramount. The U.S. industrial sector accounts for approximately 38% of total U.S. economy emissions. Under business-as-usual (BAU) operations, the U.S. industrial sector’s energy consumption and energy-related CO2 emissions are projected to grow significantly by 2050. To curb these emissions, there is a concerted effort to quickly move state-of-the-art emissions reduction technologies to today’s factory floors while continuously innovating to develop the next wave of breakthrough ideas. This initiative aims to reduce greenhouse gas emissions, enhance productivity, and create stable, well-paying jobs.
Energy storage solutions are also gaining traction across North America. Canadian Solar Inc. announced a nearly $712 million investment to build the Shelbyville Battery Manufacturing plant in Kentucky, anticipated to create 1,572 jobs. The facility will produce large-scale batteries for energy storage, contributing significantly to securing a reliable electric grid. Set to begin production by late 2025, these batteries will stabilize power supply from renewable sources like wind and solar. Governor Andy Beshear highlighted this initiative as pivotal to Kentucky's aspirations to become the U.S. battery capital. The plant will be the largest economic project in Shelby County’s history and will include an R&D lab to advance battery technology. The state has offered tax incentives linked to the company's investment and job creation.
Moreover, the integration of renewable energy sources is reshaping the energy market. State officials in Illinois are concerned about grid reliability amid soaring demands for electricity and the decline of the fossil fuel sector. Experts fear that without prompt action, electricity prices will surge, and rolling blackouts will become common. Key factors contributing to this are the growing number of energy-intensive data centers, lagging renewable energy generation, and delays by regional grid operators. Legislators are considering new incentives for energy storage to mitigate the intermittent nature of renewables. Proposed bills could authorize state agencies to treat energy storage like renewable energy and prompt quicker integration of storage systems. Illinois' renewable energy plan aims for 40% of electricity sales to come from renewables by 2030, but current progress falls short. Additionally, transmission line issues and regulatory backlogs further complicate the energy transition. With data centers significantly increasing electricity demand, Illinois faces pressing decisions to balance cost, decarbonization goals, and grid reliability.
In my professional experience, collaborating with industries across North America has underscored the critical need for adaptable energy strategies. Companies are increasingly investing in energy-efficient technologies, renewable energy integration, and advanced storage solutions to meet their operational requirements while adhering to environmental standards. This proactive approach not only ensures compliance but also enhances competitiveness in a rapidly evolving market.
As industries continue to evolve, the North America Energy Market must adapt to meet these dynamic requirements, ensuring a sustainable and resilient energy future.
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Linde Engineering
Cryolor
Triumph
Cryoquip
Cryonorm
Fuping Gas Equipment
Chart Industries
Fiba Technologies
Isisan Isi
Sing Swee Bee Enterprise
Inox India
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the North America Energy Market
LNG
Petrochemical Industries
Based on Types the Market is categorized into Below types that held the largest Energy market share In 2023.
Low Pressure Vaporizer
High Pressure Vaporizer
North America (United States, North America and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the North America Energy Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. North America Energy Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. North America Energy Market, By Type
6. North America Energy Market, By Application
7. North America Energy Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
8. North America Energy Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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