The gas engine market share in North America will post an incremental growth of USD 468.61 million, progressing at a CAGR of 5.6% during the forecast period. The increasing demand for efficient heat and power generation in North America will offer immense growth opportunities to market vendors. The gas engine market in North America is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Gas Engine Market in North America by End-user, Application, and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The gas engine market in North America is segmented by application (power generation, co-generation, and others) and end-user (power, industrial, residential, and commercial).
The growth of the gas engine market size in North America by the power generation segment will be significant during the forecast period. The growth of the segment is attributed to the increasing demand for electricity generation in North America.
The increasing demand for efficient heat and power generation in North America will directly influence the gas engine market in North America. In addition, the shift from conventional coal-fired to gas-fired power plants is one of the major gas engine market trends in North America that will positively impact the market growth. However, factors such as the presence of close substitutes, such as wind and solar energy and gas turbine engines will hamper the gas engine market growth in North America.
The market is fragmented due to the presence of several players. Some of the major gas engine market vendors in North America are Caterpillar Inc., China National Petroleum Corp., China Yuchai International Ltd., Cummins Inc., DEUTZ AG, Fairbanks Morse LLC, HD Hyundai Co.Ltd., IHI Corp., INNIO Jenbacher GmbH and Co. OG, JFE Engineering Corp., Kawasaki Heavy Industries Ltd., Kohler Co., Liebherr International AG, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., R Schmitt Enertec GmbH, Rolls Royce Holdings Plc, Siemens AG, Westport Fuel Systems Inc., and Yanmar Holdings Co. Ltd.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the gas engine market in North America forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the gas engine market share in North America.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the gas engine market in North America.
Gas engine industry growth across North America.