Nigeria UPS Systems Market Synopsis
Nigeria UPS Systems Market is anticipated to register significant growth in the coming years owing to surging development in commercial and industrial sector along with increasing number of data centres and colocation facilities in the country. Also, demand for continuous power supply from end user industries is driving the UPS Systems Market in Nigeria as Nigeria suffers annual losses of $26 billion annually due to power cuts which is equivalent to 2% of its GDP. However, COVID-19 pandemic led to lockdown restrictions in 2020, which caused a decline in the UPS market due to the closure of commercial spaces such as hospitality, industrial, and manufacturing facilities. However, the market reached its pre-COVID levels in 2021 due to the emergence of new small and medium-sized enterprises (SMEs) and the increase in electronic fund transfers, which require a reliable power supply.
According to 6Wresearch, Nigeria UPS systems market size is projected to grow at a CAGR of 7.1% during 2023-2029. Nigeria government has taken various initiatives to increase digitalization such as National Digital Economy Policy and Strategy (2020-2030) and Cloud Computing Policy, which is expected to generate large volume of data and anticipated to gain attention of international data center provider to host in the country, thereby expected to increase the demand for uninterrupted power supply systems in the coming years. Rising tech startups in country has surged the demand for zero power downtime as most industries and businesses in the Nigeria have begun to implement UPS systems. Further, the PC sales in Nigeria grew by 12.7% during pandemic and the market is expected to grow by 32% in 2023 as compared to 2022 owing to the rise in remote working culture which would also impact the demand for UPS in Nigeria positively.
Market by KVA Rating
20.1-50 kVA segment garnered majority market revenue share in 2022 on account of rising number of electronic fund transactions which rose by 613.1% from 2018 to 2022 and is expected to boost further owing to growing digitalization under the Digital Economy initiative on that account several banks demand for zero power downtime for reducing transaction failure because of power cut, thereby increasing the demand for 20.1-50 kVA UPS systems.
Market by Phases
3 phase UPS systems dominated the market revenue share in 2022, owing to growing number of data centers and the growing industrial sector which grew by from 1.44% in 2021 as compared to 2020. The segment is expected to continue to lead the market in the coming years due to its wider application in BFSI sectors, data centers, and industries, it is expected to grow the majorly in the coming years.
Market by Applications
The commercial segment acquired highest share in Nigeria UPS Systems Industry revenues as several data centers operators started their operation in Nigeria such as rack centers, MDXi, OCCA among others which resulted in increase in demand for Uninterrupted power supply in the country. Moreover, secondary and tertiary hospitals which accounts for approximately 14% of the total hospital establishment in Nigeria, need constant electricity for daily operation, is contributing to the growing demand for UPS in healthcare sector
Market by Types
Online UPS systems garnered the majority of revenue share in Nigeria UPS market owing to colocation of data centers along with growing IT infrastructure in the country. Owing to National Digital Economy Policy and Strategy (2020-2030) initiative by Nigerian government, volume of data and IT infrastructure is expected to grow, which would impact the growth of online segment in the coming years.
Market by Regions
Southwest region acquired the major revenue share in Nigeria UPS market in 2022 owing to the presence of Nigeria Tech Hub in Lagos along with 88.4% of the startup's setup in 2022 lies in this region. Southwest region is expected to dominate the market in the future as well on account of upcoming data centers investment in the city of Lagos such as Kasi cloud with the investment of $250 Million.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Nigeria UPS Systems Market Overview
- Nigeria UPS Systems Market Outlook
- Nigeria UPS Systems Market Forecast
- Historical Data and Forecast of Nigeria UPS Systems Market Revenues and Volume, for the Period 2019-2029F
- Historical Data and Forecast of Nigeria UPS Systems Market Revenues and Volume, By kVA Rating, for the Period 2019-2029F
- Historical Data and Forecast of Nigeria UPS Systems Market Revenues, By Phases, for the Period 2019-2029F
- Historical Data and Forecast of Nigeria UPS Systems Market Revenues, By Applications, for the Period 2019-2029F
- Historical Data and Forecast of Nigeria UPS Systems Market Revenues, By Types, for the Period 2019-2029F
- Historical Data and Forecast of Nigeria UPS Systems Market Revenues, By Regions, for the Period 2019-2029F
- Market Drivers and Restraints
- Nigeria UPS Systems Market Trends
- Porter’s Five Forces Analysis
- Market Opportunity Assessment
- Nigeria UPS Systems Market Revenue Ranking, By Companies, 2022
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
By KVA Rating
- Up to 1kVA
- 1.1- 5kVA
- 5.1- 20kVA
- 20.1- 50kVA
- 50.1- 200kVA
- Above 200kVA
By Phases
- 1 Phase
- 3 Phase
By Applications
- Residential
- Industrial
- Commercial
By Types
- Online
- Offline
By Regions
- North-East
- North-West
- Central
- South-West
- South-East
