NEW YORK, Dec. 20, 2021 /PRNewswire/ -- The Nigerian diesel genset market value, which will be an estimated $445.1 million in 2021, will further witness a 6.8% CAGR between 2021 and 2030, to reach $806.8 million by 2030. Generators that offer power in a range of 15 kilovolt-Amperes (kVA) to 75 kVA are hugely popular in residential facilities, telecom towers, small industries, restaurants, hotels, and commercial complexes, due to their cost-effectiveness.
Apart from these places, diesel gensets are widely used in the oil and gas industry of Nigeria. Since most oilfields are remotely located, they lack a grid connection, which is why gensets are essentials to keep the operations running. Nigeria is one of the largest producers of crude oil in the world, which is largely due to the continuous operations of gensets in oilfields.
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Key Findings of Nigeria Diesel Genset Market Report
- Presently, the Nigerian diesel genset market is dominated by commercial applications, as commercial spaces in the country generally use high-power gensets for continuous operations, on account of the poor grid infrastructure here.
- One of the biggest factors encouraging residential, commercial, and industrial users to buy gensets is the decreasing prices of low-power variants. This is itself because of the regulations imposed by the Nigerian government to curb the import of these machines and produce them locally instead.
- Further, the poor grid infrastructure is the biggest reason that makes gensets important. With the rapid industrialization and population growth, the amount of power being generated in the country is becoming increasingly inadequate. Moreover, the large transmission losses make the situation worse, thereby driving the demand for diesel gensets.
- During the COVID-19 pandemic, the sale of diesel gensets in the nation declined because the lockdowns and factory and commercial space closures reduced the demand for them. Moreover, generator manufacturers faced constraints in procuring the components and assembling the final products, which further hurt the industry growth prospects in 2020.
- The emission of greenhouses gases is one of the major factors that has a slight negative impact on the Nigerian diesel genset market growth. Considering the rising air pollution levels, the government has put stringent regulations in place to check GHG emissions from diesel machines and initiated policies to promote cleaner fuels, such as natural gas.
Browse detailed report on Nigeria Diesel Generators Market Size, Share and Growth Forecast to 2030
Key companies in the Nigerian diesel genset market are Denyo Co. Ltd., Honda Manufacturing (Nigeria) Limited, YorPower Ltd., Jubaili Bros, Caterpillar Inc., Cummins Inc., Kirloskar Oil Engines Limited, Siemens AG, General Electric Company, SUMEC Group Corporation, Atlas Copco AB, John Holt Plc, Mitsubishi Heavy Industries Ltd., JMG Limited, and Mikano International Limited.
Gas Genset Market in Nigeria is also witnessing significant growth
Explore Detailed Report on Gas Genset Market in Nigeria
Key Findings of Nigeria Gas Genset Market Report
- Gas gensets of power ratings of 1,000 kilovolt-Amperes (kVA) and above witness the highest sales in the nation because of their importance in the energy, manufacturing, and commercial sectors.
- Commercial applications will witness the fastest growth in the Nigerian gas genset market on account of the high sales of these machines to entities in the telecom and real estate industries.
- The growing construction and oil and gas sectors are a key reason for the rising demand for gas gensets. Construction sites, even those that are located in cities, often lack a grid connection, while most oilfields are located at remote places. Therefore, both these sectors require an alternate source of electricity for keeping the machines and operations running nonstop.
- The increasing air pollution levels are another key factor behind the high sale of gas gensets in Nigeria. Although gas gensets do emit greenhouse gases (GHGs), the emissions are a lot lower than those of diesel gensets. Thus, with the implementation of strict emission regulations on diesel engines, people in the country are turning to gas gensets, which are, additionally, cheaper to operate because of their high fuel efficiency.
- During the COVID-19 pandemic, the Nigerian gas genset market was negatively impacted, as the lockdowns led to the closing of factories and commercial spaces, thereby leading to a reduction in the demand for electricity. Moreover, the restrictions on imports led to a low availability of components with generator manufacturers.
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