United States Thermal Power Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 0.7% from 2023 to 2033
• The U.S. Thermal Power Market Size is Expected to Hold a Significant Share by 2033

The US Thermal Power Market Size is Anticipated to Hold a Significant Share by 2033, Growing at a CAGR of 0.7% from 2023 to 2033.

Market Overview

Thermal power production involves utilizing steam power generated from burning oil, liquid natural gas (LNG), coal, and other materials to spin turbines and produce electrical energy. Thermal power refers to the rate at which heat is generated. In many energy systems like a gasoline engine, thermal power refers to the speed at which fuel is transformed into heat. These heat engines produce this heat in order to accomplish beneficial tasks. The heat input to a boiler in a power plant for electricity generation is commonly known as thermal power. In different situations, it can also serve as a way to quantify the result, like the sun's radiant heat. The area is expected to be fueled by a rise in investments in thermal power plants fueled by natural gas. Because of the rise in investment in the sector and the region's top-notch thermal power energy capacity, the United States is forecasted to become the leading market for the region's thermal power industry. In May 2022, JERA Co., Inc., through its subsidiary JERA Americas Inc., agreed to buy a 100% stake in thermal power generation projects in Massachusetts and Maine from a Stonepeak affiliate. The Canal Thermal Power Station in Massachusetts and the Bucksport Thermal Power Station in Maine, with a total capacity of around 1.63 GW, were the two projects mentioned.

Report Coverage

This research report categorizes the market for the U.S. thermal power market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the US thermal power market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the U.S. thermal power market.

Driving Factors

The US thermal power market is predicted to be influenced by factors such as the decrease in natural gas prices over the last decade. Furthermore, the United States thermal power market is anticipated to be propelled by the rising investments in thermal power plants by private companies and various state governments in the upcoming forecast period. Increasing population leads to a growth in electricity consumption, which is the main factor driving the market. The growth of the thermal power plant market is driven by fast industrialization, urbanization, and the energy needs of heavy industries.

Restraining Factors

lowering the cost of green energy has introduced a financially feasible cleaner option, predicted to limit the expansion of the market.

Market Segmentation

The United States thermal power market share is classified into source and capacity.

• The natural gas segment is expected to hold the largest market share through the forecast period.   

The US thermal power market is segmented by source into coal, natural gas, and petroleum. Among them, the natural gas segment is expected to hold the largest market share through the forecast period. Natural gas is one of the cleanest sources of fuel and is able to generate electricity on a large scale in an economically viable way. Gas-powered electricity production is already beginning to take over coal energy in the nation and is projected to fully replace it in the future. While investments in renewable energy sources are predicted to increase, there is still expected to be a continued demand for the flexibility provided by gas-fired power generation.

• The more than 800 MW segment is expected to hold the largest market share through the forecast period.   

The US thermal power market is segmented by capacity into up to 400 MW, 400-800 MW, and more than 800 MW. Among them, the more than 800 MW segment is expected to hold the largest market share through the forecast period. Because of the rise in power usage and growing energy demands within industrial areas. Utility sectors globally are in need of power generation and supply for residential, corporate, and transportation sectors, with a demand for segments up to 400 MW and 400-800 MW.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States thermal power market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• NextEra Energy Inc.
• Dominion Energy Inc.
• Duke Energy Corporation
• Southern Company
• American Electric Power Company Inc.
• Exelon Corporation
• Xcel Energy Inc
• Public Service Enterprise Group Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In May 2022, JERA Co., Inc. purchased a pair of thermal power projects located in the United States. The total capacity of around 1.63 GW is shared between the Canal Thermal Power Station in Massachusetts and the Bucksport Thermal Power Station in Maine.

Market Segment

This study forecasts revenue at the United States, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States Thermal Power Market based on the below-mentioned segments:

United States Thermal Power Market, By Source

• Coal
• Natural Gas
• Petroleum

United States Thermal Power Market, By Capacity

• Up-to 400 MW
• 400-800 MW
• More than 800 MW