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 |
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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.
