United States Power Market Size (2024 - 2029)

The United States power market is anticipated to experience growth driven by increasing industrialization and urbanization in major cities, despite challenges such as political disturbances and cost-related issues affecting power plant upgrades. The market's expansion is supported by the dominance of thermal power, primarily fueled by natural gas, and advancements in technology that enhance efficiency and reduce emissions. Additionally, the promotion of clean energy generation and the rise in renewable energy projects are expected to further influence the market's scale and scope during the forecast period.

Market Size of United States Power Industry

United States Power Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.60 %
Market Concentration Medium

Major Players

United States Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

US Power Market Analysis

The United States Power Market is expected to register a CAGR of over 5.6% during the forecast period of 2022-2027. The United States power market was reasonably unaffected by the COVID-19 pandemic as electricity has been categorized as an essential service. However, the lockdown measures imposed by the federal government in the country have caused a reduction in immediate electricity demand in commercial and industrial categories in Q1 of 2020. Increasing industrialization and urbanization in cities, such as Newyork, Chicago, Seattle and Portland are expected to drive the United States Power Market. However, the upgradation of the power plants is difficult, owing to political disturbances and cost-related issues. These factors are expected to have a negative impact on the United States power market during the forecast period.

  • Natural gas provides for a large amount of electricity in the country, owing to this thermal power is expected to dominate the United States power market during the forecast period. 
  • The technological advancements in efficiency and reduction in the harmful emissions from thermal power projects are expected to create several market opportunities in the future.
  • United States is promoting clean energy generation, therefore increasing in the number of renewable energy projects are expected to drive the United States power market.

US Power Industry Segmentation

The United States Power Market report includes:

Generation
Conventional Thermal
Hydro
Nuclear
Non-hydro Renewable
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United States Power Market Size Summary

The United States Power Market is poised for significant growth, driven by industrialization and urbanization in major cities. Despite the challenges posed by political disturbances and the high costs associated with upgrading power plants, the market remains resilient. The dominance of natural gas in electricity generation, coupled with advancements in thermal power technology, is expected to sustain the market's expansion. The promotion of clean energy and the increasing number of renewable energy projects further bolster the market's prospects, as the country seeks to meet the rising electricity demand from its growing population.

The market landscape is moderately fragmented, with key players such as General Electric Company, √òrsted A/S, and NextEra Energy Inc. actively participating in the sector. The ongoing investments in wind and natural gas projects, including significant initiatives like the Empire wind project and the development of new natural gas-fired power plants, underscore the commitment to enhancing the power infrastructure. These developments, alongside the strategic expansion of renewable energy capacity, are anticipated to drive the United States Power Market forward during the forecast period.

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United States Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 United States Power Generating Capacity Forecast, in GW, till 2027

    3. 1.3 Government Policies and Regulations

    4. 1.4 Recent Trends and Developments

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Generation

      1. 2.1.1 Conventional Thermal

      2. 2.1.2 Hydro

      3. 2.1.3 Nuclear

      4. 2.1.4 Non-hydro Renewable

    2. 2.2 Transmission and Distribution

United States Power Market Size FAQs

The United States Power Market is projected to register a CAGR of greater than 5.60% during the forecast period (2024-2029)

General Electric Company, Ørsted A/S, Toshiba America Energy Systems Corporation (TAES), Bechtel Corporation and NextEra Energy Inc are the major companies operating in the United States Power Market.

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