Market Size of North America Power Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | < 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Power Market Analysis
The North American power market is expected to register a CAGR of over 2% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Increasing industrialization and urbanization in countries, such as Mexico, are expected to drive the North American power market.
- However, the upgradation of these power plants is difficult, owing to political disturbances and cost-related issues. These factors are expected to have a negative impact on the North American power market.
- The guidelines for decreasing carbon footprint by countries, such as the United States and Canada, boosted the installation of renewable plants in North America. This factor is expected to create several opportunities for the North American power market in the future.
- The United States, due to its increasing energy consumption, is expected to dominate the market during the forecast period.
