Market Size of US Thermal Power Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 0.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Thermal Power Market Analysis
During the time frame of the forecast, the United States thermal power market is expected to register a CAGR of more than 0.5%.
The market was negatively impacted by the outbreak of COVID-19 due to a decrease in electricity demand. The market has currently rebounded to pre-pandemic levels.
The United States thermal power market is expected to be driven by things like the price of natural gas going down over the past 10 years. Also, the increasing investments in thermal power plants from private firms and several state governments are expected to drive the United States thermal power market during the forecast period.
However, reducing the price of renewable energy has provided an economically viable cleaner alternative, which is expected to restrain the market's growth.
The improvements in efficiency and decreases in harmful emissions from thermal power projects are likely to open up new markets in the future.
US Thermal Power Industry Segmentation
Thermal power generation is the process of making electricity by turning generators with direct heat from burning fuel or steam made from burning oil, natural gas, coal, and other things. The United States thermal power market is segmented by source into coal, natural gas, and petroleum. For each segment, the forecasts have been done based on installed capacity (gigawatts).
US Thermal Power Market Size Summary
The United States thermal power market is poised for growth, driven by decreasing natural gas prices and increased investments in thermal power plants by private firms and state governments. The market has rebounded to pre-pandemic levels after the initial negative impact of COVID-19, and it is expected to continue expanding over the forecast period. Natural gas, recognized for its cleanliness and economic viability, is playing a pivotal role in this growth. It is increasingly displacing coal capacity, with gas-fired power generation offering flexibility and reliability as a backup for intermittent renewable sources like wind and solar. This shift is supported by the significant rise in shale oil and gas production, which has reduced the country's dependence on global energy supply chains and further lowered natural gas prices.
The thermal power market in the United States is characterized by a diverse approach across different states, with some, like California, pushing towards renewable energy, while others in the Midwest continue to rely on natural gas. Despite the gradual decline in coal-fired power generation, the expansion of gas-fired power plants is expected to enhance the country's thermal power generation capacity. The market is moderately fragmented, with key players such as NextEra Energy, Dominion Energy, Duke Energy, Southern Company, and American Electric Power Company. Recent developments, including significant acquisitions and new project announcements, underscore the ongoing investments and strategic initiatives shaping the market's future trajectory.
US Thermal Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Thermal Power Generation Mix, 2022
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1.3 Thermal Power Installed Capacity and Forecast in GW, until 2028
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1.4 Thermal Power Generation in TWh, till 2022
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1.5 Number of Thermal Power Plants Operating in the United States, till 2022
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1.6 Utility-Scale Capacity Additions, Retirements, and Changes to Existing Thermal Power Generation Capacity, 2022
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1.7 Capacity Factors for Utility-Scale Generators Primarily Using Fossil Fuels, in %, till 2022
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1.8 Recent Trends and Developments
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1.9 Government Policies and Regulations
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1.10 Market Dynamics
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1.10.1 Drivers
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1.10.2 Restraints
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1.11 Supply Chain Analysis
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1.12 PESTLE Analysis
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US Thermal Power Market Size FAQs
What is the current US Thermal Power Market size?
The US Thermal Power Market is projected to register a CAGR of greater than 0.5% during the forecast period (2024-2029)
Who are the key players in US 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 US Thermal Power Market.
