- The key vendors in the turbine market in Nigeria 2015-2019 are Alstom SA, General Electric (GE), Harbin Co. Ltd., Hitachi Power Systems Ltd., and Siemens AG
London, 22 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the turbine market in Nigeria 2015-2019. The construction of coal-fired power plants to meet the rising need for electricity in Nigeria is a key driver observed in this market. The government of Nigeria is planning to construct coal-fired power plants to meet the growing demand for power in this region. The country plans to increase its share of coal-fired power to 30% by 2019. The inclusion of coal-fired power plants in the energy mix will play a crucial role in boosting the prospects of growth in the turbine market in Nigeria. This market is expected to grow at a rate of 12.3% during the period of 2014-2019.
The abundance of fossil fuel in this region is a critical factor that augments the prospects of growth in this market. Nigeria is one of the largest producers of oil and gas in Africa and, therefore, most of its energy needs are met by oil and gas-fired power plants. The recent increase in the number of oil and gas powered plants will enhance the demand for these commodities, which in turn augments the demand for gas and steam turbines in this region.
“Inadequate power supply by PHCN is a major concern for the Nigerian power sector. Annual public sector investments of nearly $2 billion have provided a limited increase in power supply. Therefore, the government of Nigeria is allowing private companies to construct power plants and ensure continuous power supply,” says Faisal Ghaus, Vice President of Technavio Research.
“The first coal-fired power plants and other CCGT-based gas-fired power plants are being constructed by private power companies in Nigeria. For instance, Nigeria’s first fully financed private sector power plant, Azura-Edo IPP, is expected to commence operations by 2017.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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