How North America Engines Market Changing a Dynamics
of Industry till 2023
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 fo r 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 i nclude 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