United States Thermal Power Market Size and Share - Outlook Report, Forecast Trends and Growth Analysis (2025-2034)

The United States thermal power market reached approximately USD 212.20 Million in 2024 . The market is projected to grow at a CAGR of 1.80% between 2025 and 2034, reaching a value of around USD 253.64 Million by 2034 .

United States Thermal Power Market Outlook

The rising investment in thermal power plants in the United States is one of the prominent factors fuelling the growth of the United States thermal power plant market. The overall investment in a thermal plant with a capacity of more than 500 MW is USD 1.5 billion and can vary depending on the fluctuation in the construction prices in the country. Natural gas thermal power plants are expected to gain prominence in the coming years owing to their rising usage as backup power in renewable energy plants such as solar and wind.

Moreover, rising acquisition and partnership between the market players is one of the key market trends. For instance, Hull Street Energy announced on August 2024 that it is planning on acquiring four thermal power plants from J-Power USA. These four thermal power plants include Edgewood Energy, LLC, Shoreham Energy, LLC, Pinelawn Power LLC, and Equus Power I, L.P.

As per the United States Thermal Power Market Regional Analysis, the Far West Region Leads the Market

• The Far West leads with a 2.1% CAGR, driven by ongoing investments in upgrading and maintaining existing thermal power plants.
• The Southwest and Rocky Mountain regions follow closely, both with a 1.9% growth rate, reflecting steady demand for thermal power as part of the regional energy mix.
• As per the United States thermal power market dynamics and trends, the Southeast shows a 1.8% CAGR, supported by its reliance on coal and natural gas for electricity generation.
• New England and the Mideast regions exhibit growth rates of 1.7% and 1.5%, respectively, influenced by a gradual shift towards cleaner energy sources.

The Great Lakes and Plains regions show the slowest growth at 1.4%, likely due to declining coal use and increased adoption of renewable energy.

These trends highlight the regional differences in thermal power reliance and the broader transition towards sustainable energy sources across the United States.

Ongoing Reliance on Coal and its Widespread Availability Fuels the United States Thermal Power Market Share

• Coal-fired Power leads with a 2.0% CAGR, reflecting the ongoing but cautious reliance on coal for electricity generation despite environmental concerns.
• As per the United States thermal power industry analysis, Natural Gas-fired Power follows with a 1.9% growth rate, supported by its role as a cleaner alternative to coal and its widespread availability.
• Oil-fired Power shows a 1.8% CAGR, driven by its use in specific regions and applications where other energy sources are less viable.
• Biomass Power fuels the United States thermal power market value with a 1.7%, reflecting the gradual adoption of renewable energy sources within the thermal power sector.

The Others category, which includes less common or emerging thermal power technologies, grows at a 1.6% rate, indicating a smaller market share.

These trends highlight the gradual transition within the thermal power sector, with natural gas and biomass gaining importance as the market shifts towards more sustainable energy sources.

United States Thermal Power Market Growth is Driven by Increased Energy Consumption in Households

• The Residential segment leads with a 2.1% CAGR, driven by the ongoing demand for electricity in households and the gradual increase in energy consumption per capita, which aids the demand of United States thermal power market.
• Both the Commercial and Industrial segments follow with a 1.9% growth rate, reflecting stable demand from businesses and manufacturing sectors that continue to rely on thermal power for their energy needs.
• The Utilities segment shows a slower growth rate of 1.7%, as the sector increasingly incorporates renewable energy sources alongside traditional thermal power.

The Others category, including less common applications also offers lucrative United States thermal power market opportunities at 1.6%, indicating a more niche market presence.

These trends highlight the continuing but modest reliance on thermal power across different sectors, with residential applications driving the most significant growth.

Key Questions Answered in This Report:

• How has the United States thermal power market performed historically, and what are the growth expectations for the future?
• What are the primary factors influencing demand and growth in the United States thermal power market?
• What are the key segments within the United States thermal power market, and how are they expected to evolve over the forecast period?
• What are the major challenges and opportunities facing stakeholders in the United States Thermal power market?
• Who are the key players in the United States thermal power market, and what strategies are they employing to maintain a competitive edge?
• What are the regulatory and policy factors influencing the United States thermal power market globally or regionally?
• How competitive is the United States thermal power market according to Porter's five forces analysis, including factors like bargaining power of buyers and suppliers?
• What are the current trends shaping the United States thermal power market landscape, and how are they expected to evolve in the future?
• How are technological advancements impacting the United States thermal power market, and what role do innovation and R&D play in driving growth?
• What are the consumer preferences and buying behavior trends influencing the United States thermal power market?
• How sustainable are current growth rates in the United States thermal power market, and what factors could potentially disrupt these trends?
• What are the regional dynamics within the United States thermal power market, and how do they contribute to overall market growth?
• What are the economic factors influencing the United States thermal power market, such as GDP growth, inflation rates, and currency fluctuations?
• How are demographic shifts, such as aging populations or urbanization trends, affecting demand in the United States thermal power market?
• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the United States thermal power market?
• What are the regulatory and legal frameworks impacting the United States thermal power market globally or in key regions?
• How are changing consumer lifestyles and preferences influencing product or service demand within the United States thermal power market?
• What are the emerging market trends and niche opportunities within the United States thermal power market that stakeholders should be aware of?
• How resilient is the United States thermal power market to external shocks or disruptions, such as geopolitical tensions or natural disasters?
• What are the potential barriers to market entry and growth for new players in the United States thermal power market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, historical and current market trends, and forecasts the dynamics of the United States thermal power market spanning from 2018 to 2034.

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the United States thermal power industry.

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the United States thermal power market.

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the United States thermal power market landscape.