The 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. The growth of the North America engines market is mainly driven by the need for reliable and uninterrupted power supply and rise in demand for commercial vehicles due to increase in seaborne trade.
The North America engines market is dominated by a few players that have a wide geographical presence and are established brand names. Leading players in the North America engines market include Caterpillar (US), Cummins (US), Volvo Group (Sweden),Rolls-Royce (UK), and John Deere (US).
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The power generation segment is estimated to be the fastest growing North America engines market from 2018 to 2023. This segment includes emergency & standby, prime power, and peak shaving. Standby power engines are used for applications where a regular power supply is necessary to carry out operations. Prime power engines are designed to operate for a longer duration with variable load. By using peak shaving engines, industries can avail power at a reasonable cost and can reduce their electricity bills.
On the basis of country, the US is expected to be the fastest growing North America engines market from 2018 to 2023. According to the National Association of Regulatory Utility Commissioners (NARUC), about 74.0% of the coal-fired power plants are 30 years old and are nearing their shelf life. These coal-fired power plants can be replaced with gas-based power plants. Thus, gas engines can be used in power plants in the US and can help reduce carbon emissions in the country. The increased focus on infrastructure, growth in demand for electricity, and the requirement for quick start power generation are expected to drive the demand for power engines during the forecast period.
With regard to power rating, the 301–500 HP segment is expected to grow at the fastest rate from 2018 to 2023. The engines in this segment are used for power generation and marine propulsion mainly in applications such as inland waterways, commercial fishing, and passenger transport ships. The major companies in this segment include Cummins, Caterpillar, John Deere, Volvo, and Yanmar. Many companies in this segment offer various engines.
North America Engines Market by Type (Power Generation - Emergency & Standby, Prime Power, Peak Shaving & Marine - Recreational, Commercial), Power Rating (0-60 HP,61-100 HP,101-300 HP,301-500 HP,501-700 HP, above 700 HP), Country - Forecast to 2023
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