North America Engines Market Worth $3.7 Billion by 2023 - Exclusive Report by MarketsandMarkets™

North America Engines Market Worth $3.7 Billion by 2023 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, Feb. 25, 2019

CHICAGO, Feb. 25, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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. Increase in number of power outages, growing demand for uninterrupted & reliable power supply for industrial applications, increasing demand for commercial vessels due to increase in seaborne trade, and high demand from power supply utilities to ensure proper functioning of data centers & IT facilities are likely to drive the North America Engines Market during the forecast period. Rise in demand for hybrid fuel engines is an opportunity for the North America Engines Market.

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Power generation engines segment, by type, is expected to hold the largest share of the North America Engines Market during the forecast period.

The North America Engines Market, by type, has been classified into power generation and marine applications. The power generation segment includes emergency & standby, prime power, peak shaving, and the marine segment includes recreational and commercial. Power outages and growing customer preference toward intermittent power supply, growing demand for natural gas and mobile engines are expected to drive the power generation North America Engines Market. The emergency & standby generators are the most attractive application due to numerous events hosted by the respective nations as well as grid maintenance activities.

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Above 700 HP segment of the North America Engines Market, by power rating, is expected to be the largest market during the forecast period.

Above 700 HP segment led the North America Engines Market in 2018 and is estimated to be the largest market during the forecast period. The main production growth is projected to come from natural gas units because of increase in shale gas production in the US and gas from oil sands in Canada. Increasing demand from the offshore and industrial applications in the US and Canada is expected to drive the above 700 HP segment during the forecast period. The above 700 HP segment is projected to experience a slower growth during the forecast period due to investments uncertainties in the oil & gas industry.

US: The leading North America Engines Market

In this report, the North America Engines Market has been analyzed with respect to 2 countries—the US and Canada. The US led the North America Engines Market in 2018. Bi-fuel generators offer advantages of both gas generators and diesel generators and improve the reliability of standby power system. Most of the time, bi-fuel generators run on gas but in case of emergency, it can run on 100% diesel also.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the North America Engines Market. The key players include Cummins (US), Caterpillar (US), Wärtsilä (Finland), Rolls-Royce (UK), John Deere (US), Yanmar (Japan), and Mitsubishi Heavy Industries (Japan).

The leading players are adopting various strategies to increase their share in the North America Engines Market. New product launches was one of the key strategies adopted by the players to strengthen their presence and offerings in North America.

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