Posted On: 2018-12-09
Africa gas genset market registered lower revenue share in the overall global gas genset market as compared to other regions of the globe. However, the demand for gas gensets in the African countries such as South Africa and Nigeria is expected to propel in the coming years on account of development and exploration of gas fields in the region. Within the remote areas of Sub-Saharan Africa, the government of various countries are putting efforts to provide electricity through gas genset to avoid dependence on diesel fuel.
According to 6Wresearch, Africa Gas Genset market is projected to grow at a CAGR of nearly 6.5% during 2018-24. Power and energy application contributed key revenue share towards the overall Africa gas genset market in 2017. However, industrial application segment is anticipated to display higher growth as compared to other application segments during the forecast period owing to upcoming industrial projects along with exploration of gas reserves in the region.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "African countries including Nigeria, Egypt, Mozambique, and Tanzania cumulatively account for nearly 75% of all the known gas reserves on the continent. These gas reserves are under development stages for gas production which would boost the demand for gas genset in the region over the coming years."
"Additionally, the region is witnessing increase in electricity generation capacity via natural gas-fired power plants which is further posing growth prospects for African gas genset market," Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "African countries such as South Africa, which are among the highest CO2 emission countries in the world are planning to expand their energy mix to reduce carbon emissions. In addition, Nigeria ranks among major countries having large percentage of proven gas reserves, also the region is investing towards the development of gas pipeline infrastructure indicating growth of gas genset market over the coming years."
"Moreover, 375.1-1,000 KVA gas gensets contributed majority of the revenue share towards the overall Africa gas genset market in 2017. The segment is likely to capture significant revenue share during the forecast period on the back of its usage across the commercial, industrial, and power & energy segments," Suman added.
"Africa Gas Genset Market (2018-2024)" provides in-depth analysis of the market dynamics." The report estimates and forecast the overall Africa gas genset market by KVA rating, applications, and countries. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.