US Energy Market Size
In reference to our findings, the U.S. energy market size in 2017 in terms of energy consumption within the country was 97.7 quadrillion Btu. Additionally, in 2017, the amount of energy that was produced in the U.S. was approximately equal to 87.5 quadrillion Btu. Our research methodology and findings follow below.
To provide the U.S. energy market size, research began by conducting a search for relevant information in U.S. energy and electricity agencies and authorities, such as the U.S. Energy Information Administration (EIA), Edison Electric Institutes (EEI), and the Advanced Energy Economy. While we were able to find the market size of the advanced energy market in the U.S. through this strategy, we were only able to find the market size of the total U.S. energy market in terms of the amount of energy consumed.
Next, we scoured U.S. energy market reports from reputable resources that included IBISWorld, Markets and Markets, and Deloitte for information on the market size of the U.S. energy market in terms of dollars. With this strategy, we were unable to find information on the dollar value of the U.S. energy market in the public domain.
In our third strategy, we searched through media and news resources that included Breaking Energy, CNBC, US News, and Forbes for information on the dollar value of the U.S. energy market. However, after a thorough such through this type of resources, we were still unable to find any helpful information on the U.S. energy market size in terms of dollars.
Our final strategy was to try to triangulate the dollar value of the U.S. energy market size using the information that was available in the public domain. We searched for relevant information in the sources outlined in the strategies above i.e. information on the average price of energy in the U.S. While we were able to find the average cost of electric energy in the U.S., we were not able to find information on the average cost of energy as a whole. Consequently, in the end, there was insufficient data in the public domain that would enable us to triangulate the dollar value of the energy market of the U.S. Further details of our findings follows below.
MOST RECENT MARKET SIZE U.S. ENERGY MARKET
In 2017, the total U.S. primary energy consumption was equal to about 97.7 quadrillion British thermal units (Btu). Additionally, in 2017, the amount of energy that was produced in the United States was equal to 87.5 quadrillion Btu. This energy production amount was equal to 89.6% of the energy consumption in the U.S. As of 2017, the energy consumption/GDP ratio in the U.S. was 5,720 Btu per $2009.
According to the Advanced Energy Now 2019 Market report, in 2018, the market size of the advanced energy market in the U.S. was $238 billion. This industry grew at a CAGR of 11% from 2011 to 2018.
In addition, in 2017, the market size of the electric power industry in the U.S. was approximately $390.3 billion. In 2018, the total electric company revenues from sales to consumers was $402 billion, a figure that represented a 3.1% increase from 2017.
Lastly, the electric power industry of the U.S. contributes around $865 billion annually to the GDP of the United States. This contribution represents about 5% of the total GDP of the U.S.
The electricity demand of the U.S. is projected to increase by 31% from 2019 to 2050. This represents an annual increase rate of 0.9%.
The growth factors in the U.S. energy market include:
- Industry capital expenditures which have tripled since the cyclical low in 2004. This factor is an important growth engine in the U.S. energy market.
- The continuous rise in traveling within the U.S. is also expected to increase the consumption of petroleum and other liquids resulting in an increase in the projection period.
- Higher levels of technological advancement are also expected to result in the continued growth of the energy industry in the U.S., especially in crude oil and NGPL production.
- The growing American population is also predicted to result in the growth of the U.S. energy industry.
ENERGY CONSUMPTION BY SOURCE
In the U.S., total energy consumption by energy source is segmented into:
- Petroleum – 37%.
- Natural gas – 29%.
- Coal – 13.9%.
- Renewable energy – 11%.
- Nuclear electric power – 9%.
ENERGY PRODUCTION BY SOURCE
In the U.S., total primary energy production is segmented into:
- Natural gas - 32%.
- Petroleum (crude oil and natural gas plant liquids) - 28%.
- Coal - 18%.
- Renewable - 13%.
- Nuclear - 10%.
ENERGY CONSUMPTION BY SECTOR
In the U.S., energy consumption by sector is segmented into: