Market Size of United States Power Industry
| 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
*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 |
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.
United States 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 United States Power Generating Capacity Forecast, in GW, till 2027
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1.3 Government Policies and Regulations
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1.4 Recent Trends and Developments
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Generation
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2.1.1 Conventional Thermal
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2.1.2 Hydro
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2.1.3 Nuclear
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2.1.4 Non-hydro Renewable
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2.2 Transmission and Distribution
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United States Power Market Size FAQs
What is the current United States Power Market size?
The United States Power Market is projected to register a CAGR of greater than 5.60% during the forecast period (2024-2029)
Who are the key players in United States Power Market?
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.
