North America Power Generation Equipment Market Size, Share & Trends Analysis Report By Type (Turbine & Engines, Generators, and Others), By Application (Utility, Industrial, Commercial, and Residential), By Country and Growth Forecast, 2024 - 2031

PUBLISHED: April 5, 2024

PAGES: 93 Pages

DELIVERY TIME: 1-2 business days

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The North America Power Generation Equipment Market would witness market growth of 4.1% CAGR during the forecast period (2024-2031).

The US market dominated the North America Power Generation Equipment Market, by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $38,303.6 Million by 2031. The Canada market is experiencing a CAGR of 6.4% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 5.5% during (2024 - 2031).

Renewable energy sources, including solar, wind, hydroelectric power, and biomass, are on the rise. Governments, utilities, and businesses invest in renewable energy technologies and infrastructure to reduce carbon emissions, enhance energy security, and mitigate climate change. Many countries are transitioning from coal-fired power generation towards natural gas due to lower emissions, improved efficiency, and abundant natural gas resources. The adoption of natural gas-fired power plants, combined cycle gas turbines (CCGT), and cogeneration systems is increasing as coal plants are retired or repurposed.

Similarly, there is growing interest in decentralized energy systems that enable on-site generation, storage, and distribution of electricity, heat, and cooling. Distributed generation technologies such as solar PV, wind turbines, microturbines, and fuel cells are deployed in residential, commercial, and industrial settings to enhance energy resilience and efficiency. Hydrogen-based power generation technologies, including hydrogen fuel cells and hydrogen combustion turbines, are emerging as clean and sustainable alternatives to traditional fossil fuel-based generation.

Canada is investing in new power generation facilities to meet its growing electricity needs. Canada's total installed electricity generation capacity was approximately 149 GW in 2021 and is projected to reach 170 GW in 2035. The Canada Small Modular Reactors (SMR) Roadmap will be decisive in reaching this goal. The total electricity generated in Canada in 2022 was 640.3 TWH, approximately 2% higher than in 2021. These projects need to procure power generation equipment to increase generation capacity and improve energy security. In conclusion, the increasing electricity generation in the region is driving the market's growth.

Based on Type, the market is segmented into Turbine & Engines, Generators, and Others. Based on Application, the market is segmented into Utility, Industrial, Commercial, and Residential. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

List of Key Companies Profiled

Mitsubishi Heavy Industries Ltd.
Wartsila Corporation
ABB Ltd.
Siemens Energy AG
General Electric Company
Caterpillar, Inc.
Bharat Heavy Electricals Ltd.
Schneider Electric SE
Cummins, Inc.
Toshiba Energy Systems & Solutions Corporation (Toshiba Corporation)

North America Power Generation Equipment Market Report Segmentation

By Type

Turbine & Engines
Generators
Others

By Application

Utility
Industrial
Commercial
Residential

By Country

US
Canada
Mexico
Rest of North America

Chapter 1.Market Scope & Methodology

1.1Market Definition
1.2Objectives
1.3Market Scope
1.4Segmentation
- 1.4.1North America Power Generation Equipment Market, by Type
- 1.4.2North America Power Generation Equipment Market, by Application
- 1.4.3North America Power Generation Equipment Market, by Country
1.5Methodology for the research

Chapter 2.Market at a Glance

2.1Key Highlights

Chapter 3.Market Overview

3.1Introduction
- 3.1.1Overview
  - 3.1.1.1Market Composition and Scenario
3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges

Chapter 4.Competition Analysis - Global

4.1KBV Cardinal Matrix
4.2Recent Industry Wide Strategic Developments
- 4.2.1Partnerships, Collaborations and Agreements
- 4.2.2Product Launches and Product Expansions
- 4.2.3Acquisition and Mergers
- 4.2.4Geographical expansion
4.3Top Winning Strategies
- 4.3.1Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.3.2Key Strategic Move: (Partnerships, Collaborations & Agreements: 2023, Nov - 2020, Mar) Leading Players
4.4Porter's Five Forces Analysis

Chapter 5.North America Power Generation Equipment Market, by Type

5.1North America Turbine & Engines Market, by Country
5.2North America Generators Market, by Country
5.3North America Others Market, by Country

Chapter 6.North America Power Generation Equipment Market, by Application

6.1North America Utility Market, by Country
6.2North America Industrial Market, by Country
6.3North America Commercial Market, by Country
6.4North America Residential Market, by Country

Chapter 7.North America Power Generation Equipment Market, by Country

7.1US Power Generation Equipment Market
- 7.1.1US Power Generation Equipment Market, by Type
- 7.1.2US Power Generation Equipment Market, by Application
7.2Canada Power Generation Equipment Market
- 7.2.1Canada Power Generation Equipment Market, by Type
- 7.2.2Canada Power Generation Equipment Market, by Application
7.3Mexico Power Generation Equipment Market
- 7.3.1Mexico Power Generation Equipment Market, by Type
- 7.3.2Mexico Power Generation Equipment Market, by Application
7.4Rest of North America Power Generation Equipment Market
- 7.4.1Rest of North America Power Generation Equipment Market, by Type
- 7.4.2Rest of North America Power Generation Equipment Market, by Application

Chapter 8.Company Profiles

8.1Mitsubishi Heavy Industries Ltd.
- 8.1.1Company Overview
- 8.1.2Financial Analysis
- 8.1.3Segmental Analysis
- 8.1.4Research & Development Expenses
- 8.1.5Recent strategies and developments:
  - 8.1.5.1Partnerships, Collaborations, and Agreements:
  - 8.1.5.2Acquisition and Mergers:
- 8.1.6SWOT Analysis
8.2Wartsila Corporation
- 8.2.1Company Overview
- 8.2.2Financial Analysis
- 8.2.3Segmental Analysis and Regional Analysis
- 8.2.4Research & Development Expenses
- 8.2.5SWOT Analysis
8.3ABB Ltd.
- 8.3.1Company Overview
- 8.3.2Financial Analysis
- 8.3.3Segmental and Regional Analysis
- 8.3.4Research & Development Expense
- 8.3.5Recent strategies and developments:
  - 8.3.5.1Acquisition and Mergers:
- 8.3.6SWOT Analysis
8.4Siemens Energy AG
- 8.4.1Company Overview
- 8.4.2Financial Analysis
- 8.4.3Segmental and Regional Analysis
- 8.4.4Research & Development Expenses
- 8.4.5Recent strategies and developments:
  - 8.4.5.1Geographical Expansions:
- 8.4.6SWOT Analysis
8.5General Electric Company
- 8.5.1Company Overview
- 8.5.2Financial Analysis
- 8.5.3Segmental and Regional Analysis
- 8.5.4Research & Development Expense
- 8.5.5SWOT Analysis
8.6Caterpillar, Inc.
- 8.6.1Company Overview
- 8.6.2Financial Analysis
- 8.6.3Segmental and Regional Analysis
- 8.6.4Research & Development Expense
- 8.6.5Recent strategies and developments:
  - 8.6.5.1Product Launches and Product Expansions:
  - 8.6.5.2Acquisition and Mergers:
- 8.6.6SWOT Analysis
8.7Bharat Heavy Electricals Ltd.
- 8.7.1Company Overview
- 8.7.2Financial Analysis
- 8.7.3Segmental and Regional Analysis
- 8.7.4Research & Development Expenses
- 8.7.5SWOT Analysis
8.8Schneider Electric SE
- 8.8.1Company Overview
- 8.8.2Financial Analysis
- 8.8.3Segmental and Regional Analysis
- 8.8.4Research & Development Expense
- 8.8.5Recent strategies and developments:
  - 8.8.5.1Partnerships, Collaborations, and Agreements:
  - 8.8.5.2Product Launches and Product Expansions:
- 8.8.6SWOT Analysis
8.9Cummins, Inc.
- 8.9.1Company Overview
- 8.9.2Financial Analysis
- 8.9.3Regional & Segmental Analysis
- 8.9.4Research & Development Expenses
- 8.9.5Recent strategies and developments:
  - 8.9.5.1Partnerships, Collaborations, and Agreements:
  - 8.9.5.2Product Launches and Product Expansions:
  - 8.9.5.3Acquisition and Mergers:
- 8.9.6SWOT Analysis
8.10.Toshiba Energy Systems & Solutions Corporation (Toshiba Corporation)
- 8.10.1Company Overview
- 8.10.2Financial Analysis
- 8.10.3Segmental and Regional Analysis
- 8.10.4Research and Development Expense

LIST OF TABLES

TABLE 1North America Power Generation Equipment Market, 2020 - 2023, USD Million
TABLE 2North America Power Generation Equipment Market, 2024 - 2031, USD Million
TABLE 3Partnerships, Collaborations and Agreements- Power Generation Equipment Market
TABLE 4Product Launches And Product Expansions- Power Generation Equipment Market
TABLE 5Acquisition and Mergers- Power Generation Equipment Market
TABLE 6Geographical expansion - Power Generation Equipment Market
TABLE 7North America Power Generation Equipment Market, by Type, 2020 - 2023, USD Million
TABLE 8North America Power Generation Equipment Market, by Type, 2024 - 2031, USD Million
TABLE 9North America Turbine & Engines Market, by Country, 2020 - 2023, USD Million
TABLE 10North America Turbine & Engines Market, by Country, 2024 - 2031, USD Million
TABLE 11North America Generators Market, by Country, 2020 - 2023, USD Million
TABLE 12North America Generators Market, by Country, 2024 - 2031, USD Million
TABLE 13North America Others Market, by Country, 2020 - 2023, USD Million
TABLE 14North America Others Market, by Country, 2024 - 2031, USD Million
TABLE 15North America Power Generation Equipment Market, by Application, 2020 - 2023, USD Million
TABLE 16North America Power Generation Equipment Market, by Application, 2024 - 2031, USD Million
TABLE 17North America Utility Market, by Country, 2020 - 2023, USD Million
TABLE 18North America Utility Market, by Country, 2024 - 2031, USD Million
TABLE 19North America Industrial Market, by Country, 2020 - 2023, USD Million
TABLE 20North America Industrial Market, by Country, 2024 - 2031, USD Million
TABLE 21North America Commercial Market, by Country, 2020 - 2023, USD Million
TABLE 22North America Commercial Market, by Country, 2024 - 2031, USD Million
TABLE 23North America Residential Market, by Country, 2020 - 2023, USD Million
TABLE 24North America Residential Market, by Country, 2024 - 2031, USD Million
TABLE 25North America Power Generation Equipment Market, by Country, 2020 - 2023, USD Million
TABLE 26North America Power Generation Equipment Market, by Country, 2024 - 2031, USD Million
TABLE 27US Power Generation Equipment Market, 2020 - 2023, USD Million
TABLE 28US Power Generation Equipment Market, 2024 - 2031, USD Million
TABLE 29US Power Generation Equipment Market, by Type, 2020 - 2023, USD Million
TABLE 30US Power Generation Equipment Market, by Type, 2024 - 2031, USD Million
TABLE 31US Power Generation Equipment Market, by Application, 2020 - 2023, USD Million
TABLE 32US Power Generation Equipment Market, by Application, 2024 - 2031, USD Million
TABLE 33Canada Power Generation Equipment Market, 2020 - 2023, USD Million
TABLE 34Canada Power Generation Equipment Market, 2024 - 2031, USD Million
TABLE 35Canada Power Generation Equipment Market, by Type, 2020 - 2023, USD Million
TABLE 36Canada Power Generation Equipment Market, by Type, 2024 - 2031, USD Million
TABLE 37Canada Power Generation Equipment Market, by Application, 2020 - 2023, USD Million
TABLE 38Canada Power Generation Equipment Market, by Application, 2024 - 2031, USD Million
TABLE 39Mexico Power Generation Equipment Market, 2020 - 2023, USD Million
TABLE 40Mexico Power Generation Equipment Market, 2024 - 2031, USD Million
TABLE 41Mexico Power Generation Equipment Market, by Type, 2020 - 2023, USD Million
TABLE 42Mexico Power Generation Equipment Market, by Type, 2024 - 2031, USD Million
TABLE 43Mexico Power Generation Equipment Market, by Application, 2020 - 2023, USD Million
TABLE 44Mexico Power Generation Equipment Market, by Application, 2024 - 2031, USD Million
TABLE 45Rest of North America Power Generation Equipment Market, 2020 - 2023, USD Million
TABLE 46Rest of North America Power Generation Equipment Market, 2024 - 2031, USD Million
TABLE 47Rest of North America Power Generation Equipment Market, by Type, 2020 - 2023, USD Million
TABLE 48Rest of North America Power Generation Equipment Market, by Type, 2024 - 2031, USD Million
TABLE 49Rest of North America Power Generation Equipment Market, by Application, 2020 - 2023, USD Million
TABLE 50Rest of North America Power Generation Equipment Market, by Application, 2024 - 2031, USD Million
TABLE 51Key Information - Mitsubishi Heavy Industries Ltd.
TABLE 52Key Information - Wartsila Corporation
TABLE 53Key Information - ABB Ltd.
TABLE 54Key Information - Siemens Energy AG
TABLE 55Key Information - General Electric Company
TABLE 56key information - Caterpillar, Inc.
TABLE 57Key information - Bharat Heavy Electricals Ltd.
TABLE 58Key Information - Schneider Electric SE
TABLE 59Key information - Cummins, Inc.
TABLE 60Key Information - Toshiba Energy Systems & Solutions Corporation