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Nigeria Gas Genset Market Projection, Technological Innovation And Emerging Trends
The revenue of the Nigerian gas genset market in 2021 was estimated at $259.8 million, and it is predicted to witness a CAGR of 7.9% during 2021–2030, to reach $514.4 million by 2030. The key factors supporting this growth include the rapid commercial and industrial development amidst the long-standing energy crisis. Almost every industry, such as manufacturing, food and beverage, oil and gas, agriculture, and construction, uses gas generators. The demand for these systems would increase with the rising number of commercial and industrial projects as Nigeria cannot provide enough power from its grid.
Construction sites need a constant and reliable supply of energy to keep the machines running. Similarly, oil and gas fields are located in remote locations and lack grid connectivity, thus leading to their dependence on gas-based gensets. The population growth and rural-to-urban migration are also propelling the demand for gas-based gensets. Similarly, in the manufacturing industry, the requirement for electricity is extremely high, which is why the growing industrial production is a major Nigerian gas genset market driver.
Get More Insights: Nigeria Gas Genset Market Revenue Estimation and Growth Forecast Report
In addition, players in the Nigerian gas genset market are playing a vital role in its growth, through their multiple strategies. Some of the major providers of gas-powered generators in this African nation are YorPower Ltd., Honda Manufacturing (Nigeria) Limited, Jubaili Bros, Atlas Copco AB, JMG Limited, Mitsubishi Heavy Industries Ltd., John Holt Plc, General Electric Company, Caterpillar Inc., Mikano International Limited, and Siemens AG. They are launching newer systems and strengthening their distribution partnerships to improve access to these products.
Therefore, with the rapid pace at which the Nigerian industrial and commercial industries are growing, the demand for gas-based gensets will continue to rise in the country.
