Electricity use in the United States stood at roughly 4,049 terawatt hours in 2023. It is projected that U.S. electricity use will continue to rise over the coming decades to reach 5,178 terawatt hours by 2050.

The net summer capacity of the electric power sector in the United States was estimated at 1.2 terawatts in 2024. This figure is expected to increase by more than 97 percent in the coming three decades, reaching almost three terawatts by 2050.

The United States' energy production reached an estimated 104.38 quadrillion British thermal units (Btu) in 2024, while consumption amounted to approximately 93.51 Btu. The country's energy production is projected to reach around 109 Btu by 2050.

The Annual Energy Outlook presents longterm annual projections of energy supply, demand, and prices focused on the U.S. through 2050, based on results from EIA's National Energy Modeling System (NEMS). NEMS enables EIA to make projections under alternative, internally-consistent sets of assumptions, the results of which are presented as cases. The analysis in AEO2014 focuses on five primary cases: a Reference case, Low and High Economic Growth cases, and Low and High Oil Price cases. Users of the EIA API are required to obtain an API Key via this registration form: http://www.eia.gov/beta/api/register.cfm

According to Cognitive Market Research, the global Electricity Generation market size will be USD 2154.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.80% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 861.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 646.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 495.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 107.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 43.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.
Thermal Generation is the market leader in the Electricity Generation industry

Market Dynamics of Electricity Generation Market

Key Drivers for Electricity Generation Market

Rising need for cooling boosts the electricity generation market: The increased demand for cooling is projected to drive the electricity generating market in the future years. Cooling is the process of lowering the temperature of an object or environment, which is usually accomplished by transporting heat away from the intended location, typically utilizing air or a cooling medium. Power generation can be utilized to cool by running air conditioning (AC) and fans to keep indoor temperatures comfortable. For instance, According to the International Energy Agency, an autonomous intergovernmental body located in France, in July 2023, more than 90% of households in the United States and Japan had an air conditioner. Cooling accounts for around 10% of global electricity use. In warmer countries, this might result in a more than 50% increase in power demand during the summer months. As a result, increased demand for cooling is likely to drive expansion in the power generating industry.

Increasing applications of electricity in the transportation industry: The growing use of energy in the transportation industry is predicted to increase demand for electricity, hence pushing the power generation market. The electrification of railways in underdeveloped and developing countries, the establishment of public transportation networks such as rapid metro transit systems, and the growing use of electric vehicles in developed countries will all create significant market opportunities for power generation companies. For instance, in order to achieve net-zero carbon emissions, the Office of Rail and Road (ORR) predicts that 13,000 track kilometers - or roughly 450 km per year - of track in the UK will need to be electrified by 2050, with 179 km electrified between 2020 and 2021. According to the Edison Electric Institute (EEl), yearly electric car sales in the United States are estimated to exceed 1.2 million by 2025. Electric vehicles are projected to account for 9% of worldwide electricity demand by 2050.

Restraint Factor for the Electricity Generation Market

High initial capital investment for renewable projects: The high initial capital for renewable projects is indeed a limiting factor for the market growth of the electricity generation sector, as most such technologies, infrastructure, and installation depend on significant up-front funding. For instance, most renewable energy technologies are highly capital intensive-solar, and wind, in particular, scares investors away from taking action, especially if they are small or developing firms. There is thus an economic limitation that restricts competition and contributes toward slower development of cleaner energy solutions. Moreover, funding can be quite tricky and challenging-especially for a poor economic climate. The payback times attached to these investment options are long, leading to uncertainty and making stakeholders reluctant to commit. These financial constraints are, therefore, blighting the transition to renewable energy as well as, more broadly, the overall electricity generation market

Trends for the Ele...

By 2050, approximately ***** quadrillion British thermal units of renewable energy are expected to be consumed in the United States, more than double the estimated renewable energy consumed in the country in 2024. Renewables accounted for the largest share of power capacity additions in the U.S. in recent years.

Global primary energy consumption has increased dramatically in recent years and is projected to continue to increase until 2045. Only hydropower and renewable energy consumption are expected to increase between 2045 and 2050 and reach 30 percent of the global energy consumption. Energy consumption by country The distribution of energy consumption globally is disproportionately high among some countries. China, the United States, and India were by far the largest consumers of primary energy globally. On a per capita basis, it was Qatar, Singapore, the United Arab Emirates, and Iceland to have the highest per capita energy consumption. Renewable energy consumption Over the last two decades, renewable energy consumption has increased to reach over 90 exajoules in 2023. Among all countries globally, China had the largest installed renewable energy capacity as of that year, followed by the United States.

In 2024, renewable energy sources represented over ** percent of electricity capacity additions in the U.S., while natural gas capacity additions decreased to *** percent that same year. Coal electricity capacity additions were phased in the U.S in 2014. Growth in renewable electricity generation The surge in renewable capacity additions aligns with the overall increase in renewable electricity generation. In 2023, renewable sources produced more than *** terawatt-hours of electricity in the United States. Wind power has emerged as the leading renewable electricity source, surpassing conventional hydroelectric power at the beginning of 2020. This growth in renewable generation is occurring against the backdrop of a slight decrease in total U.S. electricity generation, which fell by *** terawatt-hours from 2023 to 2024, reaching ***** terawatt-hours. Future outlook and consumption patterns Looking ahead, the trend towards renewable energy is expected to continue. Projections indicate that by 2050, renewable energy consumption in the United States will reach approximately **** quadrillion British thermal units, more than doubling the estimated consumption in 2022. This growth in renewable energy aligns with changing consumption patterns in the electricity market. In 2023, retail electricity sales in the U.S. totaled about *** petawatt-hours, with the residential sector accounting for around ** percent of these sales in the previous year.

Scenario data from the Electrification Futures Study Scenarios of Electric Technology Adoption and Power Consumption for the United States report. Annual projections from 2017 to 2050 of electric technology adoption and energy consumption for five scenarios reference electrification medium electrification high electrification electrification potential and low electricity growth. Each scenario assumes moderate technology advancement as described by Jadun et al. 2017 https//www.nrel.gov/docs/fy18osti/70485.pdf.

Understanding the residential energy consumption patterns across multiple income groups under decarbonization scenarios is crucial for designing equitable and effective energy policies that address climate change while minimizing disparities. This dataset is developed using an integrated human-Earth system model, supported by the Grid Operations, Decarbonization, Environmental and Energy Equity Platform (GODEEEP) Investment at Pacific Northwest National Laboratory (PNNL). Compared to the first version of the dataset (https://zenodo.org/record/79880387), this updated dataset is based on model runs where the Inflation Reduction Act (IRA) are implemented in the model scenarios. In addition to the queried and post-processed key output variables related to residential energy sector in .csv tables, we also upload the full model output databases in this repository, so that users can query their desired model outputs.

GCAM-USA operates within the Global Change Analysis Model (GCAM), which represents the behavior of, and interactions between, different sectors or systems, including the energy system, the economy, agriculture and land use, water, and the climate. GCAM is one of only a few integrated global human-Earth system models, also known as Integrated Assessment Models (IAMs), which address key processes in inter-linked human and earth systems and provide insights into future global environmental change under alternative scenarios (IAMC, 2022).

GCAM has global coverage with varying spatial disaggregation depending on the type of system being modeled. For energy and economy systems, 32 regions across the globe, including the USA as its own region, are modeled in GCAM. GCAM-USA advances with greater spatial detail in the USA region, which includes 50 States plus the District of Columbia (hereinafter “state”). The core operating principle for GCAM and GCAM-USA is market equilibrium. The model solves every market simultaneously at each time step where supply equals demand and prices are endogenous in the model. The official documentation of GCAM and GCAM-USA can be found at: https://jgcri.github.io/gcam-doc/toc.html.

The dataset included in this repository is based on an improved version of GCAM-USA v6, where multiple consumer groups, differentiated by the average income level for 10 population deciles, are represented in the residential building energy sector. As of September 24, 2023, the latest officially released version of GCAM-USA has a single consumer (represented by average GDP per capita) in the residential sector and thus does not include this feature. This multiple-consumer feature is important because (1) demand for residential floorspace and energy are non-linear in income, so modeling more income groups improves the representation of total demand and (2) this feature allows us to explore the distributional effects of policies on these different income groups and the resulting disparity across the groups in terms of residential energy security. If you need more information, please contact the corresponding author.

Here, we ran GCAM-USA with the multiple-consumer feature described above under four scenarios over 2015-2050 (Table 1), including two business-as-usual scenarios and two decarbonization scenarios (with and without the impacts of climate change on heating and cooling demand). This repository contains the full model output databases and key output variables related to the residential energy sector under the four scenarios, including:

• income shares by consumer groups at each state over 2015-2050 (Casper et al., 2023)
• residential energy consumption per capita by service, fuel, state, and income group, 2015-2050
• residential energy service output (energy consumption * technology efficiency) per capita by service, fuel, state, and income group, 2015-2050
• estimated energy burden (Eq.1), by state and income group, 2015-2050
• estimated satiation gap (Eq.2), by service, state, and income group, 2015-2050
• residential heating service inequality (Eq.3), by state, 2015-2050

Table 1

Eq. 1

\(Energy\ burden_{i,k} = \dfrac{\sum_j (service\ output_{i,j,k} * service\ cost_{j,k})}{GDP_{i,k}}\)

for income group i and state k, that sums over all residential energy services j.

Eq. 2

\(Satiation\ Gap_{i,j,k} = \dfrac{satiation\ level_{j,k} - service\ output_{i,j,k}} {satiation\ level_{j,k}}\)

for service j, income group i, and state k. Note that the satiation level and service output are per unit of floorspace.

Eq. 3

\(Residential\ heating\ service\ inequality_j = \dfrac{S_j^{d10}}{(S_j^{d1} +S_j^{d2} + S_j^{d3} + S_j^{d4})}\)

for service j where S is the residential heating service output per capita of the highest income group (d10) divided by the sum of that of the lowest four income groups (d1, d2, d3, and d4), similar to the Palma ratio often used for measuring income inequality. A higher Palma ratio indicates a greater degree of inequality. Among the key output variables in this repository, we provide the residential heating service inequality output table as an example.

Reference

Casper, K. C., Narayan, K. B., O'Neill, B. C., Waldhoff, S. T., Zhang, Y., & Wejnert-Depue, C. (2023). Non-parametric projections of the net-income distribution for all U.S. states for the shared socioeconomic pathways. Environmental Research Letters. http://iopscience.iop.org/article/10.1088/1748-9326/acf9b8.

IAMC. 2022. The common Integrated Assessment Model (IAM) documentation [Online]. Integrated Assessment Consortium. Available: https://www.iamcdocumentation.eu/index.php/IAMC_wiki [Accessed May 2023].

Acknowledgement

This research was supported by the Grid Operations, Decarbonization, Environmental and Energy Equity Platform (GODEEEP) Investment, under the Laboratory Directed Research and Development (LDRD) Program at Pacific Northwest National Laboratory (PNNL).

PNNL is a multi-program national laboratory operated for the U.S. Department of Energy (DOE) by Battelle Memorial Institute under Contract No. DE-AC05-76RL01830.

The energy consumption intensity of non-residential buildings was almost ***** higher than that of the residential sector in 2024. It is forecast for the energy consumption of both segments to decrease somewhat by 2050. Energy efficiency and the construction of green buildings are important steps towards that goal.

Reports in pdf and csv format from the US Energy Information Administration (EIA) with forecast models on crude oil and petroleum liquids, gasoline, diesel, natural gas, electricity, coal prices, supply, and demand projections. This page updates frequently - this snapshot was made Feb. 4, 2017. Includes monthly short-term forecasts (released: the first Tuesday following the first Thursday of each month); Annual projections to 2050; and International projections to 2040.

The US Large Power Transformer Market was valued at USD 3.5 Billion in 2024 and is projected to reach USD 5.1 Billion by 2032, growing at a CAGR of 4.8% from 2025 to 2032.

Key Market Drivers:

Increasing Demand for Electricity: The US's population growth and urbanization are driving a significant rise in electricity demand, with the Energy Information Administration (EIA) predicting a 1% annual increase from 2023 to 2050, necessitating the use of larger power transformers for efficient transmission and distribution of electricity.

Upgrading Aging Infrastructure: The US power grid infrastructure is outdated, with transformers beyond their expected service life. The DOE is urging for modernization, including transformer replacement. Over the next decade, around $5 billion will be invested to improve the grid, ensuring reliable power delivery and reducing demand for large power transformers.

This dataset provides future supply curves representing the total resource potential for land-based wind and solar photovoltaic (PV) deployment in the conterminous United States after accounting for the impact of land-use and land-cover change (LULC). We use LULC projections from 2010 to 2050 developed based on the Intergovernmental Panel on Climate Change (IPCC) Special Report on Emission Scenarios. The LULC projections are subsequently fed into the renewable energy potential model (reV), which estimates total available wind and solar capacity after excluding non-developable land. Supply curves are provided for four IPCC scenarios in 2050: A1B, A2, B1, and B2. As a baseline, we also provide the supply curve from the B2 scenario in 2010. In addition to the supply curves, we also provide representative wind and solar generation profiles for each supply curve point. These generation profiles are provided as capacity factors and are based on a 2012 weather year using NSRDB and WindToolkit resource data. For more details on the supply curve and profile datasets included here please refer to README. Additional information on the supply curves and the LULC projections used to generate them, as well as an analysis of their impact on wind and solar deployment under decarbonization can be found in the publication linked below: "U.S. Wind and Solar PV Supply Curves with Future Land-use Change Publication".

North America Thermal Power Market was valued at USD 298.45 Billion in 2024 and is projected to reach USD 356.82 Billion by 2032, growing at a CAGR of 2.3% from 2026 to 2032.

Key Market Drivers

Increasing Energy Demand in North America: As North America's population and industrial activity rise, so does the need for power. According to the United States Energy Information Administration (EIA), power consumption in the United States is predicted to rise by around 0.9% each year between 2021 and 2050, owing to factors such as population growth, urbanization, and electrification of various sectors (EIA, 2023). The growing energy demand is a crucial driver of the thermal power market since thermal plants continue to be a prominent source of electricity generation. Transition to Cleaner and More Efficient Thermal Technologies: North America's thermal power market is driven by a transition toward cleaner and more efficient energy sources, such as natural gas.

Modeled projections for deep decarbonization require large amounts of solar energy, which may compete with other land uses such as agriculture, urbanization, and conservation of natural lands. Existing capacity expansion models do not integrate land use land cover change (LULC) dynamics into projections. We explored the interaction between projected LULC and solar photovoltaic (PV) deployment by integrating projections of LULC with a model that can project future deployment of solar PV with high spatial resolution for the conterminous United States. We used four scenarios of LULC projections from 2010 to 2050 and two electricity grid scenarios to model future PV deployment and compare those results against a baseline that held 2010 land cover constant through 2050. Though solar PV’s overall technical potential was minimally impacted by LULC scenarios, deployed PV varied by -16.5 to 11.6% in 2050 from the baseline scenario. Land requirements for projected PV were similar to other studies, while measures of PV impacts on natural systems depended on the underlying land change dynamics occurring in a scenario. The solar PV deployed through 2050 resulted in 1.1%–2.4% of croplands and 0.3%–0.7% of natural lands being converted to PV. However, the deepest understanding of PV impacts and interactions with land cover emerge when the complete net gains and losses from all land cover change dynamics, including PV, are integrated. For example, one of the four LULC projections allows for large solar development and a net gain in natural lands, even though PV drives a larger percentage of natural land conversion. This paper represents an initial step in integrating land cover change dynamics with energy expansion models, suggesting it may be possible to capture bidirectional relationships between energy and other processes that require land.

In total, approximately 72 exajoules of energy were consumed in the North America region during 2023. In the future, it is projected that North America's final energy consumption will remain between 71.5 and 71.1 exajoules from 2030 until 2050.

North America HVDC Market size was valued at USD 3.20 Billion in 2024 and is projected to reach USD 8.41 Billion by 2031, growing at a CAGR of 12.25% from 2024 to 2031.

North America HVDC Market Drivers

Demand for Efficient Power Transmission: Rising energy consumption across North America is projected to increase the need for efficient power transmission solutions. HVDC technology is anticipated to be preferred due to its ability to minimize energy losses over long distances. The U.S. Department of Energy reports that HVDC transmission can reduce energy losses by up to 30-40% compared to traditional AC transmission over long distances, making it a critical solution for meeting growing energy demands.

Integration of Renewable Energy: The increasing adoption of renewable energy sources such as wind and solar is likely to drive the demand for HVDC systems. These systems are expected to play a crucial role in transmitting renewable power from generation sites to demand centers efficiently. The National Renewable Energy Laboratory (NREL) projects that renewable energy could provide 80% of U.S. electricity generation by 2050.

Grid Interconnections: The need for greater interconnection between regional grids is projected to drive the adoption of HVDC technology. HVDC systems are expected to be essential in facilitating stable and secure power exchanges between grids operating at different frequencies.

Boilers, Turbines, Generators, and Compressors for Power Generation Market Outlook 2032

The global boilers, turbines, generators, and compressors for power generation market size was USD 61.74 Billion in 2023 and is likely to reach USD 81.55 Billion by 2032, expanding at a CAGR of 3.14% during 2024–2032. The market growth is attributed to the rising industrialization and growing urbanization.



Growing urbanization is projected to boost the market. Urbanization leads to increased energy consumption due to the growth in population, industries, and infrastructure. This necessitates the expansion of power generation capacity, leading to a higher demand for equipment such as boilers, turbines, generators, and compressors. Therefore, rising urbanization is propelling the market. For instance,

• According to a report published by the World Economic Forum, the share of the world’s population living in cities is expected to rise to 80% by 2050, from 55% in 2022.

Boilers, turbines, generators, and compressors are widely used for power generation as they work together to convert different types of energy such as thermal, and kinetic into electrical energy efficiently. Additionally, these components are used in various types of power plants, including coal, natural gas, nuclear, and even some types of renewable energy plants. This makes them versatile tools in the power generation industry.

Impact of Artificial Intelligence (AI) on Boilers, Turbines, Generators, and Compressors for Power Generation Market

Artificial Intelligence (AI) is making a significant impact on the market for power generation equipment, including boilers, turbines, generators, and compressors. AI technologies are revolutionizing the way these components operate, enhancing their efficiency, reliability, and overall performance. AI optimizes the operation of boilers and turbines by analyzing real-time data and making adjustments to improve efficiency. It predicts maintenance needs for generators and compressors, reducing downtime and extending their lifespan. Furthermore, AI enhances the integration of renewable energy sources into the power grid, managing the variability of wind and solar power. This