Error: The 'Microsoft.ACE.OLEDB.12.0' provider is not registered

When working with an Excel data source, you may encounter error messages that indicate the Microsoft ACE OLE DB provider is not registered.

This error can be presented in many forms. 

Examples:

"The 'Microsoft.ACE.OLEDB.12.0' provider is not registered on the local machine."

"The requested OLE DB provider Microsoft.ACE.OLEDB.12.0 is not registered. If the 64-bit driver is not installed, run the package in 32-bit mode. Error code: 0x00000000."

"An OLE DB record is available. Source: "Microsoft OLE DB Service Components" Hresult: 0x80040154 Description: "Class not registered"."

"The 'Microsoft.ACE.OLEDB.12.0' provider is not registered on the local machine. For more information, see http://go.microsoft.com/fwlink/?LinkId=219816. SSIS Error Code DTS_E_CANNOTACQUIRECONNECTIONFROMCONNECTIONMANAGER."

"The AcquireConnection method call to the connection manager "Data Source Forecast_Sales" failed with error code 0xC0209303. There may be error messages posted before this with more information on why the AcquireConnection method call failed."