Published: December 2021 | Report Code: PE12267 | Available Format: PDF | Pages: 107
The Nigerian gas genset market generates $259.8 million revenue in 2021, and it is expected to grow at a CAGR of 7.9% during the forecast period (2021–2030). The key factors responsible for the growth of the market include the booming industrial and commercial development amidst long-standing energy crisis.
The consequent lockdowns announced across Nigeria due to COVID-19 resulted in the temporary suspension of manufacturing operations and office closures. In addition, the production and sales of gas based gensets were hit due to the restriction on the movement of workers and materials, constraints on the supply chain and suppliers’ capacity, and limited availability of raw materials at manufacturing plants. Further, through the second wave of the pandemic, many companies witnessed economic and operational uncertainty. Thus, the market for gas based gensets in Nigeria was negatively impacted.
The 1,000 kVA and above category accounts for the largest share in the Nigerian gas genset market in 2021, based on the power rating segment. This is mainly attributed to the escalating demand for gensets of power rating of 1,000 kVA and above in various sectors, such as commercial, energy, and manufacturing.
The commercial category is projected to register the highest growth rate in the Nigerian gas based genset market, based on application, during the forecast period. This can be ascribed to the high adoption of gensets fueled by gas in key commercial areas, such as real estate and telecom. Furthermore, the revival of construction projects, coupled with the growth in the commercial sector, is expected to provide impetus to the demand for gas gensets.
The growth of the carbon footprint in the country is leading to the rising demand for cleaner gensets. Additionally, gensets fueled by gas have low operating costs and higher fuel efficiency. The electricity supply in Nigeria is less than the demand, and to meet the future demand, a lot of electricity has to be generated. According to the World Bank, in 2020, 43% of Nigerians still had no access to on-grid electricity. This reflects a huge gap between the electricity demand and supply in the nation. The energy crisis, which has engulfed Nigeria for almost two decades, has contributed to poverty by paralyzing industrial and commercial activities. Due to the energy crisis, gas based gensets are trending in the country.
With the increasing number of industrial and commercial development projects, the demand for gas gensets would increase, as Nigeria cannot provide enough power from its grid. Gas generators are an indispensable part of almost all industries, including construction, industrial, oil and gas, food and beverage, manufacturing, and agriculture. For instance, the construction industry ensures a secure and constant supply of power at construction sites, where work is conducted round the clock. Furthermore, oil and gas fields are generally located in remote locations and, on most occasions, lack grid connectivity, thereby leading to heavy dependence on gas based gensets for power supply. There is an increasing demand for food and beverages because of the population growth and rural–urban migration, which drives the demand for gas based gensets. Moreover, in the manufacturing industry, the need for electricity is extremely high, which is fulfilled by the use of gas gensets. These, combined with the need to maintain the carbon footprint at the mandated levels, would propel the growth of the Nigerian gas genset market.
|Base Year (2021) Market Size||$259.8 Million|
|Market Size Forecast in 2030||$514.4 Million|
|Forecast Period CAGR||7.9%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Company Profiling|
|Market Size by Segments||By Power Rating; By Application|
The Nigerian gas genset market report offers comprehensive market segmentation analysis along with market estimation for the period 2017-2030.
Based on Power Rating
Based on Application
In 2030, the value of the Nigerian gas genset market will be $514.4 million.
Commercial is the largest category under the application segment of the Nigerian gas genset industry.
The major Nigerian gas genset market driver is the booming industrial and commercial development amidst long-standing energy crisis.
The Nigerian gas genset market is expected to witness a CAGR of 7.9% during 2021–2030.
The major players operating in the Nigerian gas genset market are 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, and JMG Limited.
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