Nigeria’s diesel and gas genset market is expected to reach $950.7m by 2020 from $450min 2011, according to GBI Research.
Due to parlous state in Nigeria of power generation and the power transmission and distribution network, along with the economic growth in the country, GBI Research expects genset market revenues to grow at a cumulative annual growth rate of 8.7%.
"Sustained growth is driven by increasing electricity consumption, which has been growing at 8 percent per annum over recent years, and the inability of the Power Holding Company of Nigeria (PHCN) to supply adequate power to meet demand," GBI Research energy analyst, Aman Madhok told Gas to Power Journal.
In 2007, only around 15 of the 79 power stations in Nigeria were fully functioning. Most were built in the 1970s and 1980s.