The total revenue generated by the Nigerian gas genset market was USD 259.8 million in the past, and it will grow at a rate of 7.9% in the years to come and reach a value of USD 514.4 million by 2030, as stated by a report released by PS Intelligence. The main factors accountable for the market growth include the booming industrial and commercial expansion among lasting energy crisis.
The 1,000 kVA and above generators dominated the industry in the past, on the basis of power rating segment. This is mostly credited to the mounting requirement for gensets of power rating of 1,000 kVA and above in more than a few sectors, for example energy, commercial, and manufacturing.
Moreover, the revival of construction projects, accompanied by the growth in the commercial sector will provide the motivation for the demand for gensets, propelled by gas.
The development of the carbon footprint is responsible for the increasing requirement for cleaner gensets. In addition, gensets powered by gas have low costs of operations and higher efficiency of fuel.
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The electricity supply in the country is less than the requirement, and to meet the future requirement, a lot of electricity has to be produced.
As stated by the World Bank, in 2020, 43% of Nigerians still had no access to on-grid electricity.
With the growing count of industrial and commercial projects, the requirement for gas gensets would increase, as the nation cannot provide adequate power from its grid.
Furthermore, in the manufacturing sector, the requirement for electricity is tremendously high, fulfilled by the usage of gas gensets. These, together with the necessity to maintain the carbon footprint at the directed levels, would power the growth of the Nigerian gas genset market, in the years to come.
It is because of the growing energy crisis in the country, the demand for gas gensets will continue to grow in the years to come.
