Research and Markets report forecasts that the turbine market in Nigeria will grow at a CAGR of 12.3 percent over the period 2014-2019.
The report, Turbine Market in Nigeria 2015-2019, was prepared based on an in-depth market analysis with inputs from industry experts.
The report covers the market landscape and its growth prospects in the coming years.
Increasing investments in the power sector is a key trend observed in this market. Since the cost of alternative power generation from diesel-based generation sets is four times higher than the cost of reliable power generation.
Nigeria is seeking private power companies to increase the reliable power generation and reduce the power deficit.
According to the report, the availability of power generation sources in Nigeria is a critical driver that fosters growth in this market.
The country is the largest oil producer in Africa and is among the top five exporters of LNG. Oil and gas ensures a continuous fuel supply to the power plants in the country.
Further, the report states that the major challenge faced by this market is the operational difficulty of gas and steam turbines.
Variation in fuel quality is one of the major operational concerns associated with gas and steam turbines, which hampers the market growth as it can cause system failure.