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

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.

Free Valuable Insights: The Power Generation Equipment Market is Predict to reach USD 157.7 Billion by 2031, at a CAGR of 4.6%

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

Chapter 2. Market at a Glance
2.1 Key Highlights

Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges

Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.2.4 Geographical expansion
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2020-2024)
4.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2023, Nov – 2020, Mar) Leading Players
4.4 Porter’s Five Forces Analysis

Chapter 5. North America Power Generation Equipment Market, by Type
5.1 North America Turbine & Engines Market, by Country
5.2 North America Generators Market, by Country
5.3 North America Others Market, by Country

Chapter 6. North America Power Generation Equipment Market, by Application
6.1 North America Utility Market, by Country
6.2 North America Industrial Market, by Country
6.3 North America Commercial Market, by Country
6.4 North America Residential Market, by Country

Chapter 7. North America Power Generation Equipment Market, by Country
7.1 US Power Generation Equipment Market
7.1.1 US Power Generation Equipment Market, by Type
7.1.2 US Power Generation Equipment Market, by Application
7.2 Canada Power Generation Equipment Market
7.2.1 Canada Power Generation Equipment Market, by Type
7.2.2 Canada Power Generation Equipment Market, by Application
7.3 Mexico Power Generation Equipment Market
7.3.1 Mexico Power Generation Equipment Market, by Type
7.3.2 Mexico Power Generation Equipment Market, by Application
7.4 Rest of North America Power Generation Equipment Market
7.4.1 Rest of North America Power Generation Equipment Market, by Type
7.4.2 Rest of North America Power Generation Equipment Market, by Application

Chapter 8. Company Profiles
8.1 Mitsubishi Heavy Industries Ltd.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.5.2 Acquisition and Mergers:
8.1.6 SWOT Analysis
8.2 Wartsila Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental Analysis and Regional Analysis
8.2.4 Research & Development Expenses
8.2.5 SWOT Analysis
8.3 ABB Ltd.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Acquisition and Mergers:
8.3.6 SWOT Analysis
8.4 Siemens Energy AG
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expenses
8.4.5 Recent strategies and developments:
8.4.5.1 Geographical Expansions:
8.4.6 SWOT Analysis
8.5 General Electric Company
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 SWOT Analysis
8.6 Caterpillar, Inc.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments:
8.6.5.1 Product Launches and Product Expansions:
8.6.5.2 Acquisition and Mergers:
8.6.6 SWOT Analysis
8.7 Bharat Heavy Electricals Ltd.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 SWOT Analysis
8.8 Schneider Electric SE
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.8.5 Recent strategies and developments:
8.8.5.1 Partnerships, Collaborations, and Agreements:
8.8.5.2 Product Launches and Product Expansions:
8.8.6 SWOT Analysis
8.9 Cummins, Inc.
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Regional & Segmental Analysis
8.9.4 Research & Development Expenses
8.9.5 Recent strategies and developments:
8.9.5.1 Partnerships, Collaborations, and Agreements:
8.9.5.2 Product Launches and Product Expansions:
8.9.5.3 Acquisition and Mergers:
8.9.6 SWOT Analysis
8.10. Toshiba Energy Systems & Solutions Corporation (Toshiba Corporation)
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research and Development Expense

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

List of Figures
FIG 1 Methodology for the research
FIG 2 North America Power Generation Equipment Market, 2020 - 2031, USD Million
FIG 3 Key Factors Impacting Power Generation Equipment Market
FIG 4 KBV Cardinal Matrix
FIG 5 Key Leading Strategies: Percentage Distribution (2020-2024)
FIG 6 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2023, Nov – 2020, Mar) Leading Players
FIG 7 Porter’s Five Forces Analysis – Power Generation Equipment Market
FIG 8 North America Power Generation Equipment Market share, by Type, 2023
FIG 9 North America Power Generation Equipment Market share, by Type, 2031
FIG 10 North America Power Generation Equipment Market, by Type, 2020 - 2031, USD Million
FIG 11 North America Power Generation Equipment Market share, by Application, 2023
FIG 12 North America Power Generation Equipment Market share, by Application, 2031
FIG 13 North America Power Generation Equipment Market, by Application, 2020 - 2031, USD Million
FIG 14 North America Power Generation Equipment Market share, by Country, 2023
FIG 15 North America Power Generation Equipment Market share, by Country, 2031
FIG 16 North America Power Generation Equipment Market, by Country, 2020 - 2031, USD Million
FIG 17 Recent strategies and developments: Mitsubishi Heavy Industries Ltd.
FIG 18 Swot Analysis: Mitsubishi Heavy Industries Ltd.
FIG 19 SWOT Analysis: Wartsila Corporation
FIG 20 SWOT Analysis: ABB ltd.
FIG 21 SWOT Analysis: Siemens Energy AG
FIG 22 SWOT Analysis: General Electric Company
FIG 23 SWOT Analysis: Caterpillar, Inc.
FIG 24 SWOT Analysis: Bharat Heavy Electricals Ltd.
FIG 25 SWOT Analysis: Schneider Electric SE
FIG 26 Recent strategies and developments: Cummins, Inc.
FIG 27 SWOT Analysis: Cummins, Inc.