Nigeria Power EPC Market – Growth, Trends, and Forecasts (2020 – 2025)
The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Nigeria Power EPC Market on the basis of stating current situation of the industry in 2021. This is a latest report, covering the Post COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.
The Nigeria power EPC market is witnessing significant growth with CAGR greater than 7.5%.
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The Nigeria power EPC market is moderately fragmented due to many companies operating in the industry. The key players in this market include Nigerian Gas Company Limited, Nigeria Electricity Bulk Trading PLC, Afam Power Plc, Abuja Electricity Distribution Company PLC, JuNeng Nig Ltd, and others.
Factors such as huge investment and government policies are likely to drive the Nigerian power EPC market during the forecast period. The Nigerian power sector is dominated by thermal power generation, that too gas-fired, accounting for over 80% of the total power generation in the country. The transmission losses in Nigeria, across the network, are high at an average of approximately 8%-10%, compared to the emerging countries benchmarks of 2%-6%. This, in turn, the Nigerian government is approaching foreign investment for power plant infrastructure to full fill the demand of the country. Which is expected to propel the Nigerian power market during the forecast period. However, geopolitical tensions and the high fiscal deficit with a high inflation rate are expected to negatively impact the Nigerian power EPC market in the short term.
– Renewable energy is expected to dominate the Nigerian power EPC Market.
– Getting off-grid solutions to scale and commercial viability in Nigeria is expected to unlock an enormous market opportunity in sub-Saharan Africa across 350 million people in countries with smaller demand and less-robust economies. Which likely to support the Nigerian power EPC market in the coming future.
– Rapid rise in domestic demand led to increased electricity generation targets, which are likely to drive the Nigerian power EPC market during the forecast period.
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Key Market Trends:
Renewable energy to Dominate the Market
– The Nigerian power sector is dominated by thermal power generation (gas-fueled), accounting for about 80% of the total power generation in the country. However, the thermal industry is witnessing a slow growth, due to the inadequate infrastructure and disruptions in regular gas supply. Thus, the Nigerian government is focusing on renewable energy for electricity demand as the country has an abundance of various renewable energy resources, particularly solar, wind, biomass, and small hydropower (SHP).
– As of 2018, Nigerias solar photovoltaic (PV) installed capacity reached 19.085 MW, representing an increase of 26%, compared to the solar PV installed capacity in 2015. The Renewable Energy Master Plan was launched in 2011 to increase the share of renewable energy in the country by 10% by 2025, compared to 2%, in 2018.
– As of 2019, there were about 1436 MW of renewable power plants under construction, including the small hydropower plants. Solar power accounts for about 94% of the upcoming renewable power plants capacity.
– Furthermore, the country is expected to receive investment worth USD 165 million from the European Union (EU) for the countrys Renewable Energy Master Plan. This factor is expected to boost the development of several renewable energy projects in the coming years.
– Hence, upcoming projects, investments, and policies for renewable energy are expected to be the biggest and the most dominating driver for the Nigerian power EPC market during the forecast period.
The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the report’s an invaluable resource for industry executives, Marketing, Sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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