North America High-Speed Engine Market Forecast to 2030 - Regional Analysis - by Speed (1,000-1,500 rpm; 1,500-1,800 rpm; and Above 1,800 rpm), Power Output (Less than 2 MW, 2-4 MW, and Above 4 MW), and End User (Marine, Power Generation, Railway, Oil and Gas, and Others)
The North America high-speed engine market was valued at US$ 5,996.80 million in 2022 and is expected to reach US$ 8,679.52 million by 2030; it is estimated to register a CAGR of 4.7% from 2022 to 2030.
Increasing Preferences for Alternate Fuel-powered Engines Fuel North America High-Speed Engine Market
The demand for alternative fuel powered engines is growing globally owing to a rising carbon footprint. As per the data published by the International Energy Agency in March 2024, the carbon emissions in 2023 witnessed a growth of 1.1% in emissions compared to 2022, reaching 35 billion metric tonnes of carbon emissions. To overcome this environmental issue, governments of many countries across the globe are taking initiatives to reduce their carbon emissions. There is an increased focus on the development and adoption of alternative fuel powered engines. For instance, the US Department of Energy (DOE) provides grants of up to US$200,000 for the R&D of commercial developments in fuel cell, hydrogen, and biodiesel vehicle technologies and infrastructure for charging electric vehicles (EVs). With the rise in such government initiatives, the need for alternative fuel high-speed engines is also increasing. Hence, many high-speed engine manufacturers started manufacturing alternative fuel-powered engines. For instance, in March 2023, Man Energy Solution received formal approval for the 100% use of biofuel for its MAN 175D high-speed engine. In December 2023, The Department of Energy's Oak Ridge National Laboratory and Caterpillar Inc. signed a research and development agreement (CRADA) to examine using methanol as an alternate fuel source for four-stroke internal combustion marine engines. Thus, owing to the increasing preference for eco-friendly engines, the demand and adoption of alternative fuel-powered engines are projected to grow, which is expected to fuel the high-speed engine market growth in the coming years.
North America High-Speed Engine Market Overview
North America is the second-largest contributor to the high-speed engine market, followed by Europe. The North America high-speed engine market is segmented into the US, Canada, and Mexico. The US accounts for most of the share in the North America high-speed engine market. As the US is one of the top developed economies across the globe, the demand for energy is more compared to other North American countries. According to the data published by the US government in 2022, the energy demand increased by 2.5% from 2021. However, in the coming years, the demand is anticipated to increase by 4.7%, owing to the expansion of the manufacturing industry and a surge in the number of data centers across the country. Moreover, trading activities in Canada are growing significantly; for instance, as per the data published by the Canadian government in 2023, cargo volume carried through the Port of Vancouver increased by 6% in 2023, with terminal operators and supply chain partners handling a record 150.4 million metric ton (MMT) of commerce. The rise in such trading activities has fueled the need for vessels in the country. This increased demand for the vessels is directly affecting the demand for high-speed engines for power generation applications in cargo vessels.
North America High-Speed Engine Market Revenue and Forecast to 2030 (US$ Million)
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North America High-Speed Engine Market Segmentation
The North America high-speed engine market is categorized into speed, power output, end user, and country.
Based on speed, the North America high-speed engine market is segmented into 1000-1500, 1500-1800, and above 1800. The 1500-1800 segment held the largest share of North America high-speed engine market share in 2022.
In terms of power output, the North America high-speed engine market is categorized into less than 2 MW, 2-4 MW, and above 4 MW. The less than 2 MW segment held the largest share of North America high-speed engine market in 2022.
By end user, the North America high-speed engine market is divided into marine, power generation, railway, and oil and gas. The marine segment held the largest share of North America high-speed engine market in 2022.
Based on country, the North America high-speed engine market is segmented into the US, Canada, and Mexico. The US dominated the North America high-speed engine market share in 2022.
AB Volvo, Caterpillar Inc, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd, Rolls-Royce Holdings Plc, Wartsila Corp, Weichai Heavy Machinery Co Ltd, Yanmar Holdings Co Ltd, and Cummins Inc are some of the leading companies operating in the North America high-speed engine market.
TABLE OF CONTENTS
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. High-Speed Engine Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
5. North America High-Speed Engine Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Marine Transportation
5.1.2 Upsurge in Demand for Energy
5.2 Market Restraints
5.2.1 High Cost of Maintenance and Rise in Electrification of Fleet
5.3 Market Opportunities
5.3.1 Aging Commercial Fleet
5.4 Future Trends
5.4.1 Increasing Preferences for Alternate Fuel-powered Engines
5.5 Impact of Drivers and Restraints:
6. High-Speed Engine Market - North America Analysis
6.1 Overview
6.2 High-Speed Engine Market Revenue (US$ Million), 2020-2030
6.3 High-Speed Engine Market Forecast Analysis
7. North America High-Speed Engine Market - by Speed
7.1 1000-1500 rpm
7.1.1 Overview
7.1.2 1000-1500 rpm: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
7.2 1500-1800 rpm
7.2.1 Overview
7.2.2 1500-1800 rpm: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
7.3 Above 1800 rpm
7.3.1 Overview
7.3.2 Above 1800 rpm: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
8. North America High-Speed Engine Market - by Power Output
8.1 Less than 2 MW
8.1.1 Overview
8.1.2 Less than 2 MW: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
8.2 2-4 MW
8.2.1 Overview
8.2.2 2-4 MW: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
8.3 Above 4 MW
8.3.1 Overview
8.3.2 Above 4 MW: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
9. North America High-Speed Engine Market Analysis - by End User
9.1 Marine
9.1.1 Overview
9.1.2 Marine: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
9.2 Power Generation
9.2.1 Overview
9.2.2 Power Generation: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
9.3 Railway
9.3.1 Overview
9.3.2 Railway: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
9.4 Oil and Gas
9.4.1 Overview
9.4.2 Oil and Gas: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
10. North America High-Speed Engine Market - Country Analysis
10.1 North America
10.1.1 North America: High-Speed Engine Market, By Key Country - Revenue 2022 (US$ Million)
10.1.2 North America: High-Speed Engine Market - Revenue and Forecast Analysis - by Country
10.1.2.1 North America: High-Speed Engine Market - Revenue and Forecast Analysis - by Country
10.1.2.2 United States: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
10.1.2.2.1 United States: High-Speed Engine Market Breakdown, by Speed
10.1.2.2.2 United States: High-Speed Engine Market Breakdown, by Power Output
10.1.2.2.3 United States: High-Speed Engine Market Breakdown, by End user
10.1.2.3 Canada: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
10.1.2.3.1 Canada: High-Speed Engine Market Breakdown, by Speed
10.1.2.3.2 Canada: High-Speed Engine Market Breakdown, by Power Output
10.1.2.3.3 Canada: High-Speed Engine Market Breakdown, by End User
10.1.2.4 Mexico: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
10.1.2.4.1 Mexico: High-Speed Engine Market Breakdown, by Speed
10.1.2.4.2 Mexico: High-Speed Engine Market Breakdown, by Power Output
10.1.2.4.3 Mexico: High-Speed Engine Market Breakdown, by End User
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 AB Volvo
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Caterpillar Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 MAN Energy Solutions SE
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Mitsubishi Heavy Industries, Ltd.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Rolls-Royce Holdings Plc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Wartsila Corp
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Weichai Heavy Machinery Co., Ltd.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Yanmar Holdings Co Ltd
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Cummins Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About the Insight Partners
List of Tables
Table 1. High-Speed Engine Market Segmentation
Table 2. High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Table 3. High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Speed
Table 4. High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Power Output
Table 5. High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by End User
Table 6. North America: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Country
Table 7. United States: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Speed
Table 8. United States: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Power Output
Table 9. United States: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by End user
Table 10. Canada: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Speed
Table 11. Canada: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Power Output
Table 12. Canada: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by End User
Table 13. Mexico: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Speed
Table 14. Mexico: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by Power Output
Table 15. Mexico: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million) - by End User
List of Figures
Figure 1. High-Speed Engine Market Segmentation, by Country
Figure 2. High-Speed Engine Market - Key Market Dynamics
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. High-Speed Engine Market Revenue (US$ Million), 2020-2030
Figure 5. High-Speed Engine Market Share (%) - by Speed (2022 and 2030)
Figure 6. 1000-1500 rpm: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 7. 1500-1800 rpm: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 8. Above 1800 rpm: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 9. High-Speed Engine Market Share (%) - by Power Output (2022 and 2030)
Figure 10. Less than 2 MW: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 11. 2-4 MW: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 12. Above 4 MW: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 13. High-Speed Engine Market Share (%) - by End User (2022 and 2030)
Figure 14. Marine: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 15. Power Generation: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 16. Railway: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 17. Oil and Gas: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 18. Others: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 19. North America: High-Speed Engine Market, By Key Country - Revenue 2022 (US$ Million)
Figure 20. North America: High-Speed Engine Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 21. United States: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 22. Canada: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 23. Mexico: High-Speed Engine Market - Revenue and Forecast to 2030 (US$ Million)
Figure 24. Company Positioning & Concentration
Figure 25. Heat Map Analysis
- AB Volvo
- Caterpillar Inc
- MAN Energy Solutions SE
- Mitsubishi Heavy Industries Ltd
- Rolls-Royce Holdings Plc
- Wartsila Corp
- Weichai Heavy Machinery Co Ltd
- Yanmar Holdings Co Ltd
- Cummins Inc
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America high-speed engine market.
- Highlights key business priorities to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the North America high-speed engine market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America high-speed engine market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.