North America Power Market Size (2024 - 2029)

The North American power market is experiencing growth, driven by increasing industrialization and urbanization, particularly in Mexico. Despite challenges such as political disturbances and high costs affecting power plant upgrades, the market has rebounded to pre-pandemic levels. The push for reduced carbon emissions in the United States and Canada has led to a rise in renewable energy installations, presenting future opportunities for market expansion. The United States is anticipated to lead the market due to its rising energy consumption.

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Market Size of North America Power Industry

North America Power Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 2.00 %

Major Players

North America Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Power Market Analysis

The North American power market is expected to register a CAGR of over 2% during the forecast period.

The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.

  • Increasing industrialization and urbanization in countries, such as Mexico, are expected to drive the North American power market.
  • However, the upgradation of these power plants is difficult, owing to political disturbances and cost-related issues. These factors are expected to have a negative impact on the North American power market.
  • The guidelines for decreasing carbon footprint by countries, such as the United States and Canada, boosted the installation of renewable plants in North America. This factor is expected to create several opportunities for the North American power market in the future.
  • The United States, due to its increasing energy consumption, is expected to dominate the market during the forecast period.

North America Power Industry Segmentation

Power generation is the production of electricity from sources such as fossil fuels, nuclear power plants, hydroelectric dams (except those with pumped storage), geothermal energy, solar energy, biofuels, wind energy, etc. It comprises the electricity generated in combined heat and power and electricity-only facilities.

 The market is segmented by generation, transmission and distribution, and geography. By generation, the market is segmented into conventional thermal, hydro, nuclear, and non-hydro renewable. The report also covers the market size and forecasts for the north America power market across the major countries. For each segment, the market sizing and forecasts have been done on the revenue (USD Billion).

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North America Power Market Size Summary

The North American power market is poised for growth, driven by increasing industrialization and urbanization, particularly in Mexico. Despite challenges such as political disturbances and cost-related issues affecting power plant upgrades, the market has rebounded to pre-pandemic levels. The push for reduced carbon emissions in the United States and Canada has spurred the installation of renewable energy plants, creating future opportunities for market expansion. The United States is expected to lead the market due to its rising energy consumption, with conventional thermal power, primarily from natural gas, continuing to dominate electricity generation.

The United States plays a pivotal role in the North American power market, accounting for a significant portion of the region's electricity generation. The country's commitment to expanding renewable energy, especially wind power, is expected to drive market growth. The government’s focus on increasing wind capacity, alongside other renewable sources, aligns with environmental goals and is likely to enhance the renewable energy sector. The market is moderately consolidated, with key players like General Electric Company and Oersted AS actively involved in technological advancements and project developments to bolster the region's power infrastructure.

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North America Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 North America Power Generating Capacity Forecast, in Megawatt (MW), till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

North America Power Market Size FAQs

The North America Power Market is projected to register a CAGR of less than 2% during the forecast period (2024-2029)

General Electric Company , Oersted A/S , Toshiba Corp and Bechtel Corporation - are the major companies operating in the North America Power Market.

Power Market in North America Report Snapshots

North America Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)