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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
North America Renewable Electrical Maintenance Market Size
The North America renewable electrical maintenance market reached nearly USD 559.13 million in 2023. The market is projected to grow at a CAGR of 19.3% between 2024 and 2032 to reach around USD 2670.72 million by 2032.
Key Takeaways
- The abundance of natural resources in North America has made the region lucrative for renewable energy production.
- RESA Power, LLC, Shermco, and General Electric Company are a few of the major companies in the market.
- Canada’s renewable energy investment tax credit (ITC) introduced in the 2023 federal budget provides a 30% tax write-off for renewable technologies deployed until 2034 in Canada.
The increasing focus on sustainability has generated a higher need for renewable energy solutions like solar, wind, hydro, and geothermal power. The primary drivers behind the swift adoption of these energy systems include their cost-effectiveness, ability to enhance energy security, and their minimal or negligible environmental impact.
Some of the factors driving the North America renewable electrical maintenance market growth are the growing adoption of renewable energy sources and favourable government initiatives, such as the Build Back Better Act in the United States, actively promoting the installation of wind turbines and solar panels. Additionally, states like Arizona are setting ambitious targets, aiming to source 15% of their energy exclusively from renewable sources by 2025.
North America Renewable Electrical Maintenance Market Report Snapshots
North America Renewable Electrical Maintenance Market Size
North America Renewable Electrical Maintenance Market Trends
North America Renewable Electrical Maintenance Manufacturers
North America Renewable Electrical Maintenance Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market value was approximately USD 559.13 million.
The market is projected to grow at a CAGR of 19.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2670.72 million by 2032.
The major drivers include rising adoption of renewable energy sources due to favourable government policies and rising investments in renewable energy projects.
The key trends include increasing integration of artificial intelligence (AI) in regular maintenance of renewable energy systems and technological advancements and innovations.
The different types of renewable electrical maintenance include geo-thermal energy services, hydro energy services, wind energy services, and solar energy services.
The major deployment modes of renewable electrical maintenance include onsite and offsite.
The major players in the market include RESA Power, LLC, Shermco, General Electric Company, ABB Ltd., Emerson Electric Co., RENEW, Canadian Solar Inc, and Suntrek Industries, Inc.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124