The gas engine market share in North America is expected to increase to USD 468.61 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.6%.

This North America gas engine market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers gas engine market in North America segmentation by application (power generation, co-generation, and others) and end-user (power, industrial, residential, and commercial). The gas engine market in North America report also offers information on several market vendors, including 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. among others.

What will the Gas Engine Market Size in North America be During the Forecast Period?

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Gas Engine Market in North America: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing demand for efficient heat and power generation in North America is notably driving the gas engine market growth in North America, although factors such as the presence of close substitutes may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the gas engine industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key North America Gas Engine Market Driver

• One of the key factors driving the North America gas engine industry growth is the increasing demand for efficient heat and power generation in North America.
• The EIA has projected an increase of about 0.3% each year in the demand for domestic energy through 2050. In Canada, the demand for power generation is expected to grow by 1% per year through 2040. Similarly, according to the EIA, as of June 2020, the demand for power generation in Mexico has been increasing at a rate of 2.9% per year since 2000.
• In June 2019, the EPA issued the Affordable Clean Energy (ACE) rule, which is aimed to curb carbon dioxide (CO2 ) emissions from existing power plants.
• In order to comply with stringent environmental regulations and lower carbon emissions during power generation, an increasing number of power generation companies are replacing diesel and coal-fired power plants with natural gas-fired, solar- and wind-based power generation technologies.
• The rise in the adoption of low carbon emission-based power generation technologies will drive market growth in the forecast years.

Key North America Gas Engine Market Trend

• Shift from conventional coal-fired to gas-fired power plants is one of the key North America gas engine market trends that is expected to impact the industry positively in the forecast period.
• As of January 2020, power generation companies in the US either seized or shifted about 15,100 MW of coal-based electricity generation plants to alternative sources of power generation, which included natural gas and renewable sources such as wind and solar energy.
• In May 2020, the EIA announced that coal-based energy generation reached a 42-year-low since 1978. Mexico has only three coal-fired power plants, which represent only 7% of the national installed capacity, whereas 60% of power was generated through natural gas in the country, owing to the clean energy policy.
• Gas-fired power plants offer significant benefits in terms of load management, which is one of the major concerns in coal-fired power plants.
• Natural gas-fired power plants are increasingly replacing coal-fired power generation plants, which is driving the sales of gas engines in North America. This trend is expected to continue during the forecast period.

Key North America Gas Engine Market Challenge

• One of the key challenges to the North America gas engine industry's growth is the presence of close substitutes, such as wind and solar energy and gas turbine engines.
• The rise in natural gas-fired power generation has contributed to the increasing consumption of natural gas and a decline in prices.
• The adoption of wind- and solar-energy-based power generation has also increased rapidly. The EIA predicts that renewable energy resources are expected to become the fastest-growing source of electricity generation in the US during the forecast period.
• According to the IEA, the growth of renewable energy production is expected to increase more than three-fold during 2020-2040. As per IEA, the share of renewable energy in the global electricity generation was 29% in 2020, which was an increase from 27% in 2019.
• In comparison to natural-gas-based power generation systems, solar, nuclear, and wind-based power generation systems are much more optimal in terms of low carbon emissions, cost-effectiveness, and easy installation capabilities. This may impede the concerned market growth in the forecast years.

This gas engine market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the gas engine market in North America as a part of the global heavy electrical equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the gas engine market in North America during the forecast period.

Who are the Major Gas Engine Market Vendors in North America?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 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.
• Yanmar Holdings Co. Ltd.

This statistical study of the gas engine market in North America encompasses successful business strategies deployed by the key vendors. The gas engine market in North America is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Caterpillar Inc. - The company offers gas engines such as G12CM34 gas engines.
• Cummins Inc. - The company offers gas engines such as Cummins X15N engines.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The gas engine market in North America forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Gas Engine Market in North America Value Chain Analysis

Our report provides extensive information on the value chain analysis for the gas engine market in North America, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

What are the Revenue-generating Application Segments in the Gas Engine Market in North America?

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The North America gas engine market share growth by the power generation segment will be significant during the forecast period. Natural gas is a highly efficient and clean source of power generation in North America. Advances in gas engine technologies have helped vendors offer highly reliable products with efficiencies ranging from 25% to 90%. A gas engine uses lean-burn technology, which helps lower carbon emissions during power generation. The increasing demand for electricity generation in North America is driving the adoption of gas engines in the power generation segment. These factors will augment the growth of the gas engine market in North America in the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the gas engine market size in North America and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Gas Engine Market in North America Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive gas engine market growth in North America during the next five years
• Precise estimation of the gas engine market size in North America and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the gas engine industry across North America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of gas engine market vendors in North America 

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