Diesel Genset Market in Nigeria Emerging Trend, Advancement, Growth and Business Opportunities | P&S Intelligence

With the increasing incidence of power outages and power transmission losses, the demand for diesel gensets is rising sharply in Nigeria. Currently, the power infrastructure in the country is quite poor, with high deficit in base power, and as a result, the prevalence of power cuts is surging rapidly. Additionally, the presence of uncertainties in grid is driving the demand for diesel gensets, which are being increasingly used for meeting both prime and auxiliary power requirements in residential, industrial, and commercial establishments.

Apart from the aforementioned factors, the growing requirement for electricity, on account of the booming population, is also fueling the sales of diesel gensets in the country. Furthermore, the increasing adoption of renewable energy sources such as photovoltaic (PV) modules for meeting the domestic power requirements is also driving the growth of the Nigerian diesel genset market. Because of this reason, the revenue of the market is predicted to rise from $410.9 million in 2018 to $527.4 million by 2024.

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Furthermore, the market is expected to advance at a CAGR of 4.1% from 2019 to 2024. Due to the escalating pollution levels and rising greenhouse gas emissions, the government is enacting policies and initiatives for augmenting the domestic renewable power capacity. Moreover, these supportive policies regarding the adoption of renewable energy are also aimed at reducing the existing gap between power demand and supply in the country. Depending on application, the Nigerian diesel genset market is divided into residential, industrial, and commercial categories.

Depending on power rating, the Nigerian diesel genset market is categorized into above 750 kVA, 376 kVA–750 kVA, 76 kVA–375 kVA, and 5 kVA–75 kVA. Out of these, the 5 kVA–75 kVA category contributed the highest revenue to the market in 2018. This was ascribed to the large-scale use of these gensets in small commercial installations, retail establishments, telecom towers, and residential complexes. Additionally, the surging number of infrastructural development and construction projects in the country is predicted to fuel the requirement for these gensets in the forthcoming years.

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Hence, the sales of diesel gensets are certain to shoot up in Nigeria in the years to come, primarily because of the increasing incidence of power outages, on account of the poor power infrastructure and the presence of a huge gap between energy demand and supply, and the growing adoption of renewable energy, owing to the implementation of supportive government policies, in the country.

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