The global North America engines market is projected to reach USD 3.7 billion by 2023, at a CAGR of 4.52% from an estimated USD 2.9 billion in 2018. This growth can be attributed to the demand for reliable and uninterrupted power supply and commercial vessels. The rise in demand for commercial vessels is due to the increase in seaborne trade.
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On the basis of type, the power generation segment is expected to be the largest contributor to the North America engines market during the forecast period
The report segments the North America engines market, by type, into power generation and marine. The power generation segment is expected to hold the largest market share by 2023. Engines used during peak hours are known as peak loads, engine units used for long hours with variable loads are known as prime loads, and the engines used for a shorter duration during power outages are known as standby engines. Prime or continuous power engines are mainly used in oil & gas, marine, and mining operations located at remote places with no grid supply.
On the basis of power rating, the above 700 HP segment is expected to be the largest contributor during the forecast period
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North America engines market, by power rating, is segmented into 0–60 HP, 60–100 HP, 101–300 HP, 301–500 HP, 501–700 HP, and above 700 HP. The above 700 HP segment is expected to dominate the North America engines market by 2023. The engines in this segment are used for power generation and marine propulsion. The major players in this segment include Caterpillar, Cummins, Rolls-Royce, Wärtsilä, John Deere, and others. The need for reliable and uninterrupted power is driving the North America engines market. The above 700 HP segment engines are mainly used for prime & continuous power application by a wide range of end-users located in remote locations.
The US is expected to hold the largest market size in the North America engines market during the forecast period
In this report, the North America engines market has been analyzed with respect to countries, namely, the US and Canada. The US is estimated to be the largest North America engines market from 2018 to 2023. In the US, the electric grid is a complex system connecting several power plants. When the balance of such systems is disturbed, system failures or blackouts can occur. Moreover, aging coal-fired power plants, drop in natural gas prices, and emissions reduction are the key drivers for the gas engines in the region. Major engines players that operate in the region include Caterpillar (US), Cummins (US), John Deere (US), Rolls-Royce (UK), Volvo (Sweden), Wartsila (Finland), Kohler (US), Mitsubishi (Japan), Doosan (South Korea), and MAN (Germany).
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Key questions addressed by the report
- The report identifies and addresses key markets for North America engines, which would help manufacturers review the growth in demand.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors well and make better strategic decisions.
- The report addresses the market share analysis of key players in the North America engines market and with the help of this, companies can enhance their revenues in the respective market.
- The report provides insights into emerging geographies for North America engines and hence the entire market ecosystem can gain competitive advantage from such insights.
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