Nigeria Solar Hybrid Power System Market Report 2022: Solar-diesel Hybrid Power System has Captured 84.3% of Market Revenue in 2020 - Outlook to 2027
DUBLIN, Feb. 3, 2023 /PRNewswire/ -- The "Nigeria Solar Hybrid Power System Market Outlook 2021-2027" report has been added to ResearchAndMarkets.com's offering.
Nigeria Solar Hybrid Power System Market revenue size is projected to grow at a CAGR of 9.6% during 2021-2027.
Nigeria Solar Hybrid Power System Market report thoroughly covers market by system types, power ratings, end users, regions. The market report provides an unbiased and detailed analysis of the on-going market 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.
The demand for solar hybrid power system increased on account of government initiative to increase electrification in the country such as Rural Electrification Agency plans to install 10,000 mini grids by 2023 and set up hybrid solar projects for seven universities in Nigeria. Additionally, to support Nigeria's climate change obligations under the Paris Agreement, with respect to promoting renewable and reducing carbon emissions, is driving the solar hybrid power system market in country.
Nigeria Solar Hybrid Power System Market Synopsis
Nigeria solar hybrid power system market grew significantly during 2017 to 2019 on the back of Nigeria inadequate grid infrastructure due to which there was a lack of adequate power supply that resulted in over $25 billion annual losses to Nigeria's economy, which is approximately 6% of its GDP.
Therefore, Nigeria needs to install solar hybrid power system as the backup supply option or primary source to address the power requirements. In year 2020, Nigeria's maximum available capacity on the grid is 5.4GW per annum whereas consumption needs were averaging 12.9 GW per annum, and this gap of capacity and demand would drive the market of solar hybrid systems in Nigeria.
Nigeria solar hybrid power system market witnessed modest decline in 2020 on the back of COVID 19 pandemic as Nigeria solar hybrid power system market is import driven, pandemic resulted in slowdown of product's growth due to the disrupted supply hain, causing unavailability of raw materials owing to lockdown measures adopted to curb the spread of the virus, which in turn led to a decline in revenues of the product during pandemic.
Although, with the gradual upliftment of lockdown restrictions, sales of solar hybrid power system begun to get back on track as operations and production resumed, which led market back to its growth trajectory.
Market by System Types Analysis
In terms of system types, solar-diesel hybrid power system has captured 84.3% of the market revenue in 2020. solar-diesel hybrid power systems accounted for the major market revenue share in 2020 owing to Nigeria's high PV output power and easy availability of diesel whereas wind energy is not much viable in Nigeria.
Furthermore, diesel generator high operation cost and pollution caused by it are driving the consumers to shift towards the cleaner and greener energy source such as solar hybrid power systems who have lower operational cost.
Market by End Users Analysis
In terms of end users, commercial segment has captured 41.2% of the market revenue share in 2020. Commercial and industrial segment accounted for maximum market revenue share as these verticals face high energy costs due to the use of diesel generators as an emergency power supply to compensate for supply shortages.
Off-grid solar hybrid power systems provide low-cost and serve as a clean alternative for the commercial and industrial sectors to meet their energy requirements.
Key Highlights of the Report
Market Scope and Segmentation
By System Types
By Power Ratings
By End Users
For more information about this report visit https://www.researchandmarkets.com/r/fizblu-solar?w=5
Research and Markets
For E.S.T Office Hours Call +1-917-300-0470
U.S. Fax: 646-607-1904
View original content:https://www.prnewswire.com/news-releases/nigeria-solar-hybrid-power-system-market-report-2022-solar-diesel-hybrid-power-system-has-captured-84-3-of-market-revenue-in-2020---outlook-to-2027--301738494.html
SOURCE Research and Markets