Dublin, Feb. 07, 2022 (GLOBE NEWSWIRE) -- The "Nigeria Gas Genset Market Research Report: By Power Rating and Application - Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
From an estimated $259.8 million in 2021, the Nigerian gas genset market revenue is set to rise to $514.4 million by 2030, witnessing a CAGR of 7.9% between 2021 and 2030.
The biggest reason behind it will be the rising population and rapid industrialization and urbanization, which are all driving the demand for electricity. Thus, to keep operations running, individuals and commercial and industrial entities are turning to gas gensets.
The need for generators has been strengthened by the inadequate production of electricity at Nigeria's power plants. Moreover, not all of the power that is produced is delivered to users, as the grid infrastructure of the country is rather poor, which results in large transmission losses. Hence, since electricity cuts are a regular feature in the nation, gas gensets continue to witness high sales.
Key Findings of Nigeria Gas Genset Market Report
Gas gensets of power ratings of 1,000 kilovolt-Amperes (kVA) and above witness the highest sales in the nation because of their importance in the energy, manufacturing, and commercial sectors. Commercial applications will witness the fastest growth in the Nigerian gas genset market on account of the high sales of these machines to entities in the telecom and real estate industries.
The growing construction and oil and gas sectors are a key reason for the rising demand for gas gensets. Construction sites, even those that are located in cities, often lack a grid connection, while most oilfields are located at remote places. Therefore, both these sectors require an alternate source of electricity for keeping the machines and operations running nonstop.
The increasing air pollution levels are another key factor behind the high sale of gas gensets in Nigeria. Although gas gensets do emit greenhouse gases (GHGs), the emissions are a lot lower than those of diesel gensets. Thus, with the implementation of strict emission regulations on diesel engines, people in the country are turning to gas gensets, which are, additionally, cheaper to operate because of their high fuel efficiency.
During the COVID-19 pandemic, the Nigerian gas genset market was negatively impacted, as the lockdowns led to the closing of factories and commercial spaces, thereby leading to a reduction in the demand for electricity. Moreover, the restrictions on imports led to a low availability of components with generator manufacturers.
Market Dynamics
Trends
- Rising carbon emission
Drivers
- Booming industrial and commercial development amidst long-standing energy crisis
Restraints
- Lack of gas grid connectivity via pipeline
Opportunities
- Sustainable energy goals
Impact of COVID-19
Regulatory Framework Analysis
- Regulation on the Import of Gensets
- Regulation on Gas Gensets
Overview of the Power Sector in Nigeria
- Generation
- Prime Energy
- Transmission
- Distribution
- Key Players in Nigerian Power Sector
- Policies and Laws Concerning Power Sector in Nigeria
Import-Export Analysis
Porter's Five Forces Analysis
In the Nigerian gas genset market, the biggest players include
- YorPower Ltd.
- Honda Manufacturing (Nigeria) Limited
- Jubaili Bros
- Cummins Inc.
- Caterpillar Inc.
- General Electric Company
- Siemens AG
- John Holt Plc
- Atlas Copco AB
- Mitsubishi Heavy Industries Ltd.
- Mikano International Limited
- JMG Limited
For more information about this report visit https://www.researchandmarkets.com/r/reopjr
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