3 phases in terms of phases obtained the highest revenue share in the Nigeria UPS Systems Market – 6Wresearch
On account of government initiatives to develop digital infrastructure such as National Broadband Plan (2020-2025) that aims to increase the coverage of 4G/5G technology by 90%, is expected to increase the volume of data and thus expected to contribute to the growth of 3 Phase ups systems. With the rising electricity demand and insufficient supply of power, country has been witnessing frequent power cuts leading to the rising demand UPS systems in the coming year. To protect the appliances or sensitive electronic devices against a power cut and sudden power surge, UPS System emerge as a more sophisticated solution across the country.
According to 6Wresearch, Nigeria UPS systems market size is projected to grow at a CAGR of 7.1% during 2023-2029. The country's demand for UPS systems is being driven primarily by the expansion of the IT sector, BFSI, and data centers. In 2020, due to the outbreak of covid-19 pandemic, lockdown restrictions were imposed which resulted in decline in the UPS market due to shutting down of various commercial spaced such as hospitality, industrial and manufacturing facilities etc. However, in 2021, the market has reached to its pre COVID level owing to the increase in the number of SME’s and rising transaction of electric fund transfer which requires constant power supply. The demand for UPS systems is growing significantly in the market which is stimulating the Nigeria UPS Systems Market Growth.
According to Ravi Bhandari, Research Head, 6Wresearch, Commercial use of UPS systems is expected to increase significantly in the coming years owing to Government initiatives such as Strategic Vision Plan (2021-2025) and National Broadband Plan that aims to improve IT infrastructure coupled with upcoming launch of 5g would increase data traffic thereby creating a market for data centers, thereby contributing the commercial sector growth.
“The Nigeria UPS Systems Market (2023-2029)” report provides an in-depth analysis with 27 figures and 14 tables, covered in 100 pages. The report on UPS Systems Market in Nigeria comprehensively covers the market by KVA rating, phases, applications, types, and regions. The report provides a detailed and unbiased analysis of the on-going growth drivers, opportunities/high growth areas, and trends of the market which are estimated support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.