Nigeria Diesel Genset market is projected to grow at a healthy rate in the forecast period based on increasing power demands and improving the urban population during the forecast period. -6WResearch.
The current growth of urban populations attracted by better living conditions in the metropolitan areas leads to a growing demand for electricity in Nigeria. Nigeria generates 4,000MW electricity on most days, which is low than its installed capacity of 12,522MW. Due to transmission network failure and less reach. Hence, in commercial and industrial units, diesel gensets are a crucial source of backup power. Further, growing investments towards existing infrastructure development, including hospitality and healthcare sectors, would bode well for the Nigeria Diesel Genset market. In 2020, the diesel genset was expected to drop in the first half, risen due to disruption in the supply chain during the COVID-19 lockdown in Nigeria and importing countries.
According to 6WResearch, Nigeria Diesel Genset Market size is projected to grow at a CAGR of 5.1% during 2020-2026. The growing electricity demand and lack of reliable transmission networks are expected to act as a catalyst in the diesel genset market's growth in the countries manufacturing, commercial, and oil & gas domain during the forecast period.
According to Kanika Arora, Senior Research Analyst, 6WResearch, "In Nigeria, diesel genset is more popular than renewable energy resources as the maintenance cost and repair costs are lower in former. However, non-conventional energy solutions are also projected to boost sales in the coming years, as with time. Rising environmental issues would bring several new norms by the local Nigerian government, such a ban on use on diesel genset for non-emergency and personal use."
"75 to 375 kVA rated diesel genset have a higher demand in the market due to consumer preference towards this range. The average amount of energy required for household and retail units ranges between 75 to 375 kVA, a factor responsible for consumer's choice for buying such water heaters.", Kanika Arora further added.
According to Navneet Aggarwal, Research Analyst, 6WResearch, "Manufacturing sector acquired a majority of the revenue share in the applications segment in 2019 as the industrial units are majorly dependent on diesel genset for the continuation of operational activities in case of power failure. Further, the recovery of oil prices coupled with stable foreign exchange rates and increase in foreign investment in the nation would result in healthy growth in the manufacturing sector of the country. This would lead to growth in demand for diesel gensets in Nigeria over the coming years."
Some of the key players in the Nigeria Diesel Genset market are Jubaili Brothers, Mikano, JMG Limited, Caterpillar, etc.
Nigeria Diesel Genset Market (2020-2026)" report provides an in-depth analysis with 44 figures and 6 tables covered in more than 101 pages. The report estimates and forecasts the overall Nigeria Diesel Genset Market by kVA rating, vertical, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers, which would help the stakeholders devise and align their market strategies according to the current and future market dynamics.
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