North America Engines Market Size, Share, and COVID-19 Impact Analysis, By Type (Power Generation, Emergency & Standby, Prime Power, Peak Shaving & Marine, Recreational, Commercial), By Power Rating (0-60 HP, 61-100 HP, 101-300 HP, 301-500 HP, 501-700 HP, above 700 HP), By Region (US, Canada, Mexico, Rest of North America), and North America Engines Market Insights Forecasts 2023 – 2033

Industry: Energy & Power

RELEASE DATE Jan 2024
REPORT ID SI3581
PAGES 200
REPORT FORMAT PathSoft

North America Engines Market Insights Forecasts to 2033

  • The North America Engines Market Size was valued at USD 3.5 Billion in 2023.
  • The Market Size is Growing at a CAGR of 5.36% from 2023 to 2033.
  • The North America Engines Market Size is Expected to Reach USD 5.9 Billion by 2033.

North America Engines Market

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The North America Engines Market Size is expected to reach USD 5.9 Billion by 2033, at a CAGR of 5.36% during the forecast period 2023 to 2033.

 

Market Overview

An engine or motor is a mechanism that converts one source of energy into mechanical energy, whereas heat engines, such as internal combustion engines, convert heat to work. Pneumatic motors use compressed air, clockwork motors in wind-up toys use elastic energy, and electric motors turn electrical energy into mechanical motion. The increase in seaborne trade is driving up demand for commercial vessels. The North America engines market is expected to be driven by an increase in the number of power outages, growing demand for uninterrupted and reliable power supply for industrial applications, increasing demand for commercial vessels due to increased seaborne trade, and high demand from power supply utilities to ensure proper operation of data centers and IT facilities during the forecast period. This growth can be attributed to the need for a consistent and uninterrupted power supply, as well as commercial vessels. The increase in demand for hybrid fuel engines presents an opportunity for the North America engines market.

 

Report Coverage

This research report categorizes the market for the North America engines market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America engine market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America engines market.                 

North America Engines Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 3.5 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:5.36%
2033 Value Projection:USD 5.9 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:120
Segments covered:By Type, By Power, By Region, and COVID-19 Impact Analysis
Companies Covered: Cummins, Caterpillar, Rolls-Royce, Wartsila, John Deere, Kohler, Yanmar Holdings, Mitsubishi Heavy Industries, Volvo Group, Doosan Corporation, MAN SE, DEUTZ AG, Others, and
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

The North American engines market is primarily driven by an increasing trend of industrialization and infrastructure development. Industrial diesel engines' excellent thermal efficiency and low maintenance costs are expected to drive market growth, as are the increasing applications of industrial engines in the mining, oil, and gas, and construction industries. During the forecast period, the North American engine market is expected to be driven by strong demand from power supply utilities to ensure the proper operation of data centers and IT facilities. This increase can be attributed to the demand for a consistent and uninterrupted power supply, as well as commercial vessels. The growing demand for hybrid fuel engines creates an opportunity for the North American engine market.

 

Restraining Factors

The number of power outages has increased, as has the demand for uninterrupted and reliable power supply for industrial applications. High maintenance and operating costs, as well as stringent emission standards, may hamper North American engines market growth.

 

Market Segment

  • In 2023, the power generation segment accounted for the largest revenue share over the forecast period.

Based on type, the North America engine market is segmented into power generation, emergency & standby, prime power, peak shaving & marine, recreational, and commercial. Among these, the power generation segment has the largest revenue share over the forecast period. Peak loads are engines used during peak hours; prime loads are engine units used for long hours with variable loads; and standby engines are engines used for a short period during power outages. Prime or continuous power engines are mainly used in oil and gas, marine, and mining operations located in remote places with no grid supply, and increasing gas-based generation, distributed power generation, an increasing number of power outages, and the need for reliable power are some of the major factors driving the growth of the power generation segment. Furthermore, for data centers and IT facilities, there is less dependency on power utilities these days due to power backup.

 

  • In 2023, the 301-500 HP segment is witnessing significant growth over the forecast period.

Based on power rating, the North America engine market is segmented into 0-60 HP,61-100 HP,101-300 HP, 301-500 HP, 501-700 HP, and above 700 HP. Among these, the 301-500 HP segment is witnessing significant growth over the forecast period. End users for the 301-500 HP engines include data centers, hospitals, commercial complexes, and residential buildings. These end users use diesel engines for both standby and prime power generation. These engines can act as standby operations for minor overhauls and interruptions of power in plants, reducing plant downtime and costs. The growth of industrial applications has driven demand, particularly for the 301-500 HP segment.

 

  • In 2023, the US accounted for the largest revenue share over the forecast period.

Based on region, the United States has the largest revenue share over the forecast period. The increase in shale gas production in the United States and gas from oil sands in Canada are expected to drive the majority of production growth. Emergency generators are the most appealing application due to the numerous events hosted by the country as well as grid maintenance activities. As a consequence, increased emphasis on construction and event activities will boost North American engine market during forecast period.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North American engines market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Cummins
  • Caterpillar
  • Rolls-Royce
  • Wartsila
  • John Deere
  • Kohler
  • Yanmar Holdings
  • Mitsubishi Heavy Industries
  • Volvo Group
  • Doosan Corporation
  • MAN SE
  • DEUTZ AG
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the North American engines market based on the below-mentioned segments: 

 

North America Engines Market, By Type

  • Power Generation
  • Emergency & Standby
  • Prime Power
  • Peak Shaving & Marine
  • Recreational
  • Commercial

 

North America Engines Market, By Power Rating

  • 0-60 HP
  • 61-100 HP
  • 101-300 HP
  • 301-500 HP
  • 501-700 HP
  • above 700 HP

 

North America Engines Market, By Region

  • US
  • Canada
  • Mexico
  • Rest of North America

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