The North America engines market is projected to grow at a CAGR of 4.52% from 2018 to 2023.
301–500 HP segment, by power rating, is expected to be the fastest growing North America engines market during the forecast period.
The 301–500 HP segment is estimated to be the fastest growing segment during the forecast period. The 301–500 HP engines are mainly used by end-users such as data centers, hospitals, commercial complexes, and residential buildings. These end-users deploy diesel power engines for standby and prime power generation. These engines can act as standby operation for minor overhauls and interruption of power in plants, thereby reducing the plant downtime and cost. The demand for gensets in Canada is basically due to large new offshore discoveries off the coasts of Newfoundland and Labrador states. The growth in the industrial applications has driven the demand specifically for the 301–500 HP segment.
The main production growth is projected to come from natural gas units due to the increase in shale gas production in the US and gas from oil sands in Canada. Emergency generators are the most attractive application owing to numerous events hosted by the nation as well as due to grid maintenance activities.
Power generation segment, by type, is expected to be the fastest growing North America engines market during the forecast period.
The power generation segment is expected to grow at the fastest rate between 2018 and 2023. Increasing gas-based generation, distributed power generation, increasing number of power outages, and need for reliable power are some of the major factors driving the growth of the power generation segment. For example, in the US, the power outages increased by 9% in 2016 as compared to 2015 and in Canada, the increase was about 23% in 2016 as compared to 2015. Notable ones are Central California Blackout of 2013, Southwest Blackout of 2011, and Northeast Blackout of 2003. For data centers and IT facilities, there is less dependency on power utilities these days due to power backup facilities. The T&D expenditure in the US is projected to grow from approximately USD 35 billion in 2013 to USD 48 billion by 2020.
US: The fastest growing North America engines market.
The US is expected to be the largest and fastest North America engines market by 2023 and is projected to grow at the highest CAGR. The main production growth is projected to come from natural gas units due to the increase in shale gas production in the US and gas from oil sands in Canada. Emergency generators are the most attractive application owing to numerous events hosted by the nation as well as due to grid maintenance activities. Therefore, increasing focus on construction and event activities would drive the North America engines market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1–60%, Tier 2–25%, and Tier 3–15%
- By Designation: C-Level–40%, Director Level–35%, and Others–25%
- By Region: US–60% and Canada–40%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.
The leading players in the North America engines include Cummins (US), Caterpillar (US), Wärtsilä (Finland), Rolls-Royce (UK), Yanmar (Japan), and Mitsubishi Heavy Industries (Japan).
Research Coverage:
The report defines, describes, and forecasts the North America engines market by type, power rating, and country. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of volume and value, and future trends in the North America engines market.
Key Benefits of Buying the Report
The report will provide information on the closest approximations of the revenue numbers for the overall North America engines market and the subsegments to leaders/new entrants in this market. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
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Companies Mentioned
- Caterpillar
- Cummins
- Deutz Ag
- Doosan
- John Deere
- Kohler
- Man Se
- Mitsubishi Heavy Industries
- Rolls-Royce
- Volvo Group
- Wartsila
- Yanmar
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 107 |
| Published | February 2019 |
| Forecast Period | 2018 - 2023 |
| Estimated Market Value ( USD | $ 2.9 billion |
| Forecasted Market Value ( USD | $ 3.7 billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | North America |
| No. of Companies Mentioned | 12 |
