Posted On: 2022-01-28
Solar-Diesel segment acquired the largest market revenue share in the Nigeria solar hybrid power system market in year 2020 – 6Wresearch
Nigeria's solar hybrid power system market flourished significantly from 2017 to 2019 as a result of Nigeria rising demand for power consumption needs which are unmet due to Nigeria poor grids and transmission line which cause power losses frequently. As a result, 74% of the energy consumed in Nigeria in 2019 came from generators which have high operational cost. Further, rise in demand for power from commercial and industry segment due to significate growth in these segments have propelled the demand for solar hybrid power system in the country.
Nigeria solar hybrid power system market witnessed slight decline in 2020 on the back of supply chain disruptions owing to the COVID-19 outbreak induced nationwide lockdown in Nigeria and other countries of the world, which led to shortage of essential raw materials such as solar PV panels & batteries, resulting in reduction of supply of solar hybrid power systems in the country. Additionally, manufacturing facilities were impacted by COVID 19 on account of labor shortage & logistical challenges posed by the lockdown. In later 2020, production of hybrid systems was resumed to meet the demands of the reviving economy.
According to 6Wresearch, Nigeria Solar Hybrid Power System Market revenue size is projected to grow at a CAGR of 9.6% during 2021-2027. The demand for solar hybrid power systems spurred in the year 2020-21 due to inefficient transmission lines of the country which led to less reliance on electric grid and shift towards hybrid power generation solutions. Furthermore, to assist Nigeria's climate change obligations under the Paris Agreement, such as encouraging renewable energy and eliminating carbon emissions, the country's solar hybrid power system market would show a positive trend in the forecast period.
According to Rishabh Singh Bhandari, Research Associate, 6Wresearch, “By regions, south-western and central region accounted for maximum market revenue share owing to the presence of business centred states such as FCT Abuja and Lagos which are known for commercial and industrial activities, due to emerging aforementioned activities’ demand for solar hybrid systems.”
Some of the major companies in Nigeria solar hybrid power system market include ZTE Nigeria Limited, SMA Solar Technology AG, Siemens AG, Flexenclosure AB, Husk Power Systems, Inc., Sunhive Ltd., Havenhill Synergy Limited, Rubitec Nigeria Ltd., Huawei Technologies Company (Nigeria) Limited., Daystar Power Solutions Ltd., Starsight Power Utility Ltd, Victron Energy B.V.
“Nigeria solar hybrid power system market report (2021-2027)” report provides an in-depth analysis with 23 figures and 6 tables, covered in 90 pages. The report estimates and forecast the overall Nigeria solar hybrid power system market by system types, power ratings, end users, regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.