United States Thermal Power Generation System Market was valued at USD 30 Billion in 2022 and is projected to reach USD 42 Billion by 2030, growing at a CAGR of 4.6% from 2024 to 2030.
The United States thermal power generation system market is undergoing significant transformations, influenced by technological advancements, regulatory shifts, and evolving energy demands. As of 2023, thermal power contributed to 58% of the nation's total power generation, underscoring its pivotal role in the energy landscape. However, projections indicate a decline in installed capacity, with expectations that thermal power will account for 35% of total installed generation capacity by 2035. This anticipated reduction is primarily attributed to the growing emphasis on renewable energy sources and stringent environmental regulations.
One notable trend is the planned retirement of coal-fired power plants. In 2025, U.S. power generators plan to retire approximately 8.1 gigawatts (GW) of coal-fired capacity, doubling the amount retired in 2024. This shift is driven by the rise of cheaper natural gas and renewable energy, as well as climate-driven government goals. Major coal plants, including Intermountain Power Project, J H Campbell, and Brandon Shores, are expected to be decommissioned. In total, 12.3 GW of power capacity is planned for retirement in 2025, with coal comprising 66% and natural gas 21% of that figure.
Conversely, the demand for natural gas is experiencing a resurgence. Increased electricity consumption, particularly from data centers supporting artificial intelligence (AI) and cryptomining operations, has led utilities to reconsider natural gas as a primary power source. This trend complicates efforts to combat climate change, as natural gas, while cleaner than coal, still contributes to greenhouse gas emissions. The industry's challenge lies in balancing the immediate necessity for reliable and affordable power with long-term sustainability goals.
Nuclear energy is also gaining renewed attention. The U.S. Energy Secretary emphasized the importance of reliable and affordable electricity for the advancement of AI, highlighting nuclear power as a crucial component. States like Arizona, California, and Wyoming are exploring nuclear options to support growing energy demands from the tech sector. However, challenges such as environmental concerns regarding uranium mining and nuclear waste disposal persist. Efforts are underway to bolster American innovation in nuclear energy, targeting a significant increase in nuclear power generation by 2050.
In the realm of technological innovation, small modular reactors (SMRs) are emerging as a promising solution. The U.S. has nearly 4 gigawatts in announced SMR projects, with additional capacity in early development stages. SMRs offer benefits such as reduced staffing requirements, enhanced safety features, and shorter deployment times compared to traditional reactors. However, challenges remain, including regulatory approvals and public acceptance.
Despite the push for renewable energy, the booming electricity demand is stalling efforts to retire coal and gas plants. Aging fossil fuel plants are being extended to meet the rising demand, conflicting with U.S. carbon emission reduction targets. Project delays hinder the rapid integration of renewable energy, pushing power companies to rely on existing fossil-fuel infrastructure. Critics warn of high costs and limited feasibility, emphasizing the unsustainable nature of prolonging fossil fuel dependence.
In conclusion, the U.S. thermal power generation system market is at a crossroads. While there is a clear shift towards renewable energy sources and advanced technologies like SMRs, traditional thermal power sources continue to play a significant role in meeting the nation's energy demands. The challenge lies in balancing the immediate need for reliable power with the imperative to transition to a more sustainable and environmentally friendly energy future.
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ABB
Siemens
Hitachi
Fuji Electric
Korea Electric Power Corporation
TOSHIBA
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the US Thermal Power Generation System Market
Coal
Natural Gas
Oil
Biomass
Nuclear
Subcritical Technology
Supercritical Technology
Ultra-supercritical Technology
Integrated Gasification Combined Cycle (IGCC)
Combined Heat and Power (CHP)
Small Scale (up to 50 MW)
Medium Scale (51 MW to 250 MW)
Large Scale (above 250 MW)
Residential
Commercial
Industrial
Agriculture
Government
Base Load Generation
Peak Load Generation
Load Following
District Heating
Emergency Power Supply
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US Thermal Power Generation System Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. US Thermal Power Generation System Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Thermal Power Generation System Market, By Type
6. US Thermal Power Generation System Market, By Application
7. US Thermal Power Generation System Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Thermal Power Generation System Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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