High electricity demand supply gap due to inadequate power generation and distribution infrastructure along with rising demand for power in unreliable and off-grid areas owing to rising population, combined with the need to provide power backup to the expanding telecom and manufacturing sectors are the key factors spurring the demand for diesel gensets in Nigeria.
According to 6Wresearch, Nigeria Diesel Genset Market is projected to reach $694.8 million by 2022. Economic crisis due to low crude oil prices has led the country into recession with manufacturing and construction sector witnessing negative growth in 2016. However, during the forecast period, the market of diesel genset in Nigeria is expected to surge owing to the economic stability with the recovery in global oil prices.
According to Ravi Bhandari, Research Analyst, 6Wresearch, “Nigeria diesel genset market in volume is dominated by low power rating (up to 125 KVA). Inadequate power set-up leading to long hour power cuts has amplified the use of these gensets in residential sector. Unreliable and limited power access, especially in rural areas has been the major reason for high demand for small KVA rating diesel gensets. However, Nigeria’s government policy to promote renewable energy, could affect the market of low KVA rating diesel gensets.”
“In the forecast period, medium rating diesel genset market is anticipated to register highest growth rate, where the demand for these gensets would come comprehensively from the manufacturing and retail sectors,” Ravi further added.
According to Anuj Sharma, Research Associate, Research and Consulting, 6Wresearch, “The manufacturing vertical has captured major share of the overall diesel genset market in Nigeria. The Nigerian government’s investment plan for development of power generation infrastructure, has been stalled due to economic crisis resulting into continuous demand for diesel gensets. Additionally, the growing telecom sector is anticipated to further fuel the demand for diesel gensets over the next six years.
“Global players such as Cummins, Caterpillar and FG Wilson are facing stringent competition from local manufacturer Mikano International especially in the low KVA and mid KVA segments due to their low pricing, Anuj concluded.
Some of the major companies in Nigeria Diesel genset market include- Mikano, Cummins, Caterpillar, FG Wilson, and Denyo.
“Nigeria Diesel Genset Market (2016–2022)” report provides in-depth analysis with 48 figures and 11 tables covered in more than 120 pages. The report estimates and forecast the overall Nigeria diesel genset market by revenue, volume, KVA rating of diesel gensets and verticals such as residential, telecom, manufacturing, commercial, oil & gas, retail & Logistics, others regions. The report also provide insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
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