Due to the surge in upstream exploration and production (E&P) activities and the expansion of the refining industry, because of the huge investments made by both foreign and domestic organizations, the sales of diesel gensets (or generator sets) are rising rapidly in Nigeria. Additionally, various proposed construction projects such as the building of airport terminals, bridges, and the Lagos–Calabar coastal railway lines are predicted to propel the sales of diesel gensets in Nigeria in the coming years.
Moreover, the already existing power infrastructure in the country is very poor, with the country recording huge power transmission losses and high base power deficit. In addition to this, the presence of grid uncertainty is propelling the requirement for gensets in the country. This is because of the surging auxiliary and prime power requirements in the industrial, residential, and commercial establishments in the country. Furthermore, the increasing population is predicted to propel the power requirements in the country.
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Due to the above-mentioned factors, the sales of diesel gensets are climbing in Nigeria. This is fueling the expansion of the Nigeria diesel genset market. The value of the market is predicted to grow from $410.9 million in 2018 to $527.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.1% between 2019 and 2024. Residential, industrial, and commercial sectors are the biggest application areas of diesel gensets in the country.
Hence, it can be said with surety that the demand for diesel gensets will soar in Nigeria in the future years, primarily because of the existence of a poor power infrastructure and grid uncertainties and the growing adoption of renewable energy sources in the country.
Read More: https://www.psmarketresearch.com/market-analysis/nigeria-diesel-genset-market
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