Nigeria Solar Hybrid Power System Market Outlook Report 2021-2022 & 2027 – Press Release

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Dublin, Feb. 03, 2023 (GLOBE NEWSWIRE) — The “Nigeria Solar Hybrid Power System Market Outlook 2021-2027” report has been added to ResearchAndMarkets.com’s offering.

Nigeria Solar Hybrid Power System Market revenue size is projected to grow at a CAGR of 9.6% during 2021-2027.

Nigeria Solar Hybrid Power System Market report thoroughly covers market by system types, power ratings, end users, regions. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

The demand for solar hybrid power system increased on account of government initiative to increase electrification in the country such as Rural Electrification Agency plans to install 10,000 mini grids by 2023 and set up hybrid solar projects for seven universities in Nigeria. Additionally, to support Nigeria’s climate change obligations under the Paris Agreement, with respect to promoting renewable and reducing carbon emissions, is driving the solar hybrid power system market in country.

Nigeria Solar Hybrid Power System Market Synopsis

Nigeria solar hybrid power system market grew significantly during 2017 to 2019 on the back of Nigeria inadequate grid infrastructure due to which there was a lack of adequate power supply that resulted in over $25 billion annual losses to Nigeria’s economy, which is approximately 6% of its GDP.

Therefore, Nigeria needs to install solar hybrid power system as the backup supply option or primary source to address the power requirements. In year 2020, Nigeria’s maximum available capacity on the grid is 5.4GW per annum whereas consumption needs were averaging 12.9 GW per annum, and this gap of capacity and demand would drive the market of solar hybrid systems in Nigeria.

Nigeria solar hybrid power system market witnessed modest decline in 2020 on the back of COVID 19…

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