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Energy - Industry - North America Market, Share and Trends 2023-2028

Report ID:

ENIND1N

|

Industry:

Summary of Energy

The extensive R&D spending, supportive culture of innovation and early adoption of new technologies have established the region as the global leader in energy sectors. The total market value for these industries impressively stands at $598 billion for 2023 according to our estimates.

The region has established itself at the forefront of developing cutting-edge energy solutions through large R&D investments and an entrepreneurial culture supportive of new ideas. Total venture funding in North American cleantech startups stands impressively at $578 billion for 2023.

The US accounts for around 85% of regional cleantech funding due to the scale of investment by corporations like Tesla, Microsoft and startups in Silicon Valley, New York and Boston. Innovation hubs in these cities spearhead developments in— renewable energy, energy storage, electric vehicles and smart grid technologies.

Canada is a leader in sectors like carbon capture, utilization and storage, as well as distributed renewable energy systems. Government incentives and engineering talent pools in major cities support thriving cleantech communities. Initiatives to boost STEM education and entrepreneurship have accelerated growth of solar, wind and other renewable industries.

Recent Trends and Insights

Investment in cleantech startups across the region has skyrocketed in recent years. In 2022— total funding exceeded $390 billion globally according to our estimates, cementing North America's position as the top destination for both public and private sector investment in energy R&D.

The rapid deployment of enabling infrastructure like advanced transmission lines and energy storage is allowing greater penetration of intermittent power sources like— solar and wind. This is supporting the energy transition while creating new opportunities for innovators.

From transportation to buildings to industry, initiatives to reduce emissions are spurring demand for new technologies in electric vehicles, smart appliances, carbon capture and low-carbon fuels.

As certain jobs are impacted it is even more imperative to ensure access to retraining and jobs of the future will be important to manage the energy transition responsibly and inclusively.

Product Insights

Advancing Renewable Energy Technologies are upholding the energy transition movement in North America. Innovations in battery storage, smart inverters, advanced solar panels and next-generation wind turbines continue enhancing renewable energy's cost competitiveness and grid integration potential.

Electric vehicle adoption is surging, supported by the commercialization of higher-range and lower-cost EVs as well as the expansion of public charging infrastructure across the region. Companies are actively developing renewable natural gas, sustainable aviation fuels and green hydrogen to decarbonize sectors that rely heavily on liquid fuels.

All types of electric vehicle production will undergo strong growth with production units set to exceed significantly by 2035. An increasing number of EV sales will see their share within the light vehicle market rise promptly. Investments in smart meters, distribution automation, microgrids and distributed energy resources aim to build a more flexible and resilient power system.

Key Companies

Some major players within this vast domain of industry are

  • A. Mortenson Co
  • Swinerton Renewable Energy Inc
  • Canadian Solar Inc
  • Trina Solar Co Ltd
  • Vestas Wind Systems AS
  • TotalEnergies SE
  • General Electric Company
  • Oersted AS
  • Bechtel Corporation

Regional Analysis

The North America energy transition market is gaining momentum staunchly with significant investments in electric vehicles, renewable energy, renewable fuels, carbon capture, utilization and storage (CCUS) and hydrogen.

With the major contributor as – Gas - it has been the biggest power generation source in North America since 2015 and will continue to produce around 25% of the region's electricity through to 2035. Other major power types include coal, wind, oil, solar PV and biopower.

A record number of extreme weather events and outages in the past year have led to increased interest in renewable energy sources. Twenty-nine jurisdictions — representing around half of US electricity retail sales — have mandatory renewable portfolio standards and 24 jurisdictions have zero greenhouse gas emissions or 100% renewable energy goals spanning 2030 through 2050.

Hydrogen is emerging as a significant part of the energy transition in North America with potential applications in various sectors including— transportation, industry and power.

The electric power industry is preparing for as much as a tripling of US electricity demand within building and industrial segments as well as the growth of data centers using energy-intensive applications such as AI.

Market Segmentation

By Type:

  • Oil & Gas
  • Coal
  • Nuclear
  • Hydroelectric
  • Wind
  • Solar
  • Other Renewables

By End User:

  • Residential
  • Commercial
  • Industrial
  • Transportation

By Enterprise Size:

  • Large Enterprises
  • Small & Medium Enterprises

By Country:

  • The U.S.
  • Canada
  • Mexico

Our Methodology

We have offered a well-founded review of the North America’s regional energy market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as-- case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The North America Size of the Energy Industry is USD 598 Billion in 2023 and is expected to grow to USD 895.51 Billion by 2029

The CAGR of the Energy Industry Market in North America is 6.97%

The U.S region accounts for 67% of the total market share of the Energy Industry Market

The key players in the Energy Industry Market in North America are Exxon Mobil Corp, Chevron Corp, Petroleos Mexicanos, Cenovus Energy Inc and Suncor Energy Inc. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Energy Industry Market in North America are Resource Availability, Regulatory Environment, Technological Advancements, Economic Conditions and Geopolitical Influences. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

Summary of Energy

The extensive R&D spending, supportive culture of innovation and early adoption of new technologies have established the region as the global leader in energy sectors. The total market value for these industries impressively stands at $598 billion for 2023 according to our estimates.

The region has established itself at the forefront of developing cutting-edge energy solutions through large R&D investments and an entrepreneurial culture supportive of new ideas. Total venture funding in North American cleantech startups stands impressively at $578 billion for 2023.

The US accounts for around 85% of regional cleantech funding due to the scale of investment by corporations like Tesla, Microsoft and startups in Silicon Valley, New York and Boston. Innovation hubs in these cities spearhead developments in— renewable energy, energy storage, electric vehicles and smart grid technologies.

Canada is a leader in sectors like carbon capture, utilization and storage, as well as distributed renewable energy systems. Government incentives and engineering talent pools in major cities support thriving cleantech communities. Initiatives to boost STEM education and entrepreneurship have accelerated growth of solar, wind and other renewable industries.

Recent Trends and Insights

Investment in cleantech startups across the region has skyrocketed in recent years. In 2022— total funding exceeded $390 billion globally according to our estimates, cementing North America's position as the top destination for both public and private sector investment in energy R&D.

The rapid deployment of enabling infrastructure like advanced transmission lines and energy storage is allowing greater penetration of intermittent power sources like— solar and wind. This is supporting the energy transition while creating new opportunities for innovators.

From transportation to buildings to industry, initiatives to reduce emissions are spurring demand for new technologies in electric vehicles, smart appliances, carbon capture and low-carbon fuels.

As certain jobs are impacted it is even more imperative to ensure access to retraining and jobs of the future will be important to manage the energy transition responsibly and inclusively.

Product Insights

Advancing Renewable Energy Technologies are upholding the energy transition movement in North America. Innovations in battery storage, smart inverters, advanced solar panels and next-generation wind turbines continue enhancing renewable energy's cost competitiveness and grid integration potential.

Electric vehicle adoption is surging, supported by the commercialization of higher-range and lower-cost EVs as well as the expansion of public charging infrastructure across the region. Companies are actively developing renewable natural gas, sustainable aviation fuels and green hydrogen to decarbonize sectors that rely heavily on liquid fuels.

All types of electric vehicle production will undergo strong growth with production units set to exceed significantly by 2035. An increasing number of EV sales will see their share within the light vehicle market rise promptly. Investments in smart meters, distribution automation, microgrids and distributed energy resources aim to build a more flexible and resilient power system.

Key Companies

Some major players within this vast domain of industry are

  • A. Mortenson Co
  • Swinerton Renewable Energy Inc
  • Canadian Solar Inc
  • Trina Solar Co Ltd
  • Vestas Wind Systems AS
  • TotalEnergies SE
  • General Electric Company
  • Oersted AS
  • Bechtel Corporation

Regional Analysis

The North America energy transition market is gaining momentum staunchly with significant investments in electric vehicles, renewable energy, renewable fuels, carbon capture, utilization and storage (CCUS) and hydrogen.

With the major contributor as – Gas - it has been the biggest power generation source in North America since 2015 and will continue to produce around 25% of the region's electricity through to 2035. Other major power types include coal, wind, oil, solar PV and biopower.

A record number of extreme weather events and outages in the past year have led to increased interest in renewable energy sources. Twenty-nine jurisdictions — representing around half of US electricity retail sales — have mandatory renewable portfolio standards and 24 jurisdictions have zero greenhouse gas emissions or 100% renewable energy goals spanning 2030 through 2050.

Hydrogen is emerging as a significant part of the energy transition in North America with potential applications in various sectors including— transportation, industry and power.

The electric power industry is preparing for as much as a tripling of US electricity demand within building and industrial segments as well as the growth of data centers using energy-intensive applications such as AI.

Market Segmentation

By Type:

  • Oil & Gas
  • Coal
  • Nuclear
  • Hydroelectric
  • Wind
  • Solar
  • Other Renewables

By End User:

  • Residential
  • Commercial
  • Industrial
  • Transportation

By Enterprise Size:

  • Large Enterprises
  • Small & Medium Enterprises

By Country:

  • The U.S.
  • Canada
  • Mexico

Our Methodology

We have offered a well-founded review of the North America’s regional energy market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as-- case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The North America Size of the Energy Industry is USD 598 Billion in 2023 and is expected to grow to USD 895.51 Billion by 2029

The CAGR of the Energy Industry Market in North America is 6.97%

The U.S region accounts for 67% of the total market share of the Energy Industry Market

The key players in the Energy Industry Market in North America are Exxon Mobil Corp, Chevron Corp, Petroleos Mexicanos, Cenovus Energy Inc and Suncor Energy Inc. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Energy Industry Market in North America are Resource Availability, Regulatory Environment, Technological Advancements, Economic Conditions and Geopolitical Influences. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

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We are Ruskin Felix Consulting (RFC), a global strategic advisory firm. For over a decade, we have partnered with clients worldwide to solve complex business and technology challenges. Whether you need strategic advice, market research, or solutions to make important decisions, we’ve got you covered.

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rfc logo transparent

Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

About Us

We are Ruskin Felix Consulting (RFC), a global strategic advisory firm. For over a decade, we have partnered with clients worldwide to solve complex business and technology challenges. Whether you need strategic advice, market research, or solutions to make important decisions, we’ve got you covered.

RFC Mentorship

At RFC, we believe that every great idea deserves a chance to shine. With our expert guidance, cutting-edge strategies, and meticulous attention to detail, we’ll work hand in hand with you to create strategies and guidance that helps you scale, build and develop your idea into a ready product in the market.