The United States thermal power market is segmented by source (coal, natural gas, and petroleum). The report offers the market size and forecasts in installed capacity (gigawatts) for all the above segments.

The size of the North America Thermal Power Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 0.91% during the forecast period. The North American thermal power market accounts for a dominant share in the regional energy scenario, mainly on account of the generation of electricity from fossil fuels like coal, natural gas, and oil. Despite the fact that conventional reliance has been on coal-based power plants, the market has witnessed a marked shift toward natural gas, largely given its significantly lower emissions and sufficiently large supply quantity, especially after the technologies related to hydraulic fracturing and horizontal drilling became available. This transition is transforming the landscape of thermal power as natural gas plants are coming into favor, increasingly due to their flexibility and efficiency. With electricity demand remaining on a high growth trajectory, thermal power remains an indispensable component of the security of supply, offering baseload power. Challenges in the market are, however growing; they include strict environmental regulations to reduce greenhouse gas emissions that are forcing many utilities to close or repurpose coal plants. The penetration of renewable energy sources, such as wind and solar, is also taking an increasing influence over the dynamics of the thermal power market. The opportunities are plenty, though challenges abound, for added efficiency and retrofitting the existing power plants with cleaner technologies. Innovations in carbon capture and storage (CCS) may further increase the sustainability of thermal power generation. Thus, while change abounds, this market for thermal power in North America is transforming but still at the heart of energy mix in the region Recent developments include: November 2023: GE Vernova’s Gas Power business announced that it would support the development of an end-to-end green hydrogen system that Duke Energy plans to build and operate at its DeBary plant, located in Volusia County, Florida, near Orlando. When operational in 2024, the new hydrogen system will provide peak power to Duke’s customers at times of increased electricity demand. The plant is expected to be the first in the United States and among the world’s first power plants to produce and use green hydrogen to power a gas turbine for peaking power applications when the grid requires additional electrical generation to meet demand. The production, storage, and end-use will be co-located at the DeBary power plant. GE Vernova will support the integration of the turbine with green hydrogen, including the upgrade of one of the four GE 7E gas turbines installed at the site to accommodate hydrogen fuel blends of significant volumes., November 2022: The United States Government announced that eight natural gas-fired combined-cycle gas turbine (CCGT) power plants had come online in the United States. Based on estimates and data from the United States Monthly Electric Generator Inventory, these new plants were expected to add 7,775 megawatts (MW) of electric-generating capacity to the United States electric grid., May 2022: JERA Co., Inc., through its subsidiary JERA Americas Inc., entered into a stock purchase agreement with an affiliate of funds managed by Stonepeak for the acquisition of a 100% interest in the thermal power generation projects in Massachusetts and Maine in the United States. The two projects, which had a combined capacity of approximately 1.63 GW, are the Canal Thermal Power Station in Massachusetts and the Bucksport Thermal Power Station in Maine.. Key drivers for this market are: 4., Increasing Investments in Thermal Power Plants. Potential restraints include: 4., Increase in Renewable Energy Share in the Total Power Generation Mix. Notable trends are: Natural Gas to Dominate the Market.

The US Thermal Power Market Size was valued at USD 213.3 Million in 2024 and is projected to reach USD 250.23 Million by 2032, growing at a CAGR of 2.01% from 2025-2032.

US Thermal Power Market: Definition/ Overview

In the United States, Thermal power refers to the creation of electricity using heat energy, which is generally derived from fossil fuels such as coal, natural gas, and oil, as well as nuclear and geothermal energy. Thermal power plants use heat to convert mechanical energy, which is then used to drive turbines and generate electricity. This sector is an important part of the United States' energy infrastructure, providing a steady power supply to industries, residences, and commercial organizations. It is especially useful in meeting base load energy requirements and handling peak demand when renewable energy sources are intermittent.

The US Thermal Power Market is being driven by advances in cleaner, more efficient technologies that correspond with sustainability goals. Carbon capture, utilization, and storage (CCUS) technologies, upgraded combined cycle plants, and cleaner fuel choices are projected to minimize emissions while improving plant performance. As the energy grid shifts toward a renewable-dominated mix, thermal power will remain critical to grid stability, serving as a dependable backup during periods of low renewable output. These improvements establish thermal power as a critical component in attaining a balanced, resilient, and sustainable energy future.

The North American thermal power market, encompassing the United States, Canada, and Mexico, is a mature yet dynamic sector characterized by a relatively low but steady Compound Annual Growth Rate (CAGR) of 0.91% from 2019 to 2033. While the market size in 2025 is not explicitly provided, considering the historical period and projected growth, a reasonable estimate places it in the multi-billion dollar range, driven primarily by consistent energy demand in these densely populated regions. Key drivers include the continued reliance on existing infrastructure, particularly in regions with limited access to renewable energy sources. However, the market faces headwinds from increasing regulatory pressure to reduce carbon emissions and the growing adoption of renewable energy sources like solar and wind power. This transition creates challenges for coal-fired power plants, leading to potential plant closures and a shift towards cleaner-burning natural gas. The segment breakdown shows a significant share for gas-fired power plants, with coal gradually declining, while nuclear and other fuel types maintain their respective positions. Geographic variations exist, with the United States holding the largest market share due to its extensive energy consumption and existing power infrastructure. Growth within the North American thermal power market over the forecast period (2025-2033) will likely be influenced by government policies promoting energy efficiency and the integration of renewable energy. The sector will see continued investments in upgrading existing facilities to improve efficiency and reduce emissions, alongside a cautious expansion of gas-fired capacity in select regions. While the transition to renewable energy will continue, thermal power plants will remain a significant part of the energy mix in North America for the foreseeable future, especially as a reliable baseload power source. Companies like NextEra Energy, Dominion Energy, and Duke Energy will play key roles in navigating this transition, adapting their strategies to balance profitability with environmental sustainability. The market will also see a continued emphasis on grid modernization and smart grid technologies to improve integration and reliability across the entire power generation mix. Recent developments include: November 2023: GE Vernova’s Gas Power business announced that it would support the development of an end-to-end green hydrogen system that Duke Energy plans to build and operate at its DeBary plant, located in Volusia County, Florida, near Orlando. When operational in 2024, the new hydrogen system will provide peak power to Duke’s customers at times of increased electricity demand. The plant is expected to be the first in the United States and among the world’s first power plants to produce and use green hydrogen to power a gas turbine for peaking power applications when the grid requires additional electrical generation to meet demand. The production, storage, and end-use will be co-located at the DeBary power plant. GE Vernova will support the integration of the turbine with green hydrogen, including the upgrade of one of the four GE 7E gas turbines installed at the site to accommodate hydrogen fuel blends of significant volumes., November 2022: The United States Government announced that eight natural gas-fired combined-cycle gas turbine (CCGT) power plants had come online in the United States. Based on estimates and data from the United States Monthly Electric Generator Inventory, these new plants were expected to add 7,775 megawatts (MW) of electric-generating capacity to the United States electric grid., May 2022: JERA Co., Inc., through its subsidiary JERA Americas Inc., entered into a stock purchase agreement with an affiliate of funds managed by Stonepeak for the acquisition of a 100% interest in the thermal power generation projects in Massachusetts and Maine in the United States. The two projects, which had a combined capacity of approximately 1.63 GW, are the Canal Thermal Power Station in Massachusetts and the Bucksport Thermal Power Station in Maine.. Key drivers for this market are: 4., Increasing Investments in Thermal Power Plants. Potential restraints include: 4., Increasing Investments in Thermal Power Plants. Notable trends are: Natural Gas to Dominate the Market.

The North American Thermal Power Market is Segmented by Fuel (Coal, Gas, Nuclear, and Other Fuel Types) and Geography (United States, Canada, and Rest of North America). The report offers the market size and forecasts in installed capacity (gigawatts) for all the above segments.

US Power Market size was valued to be USD 363.6 Billion in the year 2024 and it is expected to reach USD 517 Billion in 2031, at a CAGR of 4.5% over the forecast period of 2024 to 2031.

The U.S. power market is driven by several key factors: the increasing demand for electricity, propelled by the rapid expansion of data centers and the electrification of transportation, necessitates significant investments in transmission infrastructure to enhance grid capacity and reliability. The growing emphasis on renewable energy sources, such as wind and solar, is reshaping the energy mix, influenced by both economic factors and policy initiatives. Technological advancements, including the integration of artificial intelligence and the Internet of Things, are further transforming grid operations and energy management. Additionally, policy and regulatory frameworks, including government incentives and environmental regulations, play a crucial role in shaping market dynamics.

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.

The United States consumes 4.2 trillion kilowatt-hours of electricity and over half of that power is produced by the Coal and Natural Gas Power industry. Coal-based power has historically been the leading source of electricity in the United States. The outburst of natural gas availability and the implementation of burdensome environmental regulations have caused the industry to undergo a major structural transformation. Industry revenue is set to swell at a CAGR of 0.1% to $98.0 billion through 2024, including a 2.7% dip in 2024 alone. Gas-fired power overtook coal-fired power as the nation's primary electricity generation method in 2016. Not only had natural gas prices become significantly more affordable than coal, but highly efficient and low emissions combined cycle combustion engines were also gaining national traction. Unregulated wholesale markets provided a competitive battleground where more efficient independent power producers could offer their electricity to consumers at more affordable costs while still earning higher profit than coal-fired plants. While electric power consumption will swell, up to one-fifth of coal-based energy will be retired by the end of 2029 as the United States aims to achieve a renewable future. Natural gas will be important in helping deliver affordable and clean power throughout our nation. Even so, gas-fired power is already at risk in many states that are looking to cut emissions more drastically. The Inflation Reduction Act will push residential and commercial customers toward renewable energy systems, while renewable portfolio standards will bolster the number of renewable energy facilities across the country. The US Energy Information Administration also expects natural gas output to push down through 2029, hindering growth. Overall, revenue is set to push down at a CAGR of 3.6% to $81.6 billion through 2029.

Comprehensive dataset of 8 Thermal power plants in Michigan, United States as of July, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.

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.

Comprehensive dataset of 3 Thermal power plants in Minnesota, United States as of July, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.

United States thermal energy storage market size is projected to exhibit a growth rate (CAGR) of 12.83% during 2025-2033. The increasing adoption of sustainable energy solutions, the escalating need for grid stability, the implementation of government incentives and policies, rising environmental awareness, rapid technological advancements, the expansion of the electric vehicle market, rising energy costs, and the surging demand to reduce carbon emissions are propelling the market growth.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on storage type, technology, material type, application, and end use.

The US Energy Market is segmented by Generation (Conventional Thermal, Hydro, Nuclear, Non-hydro Renewable) and Transmission & Distribution.

Comprehensive dataset of 2 Thermal power plants in Nebraska, United States as of June, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.

Industrial activities are the greatest energy end-user sector in the United States, reaching a consumption of some 31 quadrillion British thermal units in 2024, followed by the transportation sector. The U.S. is the second-largest energy consumer in the world, after China. Energy source in the United States Consumption of fossil fuels still accounts for the majority of U.S. primary energy consumption. The transportation and industrial sectors are the sectors with the largest fossil fuel consumption in the country, the former relying on oil-based motor fuels. Electricity generation in the United States Although around 60 percent of the electricity generated in the U.S. is derived from natural gas and coal, the use of renewable sources is becoming more common in electricity production, with the largest increase in wind and solar power. These two clean energy resources are projected to generate as much power as natural gas by 2030.

Comprehensive dataset of 3 Thermal power plants in Maryland, United States as of July, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.

Petroleum is the primary source of energy in the United States, with a consumption of 35.35 quadrillion British thermal units in 2024. Closely following, the U.S. had 34.2 quadrillion British thermal units of energy derived from natural gas. Energy consumption by sector in the United States Petroleum is predominantly utilized as a fuel in the transportation sector, which is also the second-largest consumer of energy in the U.S. with almost 30 percent of the country’s total energy consumption in 2024. This figure is topped only by the energy-guzzling industrial sector, a major consumer of fossil fuels such as petroleum and natural gas. Renewable energy in the United States Despite the prevalence of fossil fuels in the U.S. energy mix, the use of renewable energy consumption has grown immensely in the last decades to approximately 11 exajoules in 2023. Most of the renewable energy produced in the U.S. is derived from biomass, hydro and wind sources. In 2024, renewable electricity accounted for approximately 24 percent of the nation’s total electricity generation.

US Coal Market was valued at USD 49.0 Billion in 2024 and is projected to reach USD 41.69 Billion by 2032, growing at a CAGR of -2% from 2025 to 2032.

US Coal Market: Definition/ Overview

In the United States, coal is a fossil fuel that is extracted for use in power generation and industrial activities. It is mostly used to generate electricity in coal-fired power stations, where thermal coal is burned to create steam that drives turbines. In addition to electricity generation, coal, particularly metallurgical coal, is necessary in steel manufacturing as it is used to generate coke, a vital component in the blast furnace process. Despite the increasing use of renewable energy sources, coal remains an essential energy source for various sectors in the United States.

The US coal market is being driven by initiatives that reduce its environmental effect through innovations such as carbon capture and storage (CCS) and cleaner combustion technology. While coal's importance in power generation is likely to diminish as renewable energy sources such as wind and solar expand, it will continue to be critical for industries that require high-temperature processes, such as steelmaking. The global export market for US coal is projected to remain important, particularly in areas with limited access to other energy sources.

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The report covers North American Power Market Analysis and it is segmented by Generation (Conventional Thermal, Hydro, Nuclear, and Non-Hydro Renewable), Transmission and Distribution, and Geography (United States, Canada, and Rest of North America). The market size and forecasts are provided in terms of revenue (USD Billion) for all the above segments.