NEW YORK, July 12, 2021 /PRNewswire/ -- The US contributes to the highest incremental growth of 65% in the gas engine market size in North America during the forecast period, as per Technavio.
Caterpillar Inc., Cummins Inc., Doosan Infracore Co. Ltd., are the three major market participants for the gas engine market size in North America.
"Reduction in the price of natural gas and the Increasing demand for efficient heat and power generation in North America will further boost market growth during the forecast period", says a senior analyst at Technavio.
Technavio offers an up-to-date analysis regarding the current global market scenario and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries; however, the immediate impact of the outbreak is varied. COVID-19 will have at Par on the gas engine market in North America. As per Technavio's pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
The gas engine market size in North America in the heavy electrical equipment industry is expected to grow by USD 322.03 million, progressing at a CAGR of almost 5% during 2021-2025, as per the new report from Technavio. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
Gas Engine Market in North America in the Heavy Electrical Equipment 2021-2025: Key Highlights
Gas Engine Market in North America in the Heavy Electrical Equipment 2021-2025: Vendor Analysis and Scope
To help businesses improve their market position, Technavio provides a detailed analysis of around 25 vendors operating in the gas engine market in North America. Caterpillar Inc., Cummins Inc., Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd., INNIO Jenbacher GmbH & Co. OG, Kawasaki Heavy Industries Ltd., MAN SE, Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, and Siemens Energy AG are some of the major market participants.
This study identifies the reduction in the price of natural gas as one of the prime reasons driving the Gas Engine market growth in North America during the next few years. However, the presence of strong substitutes may threaten the growth of the market.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44112
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Report link: https://www.technavio.com/report/gas-engine-market-in-north-america-industry-analysis
SOURCE Technavio
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