Power Generation Market Growing Popularity and Emerging Trends to 2033

According to the Market Statsville Group (MSG), the US Power Generation Market size is expected to project a considerable CAGR of 15.6% from 2024 to 2033.

The U. S. power generation market is a complex and consistently developing market due to its orientation on green and renewable energy sources. For a long time, the industry was majorly controlled by fossil energy sources but the shift to renewable energy technologies such as wind, solar, and hydroelectric power is fast becoming a trend. It is supported by favorable government policies, advancements in technologies, and increasing consciousness about the environment. The following graph shows the net generation of solar power in the US from the year 2019-2023 which depicts that the growing generation of solar power supports the market growth.

Although, natural gas is still a significant player being a cleaner option compared to coal and nuclear energy also continues to be a stable source of power. Also, the incorporation of battery storage and other grid management advancements are making the present electricity network stronger and more stable. Market growth is driven by rising energy needs, infrastructure development, and opportunities to deploy technologies to reduce greenhouse gas emissions. Given the ongoing drive towards less carbon emissions by the U. S. coupled with climate goals; power generation is anticipated to transform further towards a sustainable and more reliable energy sector.

Definition of the Power Generation

The US power generation sector is an industry involved in the production of electricity from sources like fossil fuels, nuclear power, and renewables. It involves the transformation of the stated above energy sources into electrical power, further transmitting it and distributing it to customers. This sector is essential for this country to satisfy its energy demand, provide a lift to its economic growth, and care about environmental safety by readjustment and fuel shifting to cleaner and more sustainable sources of energy.

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Scope of the US Power Generation Market

The study categorizes the Power Generation market based on energy source, technology, capacity, and application at the regional and US levels.

By Energy Source Outlook (Sales, USD Million, 2019-2033)

Fossil Fuels

Nuclear Power

Renewables

By Technology Outlook (Sales, USD Million, 2019-2033)

Conventional Power Plants

Renewable Technologies

Others

By Capacity Outlook (Sales, USD Million, 2019-2033)

Small & Medium Scale Power Generation

Large-Scale Power Generation

By Application Outlook (Sales, USD Million, 2019-2033)

Residential

Commercial

Industrial

Utilities

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Utility segment accounts for the largest market share by application.

Based on the application, the market is divided into Residential, Commercial, Industrial, and Utilities. The utilities segment accounted for the largest market share in the US Power Generation market. This dominance stems from the fact that the utilities that oversee the generation of electricity experience greater demand from residential, commercial, and industrial clients. Utilities generate and transmit electricity from centralized generation power stations and the network necessary to distribute the electricity to different regions. They are highly valuable in contributing to the proper functioning of the grid, energy delivery, and management in systems incorporating renewable energy and conventional energy. The scope and nature of utility operations require considerable infrastructure and resources to address various energy needs and legislation in utilities. Being the main suppliers of electricity, the utilities can be considered the key to the energy market and its regulation. Thus, the importance of residential, commercial, and industrial segments of electricity consumption is evident: however, they are served by utilities procuring infrastructure and services needed for electricity generation and distribution, which reemphasizes the role of utilities in the organizational structure of electricity generation systems.

Competitive Landscape: US Power Generation Market

The competitive landscape in the US power generation market is diversified, involving major utilities, independent power producers, and renewable energy firms. The top competitors have been developing different sources of energy—fossil, nuclear, and renewable—to meet the rising energy demand and regulatory needs. Accordingly, companies are focused on continuous technological innovation from advanced energy storage to grid modernization for enhanced efficiency and sustainability. The competition is so fierce that continuous improvement and strategic partnership will decide how the market evolves.

Major players in the US Power Generation market are:

General Electric

Siemens AG

Mitsubishi Heavy Industries

Vestas Wind Systems

NextEra Energy Inc.

EDF Group

Iberdrola S. A.

Engie S. A.

Other Major Players

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Recent Development

In June 2024, California utility company Entergy and Next Era Energy Resources LLC, a subsidiary of Next Era Energy Inc. unveiled the commencement of the joint development project to advance the development up to 4. A cumulative of 5 gigawatts in new solar generation and energy storage. The accomplishment of this agreement was a major step forward to add more renewable generation to the Entergy portfolio and demonstrated both companies’ intent for the development of clean energy solutions. Thus, the Entergy and NextEra cooperation has been designed to improve their positive impetus to the sustainable energy infrastructure development striving to fulfill the demand for renewable energy in the United States.

In March 2023, GE Gas Power, a part of GE Vernova and Svante declared a joint development agreement (JDA) concerning solid sorbent-based carbon capture technology for natural gas power generation.