Power Generation Market 2024

Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033

Power Generation Market by Energy Source (Fossil Fuels, Nuclear Power, Renewables), by Technology (Conventional Power Plants, Renewable Technologies, Others), By Capacity (Small & Medium Power Generation, Large-Scale Power Generation), by Application, and by Region – US Share and Forecast to 2033

Region: US | Format: Word, PPT, Excel | Report Status: Ongoing

Description

According to the Market Statsville Group (MSG), the US Power Generation Market size is expected to project a considerable CAGR of 15.6% from 2024 to 2033. 

The U. S. power generation market is a complex and consistently developing market due to its orientation on green and renewable energy sources. For a long time, the industry was majorly controlled by fossil energy sources but the shift to renewable energy technologies such as wind, solar, and hydroelectric power is fast becoming a trend. It is supported by favorable government policies, advancements in technologies, and increasing consciousness about the environment. The following graph shows the net generation of solar power in the US from the year 2019-2023 which depicts that the growing generation of solar power supports the market growth.

Although, natural gas is still a significant player being a cleaner option compared to coal and nuclear energy also continues to be a stable source of power. Also, the incorporation of battery storage and other grid management advancements are making the present electricity network stronger and more stable. Market growth is driven by rising energy needs, infrastructure development, and opportunities to deploy technologies to reduce greenhouse gas emissions. Given the ongoing drive towards less carbon emissions by the U. S. coupled with climate goals; power generation is anticipated to transform further towards a sustainable and more reliable energy sector.

 

Definition of the Power Generation

The US power generation sector is an industry involved in the production of electricity from sources like fossil fuels, nuclear power, and renewables. It involves the transformation of the stated above energy sources into electrical power, further transmitting it and distributing it to customers. This sector is essential for this country to satisfy its energy demand, provide a lift to its economic growth, and care about environmental safety by readjustment and fuel shifting to cleaner and more sustainable sources of energy.

 

US Power Generation Market Dynamics

Drivers: Expansion of Renewable Energy

Growth in renewable energy drives the US power generation market, exemplified by surging investment across solar, wind, and hydroelectric power. This surge is coming largely as a result of strong government incentives through tax credits, subsidies, and other supportive policies abating GHG emissions and promoting sustainable energies. Additionally, the energy consumption from renewables in the United States is continuously increasing. The following graph predicts that energy consumption from renewables in the United States from 2020-23.

Moreover, consumer demand for cleaner energy is ever on the rise due to heightened environmental awareness and desire for energy solutions that mitigate the impacts of climate change. Rapid technological advancement has cut down the costs of renewable energy technologies and resulted in greater efficiency; thus, these renewables have started competing strongly with fossil fuel sources. Therefore, there is interest from both the private and the public sectors by heavily investing in the development and implementation of renewable energy projects. The transformation this shift brings to the energy landscape is in tandem with what is going on more broadly to achieve carbon neutrality and assure a more resilient, safe, and sustainable energy future.

Challenges: High Initial Cost

One of the major challenges to the US power generation market is regulatory uncertainty. Regulations and policy fluctuations discourage long-term investment decisions. Very frequent energy policy changes on tax incentives, emission standards, and renewable energy mandates create a very volatile environment for investors and project developers. One cannot easily predict returns on investments or plan projects under such conditions. For instance, subsidies or changes in environmental legislation can offer opportunities as well as create barriers to renewable energy projects to the same extent as they can affect fossil fuel investments. In this light, the absence of a reliable framework for regulation might extend project timeframes, increase financial risks, and eventually deter capital investment. Such challenges could be mitigated by stakeholders normally calling for predictable and transparent policies, giving long-term views and investment in a stable environment that is conducive to sustainable growth and innovation in the sector of power generation.

 

Scope of the US Power Generation Market 

The study categorizes the Power Generation market based on energy source, technology, capacity, and application at the regional and US levels.

By Energy Source Outlook (Sales, USD Million, 2019-2033)

  • Fossil Fuels
  • Nuclear Power
  • Renewables

By Technology Outlook (Sales, USD Million, 2019-2033)

  • Conventional Power Plants
  • Renewable Technologies
  • Others 

By Capacity Outlook (Sales, USD Million, 2019-2033)

  • Small & Medium Scale Power Generation 
  • Large-Scale Power Generation

By Application Outlook (Sales, USD Million, 2019-2033)

  • Residential
  • Commercial
  • Industrial
  • Utilities 

Utility segment accounts for the largest market share by application.

Based on the application, the market is divided into Residential, Commercial, Industrial, and Utilities. The utilities segment accounted for the largest market share in the US Power Generation market. This dominance stems from the fact that the utilities that oversee the generation of electricity experience greater demand from residential, commercial, and industrial clients. Utilities generate and transmit electricity from centralized generation power stations and the network necessary to distribute the electricity to different regions. They are highly valuable in contributing to the proper functioning of the grid, energy delivery, and management in systems incorporating renewable energy and conventional energy. The scope and nature of utility operations require considerable infrastructure and resources to address various energy needs and legislation in utilities. Being the main suppliers of electricity, the utilities can be considered the key to the energy market and its regulation. Thus, the importance of residential, commercial, and industrial segments of electricity consumption is evident: however, they are served by utilities procuring infrastructure and services needed for electricity generation and distribution, which reemphasizes the role of utilities in the organizational structure of electricity generation systems. 

 

Competitive Landscape: US Power Generation Market 

The competitive landscape in the US power generation market is diversified, involving major utilities, independent power producers, and renewable energy firms. The top competitors have been developing different sources of energy—fossil, nuclear, and renewable—to meet the rising energy demand and regulatory needs. Accordingly, companies are focused on continuous technological innovation from advanced energy storage to grid modernization for enhanced efficiency and sustainability. The competition is so fierce that continuous improvement and strategic partnership will decide how the market evolves.

Major players in the US Power Generation market are: 

  • General Electric
  • Siemens AG
  • Mitsubishi Heavy Industries
  • Vestas Wind Systems
  • NextEra Energy Inc.
  • EDF Group
  • Iberdrola S. A.
  • Engie S. A. 
  • Other Major Players

 

Recent Development 

  • In June 2024, California utility company Entergy and Next Era Energy Resources LLC, a subsidiary of Next Era Energy Inc. unveiled the commencement of the joint development project to advance the development up to 4. A cumulative of 5 gigawatts in new solar generation and energy storage. The accomplishment of this agreement was a major step forward to add more renewable generation to the Entergy portfolio and demonstrated both companies’ intent for the development of clean energy solutions. Thus, the Entergy and NextEra cooperation has been designed to improve their positive impetus to the sustainable energy infrastructure development striving to fulfill the demand for renewable energy in the United States.
  • In March 2023, GE Gas Power, a part of GE Vernova and Svante declared a joint development agreement (JDA) concerning solid sorbent-based carbon capture technology for natural gas power generation.
     

Frequently Asked Questions

  • Key Issues Addressed
  • What is the market size and growth rate for different segmentations at a global, regional, & country level?
  • What is the customer buying behavior, key takeaways, and Porter's 5 forces of the market?
  • What are the key opportunities and trends for manufacturers involved in the supply chain?
  • What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
  • What and how regulations, schemes, patents, and policies are impacting the growth of the market?
  • How will existing companies adapt to the new change in technology?
  • The market player positioning, top winning strategies by years, company product developments, and launches will be?
  • How has COVID-19 impacted the demand and sales of in the market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
  • Who are the leading companies operating in the market? Also, who are the prominent startups that disrupt the market in coming years?
  • PUBLISHED ON: MARCH, 2024
  • BASE YEAR: 2023
  • FORECAST PERIOD: 2024-2033
  • STUDY PERIOD: 2019 - 2033
  • COMPANIES COVERED: 15
  • COUNTRIES COVERED: 24
  • NO OF PAGES: 286

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