At 4.7% CAGR, North America High-Speed Engine Market is Projected to be Worth US$ 8,679.52 Million by 2030, says Business Market Insights

According to Business Market Insights' research, 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, registering a CAGR of 4.7% from 2022 to 2030. Rise in marine transportation and upsurge in demand for energy are among the critical factors attributed to drive the North America high-speed engine market growth.

The preference for marine transportation has increased in the past few years as it offers cheaper rates, is ideal for large volume goods, and easily connects with other parts of the world. One of the main benefits of marine transportation is shipping companies' ability to ship oversized, heavy loads that are commonly referred to as breakbulk or Not-in-trailer (NIT) loads. Large vehicles, equipment, construction materials, and other items might be transported as cargo. The process of carrying such cargo through the roadways and airways leads to several issues, such as high prices and difficulties in transportation due to the weight or size of the load. Thus, the adoption of marine transportation has increased. For instance, as per the data provided by the World Economic Forum in 2021, approximately 90% of the world's goods are transported by sea. Further, according to the data published by the Bureau of Transportation in 2020, maritime transportation carried nearly 1.5 billion tons of goods worth US$ 1.5 trillion. This value was more than any other mode of transportation in the US. Increased preferences for marine transportation are directly affecting the demand for ships. As per the data published by the United Nations in 2023, the world commercial merchant fleet grew by 70 million deadweight ton (dwt). The following chart shows the increasing demand for ships in the commercial fleet.

Further, the growing adoption of ships boosts the demand for high-speed engines, as these engines play an important role in the overall operations of a ship. Thus, the rise in marine transportation drives the North America high-speed engine market.

On the contrary, high cost of maintenance and rise in electrification of fleet hampers the growth of North America high-speed engine market.

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 56.8% share of North America high-speed engine market share in 2022, amassing US$ 3,406.45 million. It is projected to garner US$ 4,910.00 million by 2030 to register 4.7% CAGR during 2022-2030.

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 63.4% share of North America high-speed engine market in 2022, amassing US$ 3,804.64 million. It is anticipated to garner US$ 5,472.10 million by 2030 to expand at 4.6% CAGR during 2022-2030.

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 70.8% share of North America high-speed engine market in 2022, amassing US$ 4,243.30 million. It is projected to garner US$ 6,121.13 million by 2030 to expand at 4.7% CAGR from 2022 to 2030.

Based on country, the North America high-speed engine market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 70.4% share of North America high-speed engine market in 2022. It was assessed at US$ 4,219.95 million in 2022 and is likely to hit US$ 6,149.44 million by 2030, registering a CAGR of 4.8% during 2022-2030.

Key players operating in the North America high-speed engine market are 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, among others.

- In January-2024, MAN Energy Solutions and Karpowership have signed a contract for the delivery of a total of 48 dual-fuel engines for Karpowership's fleet of power plant ships (Powerships). The engine order consists of MAN 18V51/60DF dual-fuel engines with a mechanical output of 20.7 MW each.

- In February-2023, Cummins Inc. announced it will launch the next engine in the fuel-agnostic series, the X10, in North America in 2026. This engine, named as part of the X engine family, is uniquely positioned to replace both the L9 and the X12 with the versatility to serve both medium and heavy-duty applications.

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