United States Thermal Power Market Size & Share Analysis - Growth Trends and Forecasts (2025 - 2030)

The United States thermal power market is segmented by source (coal, natural gas, and petroleum). The report offers the market size and forecasts in installed capacity (gigawatts) for all the above segments.

United States Thermal Power Market Size & Share Analysis - Growth Trends and Forecasts (2025 - 2030)

US Thermal Power Market Size

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US Thermal Power Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2019 - 2023
CAGR 0.50 %
Market Concentration Low

Major Players

US Thermal Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of US Thermal Power Market with other markets in Energy & Power Industry

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US Thermal Power Market Analysis

The US Thermal Power Market is expected to register a CAGR of greater than 0.5% during the forecast period.

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 Overview

The United States thermal power market is moderately fragmented. Some of the key players in this market (in no particular order) include NextEra Energy, Inc.; Dominion Energy, Inc.; Duke Energy Corporation; Southern Company; and American Electric Power Company, Inc.

US Thermal Power Market Leaders

  1. NextEra Energy, Inc.

  2. Dominion Energy, Inc.

  3. Duke Energy Corporation

  4. Southern Company

  5. American Electric Power Company Inc

  6. *Disclaimer: Major Players sorted in no particular order
US Thermal Power Market Concentration
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US Thermal Power Market News

  • May 2022: JERA Co., Inc. acquired two thermal power projects in the United States. The projects have a combined capacity of approximately 1.63 GW and are the Canal Thermal Power Station in Massachusetts and the Bucksport Thermal Power Station in Maine.
  • December 2022: Competitive Power Ventures (CPV) announced that the company would build a USD 3 billion 1800 MW combined-cycle natural gas power plant in Doddridge County, West Virginia. The plant will also feature carbon capture technology.

US Thermal Power Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Thermal Power Generation Mix, 2022
  • 4.3 Thermal Power Installed Capacity and Forecast in GW, until 2028
  • 4.4 Thermal Power Generation in TWh, till 2022
  • 4.5 Number of Thermal Power Plants Operating in the United States, till 2022
  • 4.6 Utility-Scale Capacity Additions, Retirements, and Changes to Existing Thermal Power Generation Capacity, 2022
  • 4.7 Capacity Factors for Utility-Scale Generators Primarily Using Fossil Fuels, in %, till 2022
  • 4.8 Recent Trends and Developments
  • 4.9 Government Policies and Regulations
  • 4.10 Market Dynamics
    • 4.10.1 Drivers
    • 4.10.2 Restraints
  • 4.11 Supply Chain Analysis
  • 4.12 PESTLE Analysis

5. MARKET SEGEMENTATION - BY SOURCE

  • 5.1 Coal
  • 5.2 Natural Gas
  • 5.3 Petroleum

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Companies Profiles
    • 6.3.1 NextEra Energy Inc.
    • 6.3.2 Dominion Energy Inc.
    • 6.3.3 Duke Energy Corporation
    • 6.3.4 Southern Company
    • 6.3.5 American Electric Power Company Inc.
    • 6.3.6 Exelon Corporation
    • 6.3.7 Xcel Energy Inc
    • 6.3.8 Public Service Enterprise Group Inc.

7. MARKET OPPORTUNITIES and FUTURE TRENDS

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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).

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US Thermal Power Market Research 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 (2025-2030)

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.

What years does this US Thermal Power Market cover?

The report covers the US Thermal Power Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the US Thermal Power Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

US Thermal Power Industry Report

Statistics for the 2025 US Thermal Power market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Thermal Power analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.