North America Power Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Power Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The North American power market is expected to register a CAGR of over 2% during the forecast period of 2020-2025. Increasing industrialization and urbanization in countries, such as Mexico, is expected to drive the North American power market. However, the upgradation of these power plants is difficult, owing to political disturbances and cost-related issues. These factors are expected to have a negative impact on the North American power market.

• Conventional thermal power, due to its capacity of generating higher volume energy and efficiency than other sources, held a significant market in 2018 and is likely to dominate the market during the forecast period.
• The guidelines for decreasing carbon footprint by countries, such as United States and Canada, boosted the installation of renewable plants in North America. This factor is expected to create several opportunities for the North American power market in the future.
• United States, due to its increasing energy consumption, is expected to dominate the market during the forecast period.

• Conventional thermal power is generated through various sources, such as coal, natural gas, and oil. In 2018, about 50% of the electricity generated in North America was from conventional thermal power.
• Out of the various sources of generating conventional thermal power, the majority of energy came from natural gas, in 2018. Natural gas contributed approximately 56% to the conventional thermal power electricity generation.
• In 2019, the construction of Charles City combined cycle power project started, it is a 1060-megawatts (MW) gas-fired power plant developed by independent power producer C4GT in Charles City County, Virginia, United States. Commercial operations for the project are expected to begin by the third quarter of 2022.
• In 2018, General Electric Company got to hold one of the critical components of the Norte III Power Plant. The company’s power services business was expected to provide an integrated services solution that includes overseeing operations and maintenance (O&M), contractual services, and digital support for Norte III in the next 25 years.
• Therefore, owing to the aforementioned, conventional thermal segment is expected to dominate the North American power market during the forecast period.

• • In 2018, the total electricity generation from the power sector in United States was 4460.8 terawatts-hour (TWh). United States, in 2018, generated 80% of the total electricity of North America.
• In 2018, United States generated 4460.8 terawatt-hours (TWh) of electricity, which was higher than what it produced in 2017 (4302.5 terawatt-hour).
• The cumulative distributed wind capacity installed from 2003 to 2018 reached 1,127 megawatts (MW) from more than 83,000 wind turbines across all 50 states, Puerto Rico, United States Virgin Islands, and Guam. In 2018, 12 states added 50.5 megawatts (MW) of new distributed wind capacity, representing 2,684 units of wind turbines.
• Bechtel completed the construction of Vogtle Units 3 and 4 under the management of Southern Nuclear, the Southern Company subsidiary that operates the existing two units at Plant Vogtle. The Vogtle Units 3 and 4 team is working to have Unit 3, and Unit 4 is expected to be ready for commercial operation by 2021 and 2022, respectively.
• Hence, owing to the aformentioned points, United States is expected to dominate the North American power market during the forecast period.

The North American power market is moderately consolidated. Some of the key players in this market include General Electric Company, Oersted AS, Toshiba Corp., Bechtel Corporation, and Techint Group.

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