Nigeria Uninterruptible Power Supply to reach 4.7 per cent in 2024
Nigeria Vision 20:2020 is set to be a major development plan for the country to accelerate growth of commercial and industrial sectors over the coming years.
Further, vision 20:2020 aims to achieve stability in social infrastructure, energy sector, small and medium enterprises as well as manufacturing sector and government services of the country. These initiatives would offer several opportunities in the commercial and industrial sectors of the country over the coming years.
This would strengthen the market for UPS systems in Nigeria as these systems are required to provide seamless power support in such segments.
According to 6Wresearch, Nigeria Uninterruptible Power Supply (UPS) Systems Market revenues are projected to grow at a CAGR of 4.7% during 2018-24. Growing investment in IT industry to increase the internet penetration along with rising confidence of investors in the economy would benefit the UPS market in the country over the coming years.
Additionally, the industrial sector of the country is expected to register substantial growth during the forecast period on account of Nigeria Economic Recovery and Growth Plan. These factors would boost the demand for UPS systems in the country.
Ravi Bhandari, Assistant Manager, Research and Consulting, 6Wresearch said, "The Nigerian government is planning to accelerate the growth of the country's economy under the Nigeria Economic Recovery and Growth Plan (ERGP). As a result, private and public sectors of the country would register heavy investment along with introducing large number of development plans aimed at making the country economically stable. Moreover, the commercial and industrial sectors are anticipated to grow, leading to more number of manufacturing hubs, hospitals, hotels, and transportation infrastructure in the country. Subsequently, the demand for UPS systems would also be affected positively by these developments over the coming years."
Priya Sharma, Research Associate, Research and Consulting, 6Wresearch added, "Nigeria has only 57.6% of electricity access and various regions of the country suffers from power outages and fluctuations during daily events. Voltage dips caused by short circuits, start-up of a large load, and cases of over-voltages are common in Nigeria. These problems impacts banking sector, data centers, hospitals and military operations where even small interruption can lead to a major loss. To reduce the occurrence of such losses, the UPS systems would be required for seamless functioning and the market is expected to grow further over the coming years with rising commercial and industrial activities in the region."
"In Nigeria below 20 kVA, rated UPS systems are under major demand from commercial and residential sectors. Where it is required to operate electronic items such as CCTV, televisions, computer systems, and elevators. Growing commercial sector and increase in adoption of electronic devices in households would further spur the demand for below 20 KVA rated UPS systems in the country." Priya further added.
Some of the key players in Nigeria Uninterruptible Power Supply (UPS) Systems Market include- Kobian Pte Ltd, BLUE GATE World, Vertiv Co., Huawei Technologies Co., Ltd., Schneider Electric SE, ABB Ltd., Legrand SA, Socomec West Africa, Eaton Corporation Plc and RPS S.p.A.
"Nigeria Uninterruptible Power Supply (UPS) Systems Market (2018-2024)" provides in-depth analysis with 69 figures and 34 tables covered in more than 154 pages. The report estimates and forecast the overall Uninterruptible Power Supply (UPS) Systems Market by revenues, KVA rating, regions and applications such as commercial, industrial and residential. 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 device and align their market strategies according to the current and future market dynamics.