Japan Power Rental Market Assessment Report 2023-2029: Market to Reach a Value of $263.8 Million – Infrastructure Investments by the Japanese Government Stimulates Demand
DUBLIN, June 27, 2023 /PRNewswire/ — The “Japan Power Rental Market – Strategic Assessment & Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
Japanese Power Rental Market is forecast to reach a value of $263.8 million by 2029 from $206.1 million in 2022, growing at a CAGR of 3.6%
Government measures to prevent and mitigate natural disasters will accelerate rental power equipment demand. In 2021, the government launched a five-year plan to accelerate emergency measures for national resilience, contributing to the prevention and mitigation of disasters to have a project budget of USD 117.2 billion.
In March 2022, Japan’s Ministry of Economy, Trade and Industry (METI) allotted its first Power Crunch alert after an earthquake hit in Tokyo Region. In June 2022, Mitsubishi and Japanese Utility Kyushu Electric Power Co collaboration stated that they teamed up to use grid-scale battery storage to reduce the impact of solar curtailment on the island of Kyushu in southern Japan.
The government is taking necessary actions for disaster management, which prompts the demand for power equipment in the Japan power rental market. According to Japan Meteorological Agency (JMA), in 2022, Japan witnessed eight earthquakes of five or more magnitude.
Since the country is prone to frequent natural disasters such as earthquakes, storms, and floods, power equipment is necessary to regain access to power during a blackout or an outage in those disaster-prone areas in the country. This will likely create demand for rental power equipment in Japan.
Mining Exploration Program Along With Clean Energy Strategies in Japan to Push the Demand for Leasing Power Equipment
Amazon will purchase green energy from Clean Energy Connect via the Japanese trading business Itochu for its operations. For this reason, Itochu will build renewable energy supply networks in America and Japan. Corporate power purchase agreements (CPPAs) have been signed with Clean Energy Connect (CEC), a member of the Itochu group, to supply Amazon with renewable energy for 20 years.
CEC will spend over 10 billion yen in the grand scheme to build Amazon’s modest solar power installations. By 2024, there will be roughly 700 solar projects in Japan, producing about 38,000 kilowatts of green energy. One of the largest CPPAs in Japan is anticipated to be the one with Amazon.
In addition to the former general electricity utilities, electricity retailers include telecommunications carriers, trading companies, gas and petroleum companies, steel manufacturers, and subsidiaries of former general electricity utilities. Currently, 730 entities have attained retail licenses as of August 2021 in the retail electricity sector, per METI’s Agency for Natural Resources and Energy data. In 2020 the net system energy demand was 821 TWh, of which former general electricity utilities accounted for 81%.
Japan Gold Corp announced in February 2023 the “2023 Exploration Program” over its 2,920 sq km Japanese portfolio of mineral rights. Six projects have been chosen for development with geophysical surveying and drilling proposed in 2023 outside of the Barrick Alliance. Seven additional projects have been selected for work programs to provide a pipeline of targets to drill in 2024.
Infrastructure Investments by the Japanese Government Stimulate Demand for Rental Power Equipment
The government increased its focus on upgrading the public infrastructure, including developing airports and railway stations. The government invested USD 470 million and USD 490 million in renovating the Kansai International Airport & Shinjuku Station in 2022. The Kansai International Airport expansion project started in May 2021 and is expected to complete by 2025.
The Japanese government started maintenance and renovation projects in 2022. It planned to renovate 24,458 bridges, 3,761 tunnels, and road renovation projects at 5,296 locations nationwide. Therefore, the increasing concern about renovating roads, bridges, and tunnel renovation & maintenance projects expects to support renting of power generation equipment in the Japan power rental market.
- The key players in the Japan power rental market are Kanamoto, Nishio, Aggreko, Caterpillar, Atlas Copco, Cummins Inc., and KOHLER Power.
- In July 2021, Kanamoto signed and expressed its support of the Task Force on Climate-Related Financial Disclosure (TCFD) and joined the TCFD Consortium.
- Atlas Copco
- Cummins Inc.,
- KOHLER Power
Other Prominent Vendors
- Akashi Rental Co., Ltd
- U-MAC VIETNAM
- NIKKEN CORPORATION
Segmentation By Fuel
- Natural Gas
- Others (Propane, Hydrogen, Renewable Sources)
Segmentation By Power Rating
- Above 1,000 KVA
Segmentation By Equipment
- Load Banks
Segmentation By End-User
- Oil & Gas
- IT & Data Center
Segmentation By Application
- Standby Power
- Continuous Power
- Peak Shaving
For more information about this report visit https://www.researchandmarkets.com/r/q743d3
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