Market Size of Nigeria Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.55 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nigeria Renewable Energy Market Analysis
The Nigerian renewable energy market is expected to reach 2.94 GW by the end of this year and is projected to register a CAGR of 3.54% during the forecast period.
The COVID-19 pandemic negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, favorable government policies in order to promote renewable energy generation and advancements in renewable energy technologies are also expected to drive the growth of the market studied.
- On the other hand, increasing penetration of natural gas for power generation is expected to restrain Nigeria's renewable energy market during the forecast period.
- Nevertheless, the technological advancements in solar PV manufacturing will likely create lucrative growth opportunities for Nigeria's renewable energy market in the forecast period.
