Japanese Power Rental Market
Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Japan Power Rental Market - Strategic Assessment & Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Japan power rental market is expected to grow at a CAGR of 3.59% from 2022 to 2029.
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.
Key Questions Answered in This Report
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How big is the Japan power rental market?
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What is the growth rate of the Japan power rental market?
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What are some significant growth opportunities in the Japan power rental market?
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Which fuel type is projected to dominate the Japan power rental market?
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Which are the key vendors in the Japan power rental market?
Prominent Vendors
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Kanamoto
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Nishio
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Aggreko
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Caterpillar
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Atlas Copco
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Cummins Inc.
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KOHLER Power
Other Prominent Vendors
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Yanmar
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Akashi Rental Co. Ltd.
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U-MAC VIETNAM
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ORIX
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NIKKEN CORPORATION
Mining Exploration Program Along With Clean Energy Strategies in Japan to Push the Demand for Leasing Power Equipment
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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.
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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%.
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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.