Who are the key players in North America Thermal Power Market?

NextEra Energy, Inc., Dominion Energy, Inc., Duke Energy Corporation, Southern Company and American Electric Power Company Inc are the major companies operating in the North America Thermal Power Market. Read More

What years does this North America Thermal Power Market cover, and what was the market size in 2023?

In 2023, the North America Thermal Power Market size was estimated at 650 gigawatt. The report covers the North America Thermal Power Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Thermal Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

North America Thermal Power Market Size

Market Size of North America Thermal Power Industry

North America Thermal Power Market Summary

Study Period	2019 - 2029
Base Year For Estimation	2023
Forecast Data Period	2024 - 2029
Historical Data Period	2019 - 2022
CAGR (2024 - 2029)	0.91 %
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

North America Thermal Power Market Analysis

The North America Thermal Power Market size in terms of installed base is expected to grow from 655.91 gigawatt in 2024 to 686.19 gigawatt by 2029, at a CAGR of 0.91% during the forecast period (2024-2029).

Over the medium term, factors such as increasing investments in thermal power plants are likely to drive the market.
On the other hand, an increase in renewable energy share in the total power generation mix and as an economically viable cleaner alternative is expected to restrain the growth of the market.
Nevertheless, the technological advancements in efficiency and reduction in harmful emissions from thermal power projects are expected to create ample opportunity for market players.

North America Thermal Power Industry Segmentation

Thermal power generation is the process of generating electricity using direct heat from burning fuel or steam created by burning oil, natural gas, coal, and others to rotate generators and create electricity.

The North American thermal power market is segmented by source and geography (the United States, Canada, and Mexico). By source, the market is segmented into coal, natural gas, nuclear, and others. The report also covers the market size and forecasts for the North American thermal power market across the major countries in the region. For each segment, market sizing and forecasts have been done based on capacity (GW).

Fuel Type
		Coal
		Gas
		Nuclear
		Other Fuel Types

Geography
		United States
		Canada
		Mexico

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North America Thermal Power Market Size Summary

The North American thermal power market is poised for growth over the forecast period, driven by increasing investments in thermal power plants. However, the market faces challenges due to the rising share of renewable energy sources, which are becoming more economically viable and environmentally friendly. Despite these challenges, advancements in technology that enhance efficiency and reduce emissions present significant opportunities for market participants. Natural gas is expected to play a pivotal role in the region's thermal power landscape, with gas-fired power generation anticipated to replace coal capacity. The flexibility and reliability of natural gas plants, especially as backup power for intermittent renewable sources, are key factors supporting market expansion.

In the United States, the thermal power market is expected to dominate due to substantial investments and the country's significant increase in shale oil and gas production, which has lessened reliance on global energy supply chains. The market is semi-consolidated, with major players like NextEra Energy, Dominion Energy, and Duke Energy actively participating. These companies are also exploring innovative solutions, such as integrating green hydrogen into their power generation processes. The construction of new gas-fired power plants, along with advancements in clean gas technologies and carbon capture, further underscores the market's growth potential. As states adopt varied approaches to energy needs, the Midwest's focus on natural gas-based solutions contrasts with California's push towards renewables, highlighting the diverse strategies within the region.

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North America Thermal Power Market Size - Table of Contents

1. MARKET OVERVIEW
1. 1.1 Introduction
2. 1.2 Thermal Power Installed Capacity Forecast, in MW, till 2028
3. 1.3 Electricity Consumption Forecast, in Twh, till 2028
4. 1.4 Electricity Generation Forecast, in Twh, till 2028
5. 1.5 Recent Trends and Developments
6. 1.6 Government Policies and Regulations
7. 1.7 Market Dynamics
  1. 1.7.1 Drivers
    1. 1.7.1.1 Increasing Investments in Thermal Power Plants
  2. 1.7.2 Restraints
    1. 1.7.2.1 Increase in Renewable Energy Share in the Total Power Generation Mix
8. 1.8 Supply Chain Analysis
9. 1.9 Porter's Five Forces Analysis
  1. 1.9.1 Bargaining Power of Suppliers
  2. 1.9.2 Bargaining Power of Consumers
  3. 1.9.3 Threat of New Entrants
  4. 1.9.4 Threat of Substitute Products and Services
  5. 1.9.5 Intensity of Competitive Rivalry
2. MARKET SEGMENTATION
1. 2.1 Fuel Type
  1. 2.1.1 Coal
  2. 2.1.2 Gas
  3. 2.1.3 Nuclear
  4. 2.1.4 Other Fuel Types
2. 2.2 Geography
  1. 2.2.1 United States
  2. 2.2.2 Canada
  3. 2.2.3 Mexico

North America Thermal Power Market Size FAQs

How big is the North America Thermal Power Market?

The North America Thermal Power Market size is expected to reach 655.91 gigawatt in 2024 and grow at a CAGR of 0.91% to reach 686.19 gigawatt by 2029.