Rapid Industrial Development To Propel Growth of Nigeria Gas Genset Industry

Nigeria Gas Genset Market To Exhibit CAGR of 7.9% till 2030

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The revenue of the Nigerian gas genset market in 2021 was estimated at $259.8 million, and it is predicted to witness a CAGR of 7.9% during 2021–2030, to reach $514.4 million by 2030. The key factors supporting this growth include the rapid commercial and industrial development amidst the long-standing energy crisis. Almost every industry, such as manufacturing, food and beverage, oil and gas, agriculture, and construction, uses gas generators. The demand for these systems would increase with the rising number of commercial and industrial projects as Nigeria cannot provide enough power from its grid.

Construction sites need a constant and reliable supply of energy to keep the machines running. Similarly, oil and gas fields are located in remote locations and lack grid connectivity, thus leading to their dependence on gas-based gensets. The population growth and rural-to-urban migration are also propelling the demand for gas-based gensets. Similarly, in the manufacturing industry, the requirement for electricity is extremely high, which is why the growing industrial production is a major Nigerian gas genset market driver.

Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/nigeria-gasgenset-market/report-sample Based on application, the commercial category is predicted to witness the highest growth rate in the coming years. It will be due to the increasing adoption of gensets fueled by gas in commercial areas such as telecom towers and real estate sites. Therefore, the growing commercial sector, along with the revival of construction projects, is expected to offer thrust to the demand for gas gensets in the coming years. With the rapid pace of urbanization in the country, the development of these industries has become vital.

Moreover, based on power rating, the 1,000 kilovolt-Amperes (kVA) and above category dominated the Nigerian gas genset market in 2021. It was due to the rising demand for gensets of power rating of 1,000 kVA and above in various sectors, such as manufacturing, energy, and commercial. Although lower-powerrating gensets can fulfill the backup power requirement in these sectors, the country witnesses a rather high incidence of long power cuts. This makes higherpower-rating gensets a necessity as they need to run at high loads, often throughout the day.

Essentially, the Nigerian gas genset market is booming due to the rising need for electricity in this country. Gensets fueled by natural gas have a higher fuel efficiency and lower operating costs. According to the World Bank, 43% of the Nigerians had no access to on-grid electricity in 2020. This displays the massive gap between the demand for electricity in Nigeria and the amount being offered.

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This energy crisis also hampers industrial and commercial activities, which can prevent national development.

In addition, players in the Nigerian gas genset market are playing a vital role in its growth, through their multiple strategies. Some of the major providers of gas-powered generators in this African nation are YorPower Ltd., Honda Manufacturing (Nigeria) Limited, Jubaili Bros, Atlas Copco AB, JMG Limited, Mitsubishi Heavy Industries Ltd., John Holt Plc, General Electric Company, Caterpillar Inc., Mikano International Limited, and Siemens AG. They are launching newer systems and strengthening their distribution partnerships to improve access to these products.

Browse full report at: https://www.psmarketresearch.com/marketanalysis/nigeria-gas-genset-market Therefore, with the rapid pace at which the Nigerian industrial and commercial industries are growing, the demand for gas-based gensets will continue to rise in the country.

Market Size Breakdown by Segments

By Power Rating •

15 kVA–75 kVA

•

76 kVA–375 kVA

•

376 kVA–750 kVA

•

751 kVA–999 kVA

•

1000 and Above

By Application •

Commercial

•

By user o

Retail establishments

o

Commercial Offices

o

Telecom towers

o

Hospitals

o

Hotels

•

Industrial

•

By user

•

o

Manufacturing

o

Energy & power

Residential

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