Asia Pacific Power Rental Market Growth is projected to grow on account of robust expansion of large-scale building establishments coupled with rising investments toward infrastructure development. Surging need for reliable and continuous power supply driven by aging power grid infrastructure will fuel the demand for rental power systems.
The spread of COVID-19 pandemic has resulted in halted operations across the globe following nation-wide lockdown implemented across several countries. However, upsurge in electricity demand across residential establishments on account of companies offering work from home to their employees will positively influence the industry landscape.
75-375 kVA rating will witness a substantial growth owing to increased adoption of smart city development programs followed by escalated construction activities. Stringent government mandates focused at energy efficient systems along with escalated expansion of commercial spaces including airport & metro networks, hotels and complexes will enhance the power rental market outlook.
Ability to provide emergency power backup along with low cost fuel availability in off grid locations when compared to their available alternatives is set to stimulate the diesel power rental market statistics. Stringent emission norms may hamper the adoption of these systems; however, its ability to provide reliable performance and high flexibility will complement the market scenario.
Frequent blackouts and power cuts driven by faulty distribution and transmission lines along with rising costs incurred on account of prolonged data centers downtimes will boost the product demand. Increasing uptake of construction projects in different locations coupled with constraints faced while transporting the entire machinery setup from one location to another is further set to stimulate the business scenario.
Prime or continuous power rental systems will experience a rise owing to its wider applicability across majority of the industries comprising oil & gas, marine, construction and mining. These units function as a vital source of power supply for prolonged durations and are cost efficient. Expanding infrastructure & resurgent industrialization specifically across the emerging nations will further complement the rental demand.
Power rental industry in India and Indonesia is set to grow owing to limited access to electricity and frequent blackouts across the nations coupled with rising urbanization and robust industry development. In addition, Japan is set to contribute to the growing market share on account of sudden power cuts driven by frequent natural disasters including earthquakes and floods. Moreover, rising consumer awareness toward emergency preparedness in case of weather-related mishaps will stimulate the product penetration.
Key market players are focusing toward offering attractive rental schemes along with after sales services in order to maintain their competitive advantage. Eminent industry participants include Caterpillar, Atlas Copco, Aggreko, Himoinsa, Cummins, Generac Holding Inc., Wärtsilä and Wacker Neuson Group amongst others.