Under the government's 'Build, Build, Build' program, Philippines is set to experience a healthy growth in the infrastructure and manufacturing sectors over the coming years. Further, growing infrastructure spending across the country would develop several new opportunities in the commercial and industrial domains for the application of power rental solutions in Philippines during the forecast period.
According to 6Wresearch, Philippines Power Rental Market revenues are projected to grow at a CAGR of 6.1% during 2018-24. The Philippines government has allocated approximately PHP 909 billion for the construction of several flagship projects in 2019. As a result, the construction sector of the country is expected to receive a boost during the forecast period and the demand for power in the construction domain is predicted to grow substantially over the coming years. Additionally, efforts to improve electrification in areas that have low grid connectivity would also increase the demand for grid power supply and power rental solutions in such regions over the coming years.
According to Priya Sharma, Senior Research Analyst, Research and Consulting, 6Wresearch, "In Philippines, during power plant maintenance and upgradation processes, power rental solutions are usually used to avoid any disruptions in power supply. As a result, use of such solutions by electricity providers is quite prominent in the country. The power utility segment acquires substantial market revenue share in the overall Philippines power rental market."
"Further, the manufacturing and construction sectors are also expected to strengthen in Philippines on account of upcoming considerable investment in these segments under the 'Build, Build, Build' program. This would lead to an increase in demand for power rental solutions in such sectors in near future," Priya Further added.
According to Kanika Arora, Research Associate, Research and Consulting, 6Wresearch, "Diesel gensets make up almost the entirety of the Philippines power rental market, whereas penetration of gas gensets in the rental market is negligible owing to poor pipeline infrastructure."
"The diesel gensets ranging from 850.1-1000 kVA acquired majority of the revenue share on account of their high deployment in the power utility and oil & gas sectors. Moreover, the above mentioned segment along with gensets ranging from 350.1-850 kVA would exhibit considerable growth due to growing construction and infrastructural activities in the country," Kanika further added.
Some of the major companies in Philippines Power Rental Market include Monark CAT, Aggreko Plc, Hastings Motor Corp, JGentech, Atlas Copco and Alta Maxpower.
"Philippines Power Rental Market (2018-2024)" provides an in-depth analysis with 90 figures and 17 tables covered in over 160 pages. The report estimates and forecast the overall Philippines power rental market by power ratings, verticals, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.