Turbine Market in Nigeria forecasted to grow at a CAGR of 12.3% through 2019
Fast Market Research announces the availability of Technavio's new report "Turbine Market in Nigeria 2015-2019" on their comprehensive research portal.
A turbine is a mechanical device consisting of revolving rotors and blades, which transforms rotational energy into usable energy. The fluid used for the rotation can be steam, gas, or other combustion products such as CO2 and carbon monoxide. There are three types of turbines: steam, gas, and CCGT. Steam turbine extracts thermal energy from steam and converts it into mechanical energy. Gas turbine is generally used in gas-fired power plants where an internal combustion engine is placed, in which the fuel is mixed with air and ignited. Because of the growing awareness about the environmental pollution caused by thermal power plants, most of the newly constructed gas-fired power plants are CCGT plants.
Technavio's analysts forecast the turbine market in Nigeria to grow at a CAGR of 12.3% over the period 2014-2019.
Get More Details on this Report and a Full Table of Contents at Turbine Market in Nigeria 2015-2019
Commenting on the report, an analyst from Technavio’s team said: “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.
The key players in the Turbine Market in Nigeria are Alstom SA, General Electric (GE), Harbin Co. Ltd., Hitachi Power Systems Ltd., and Siemens AG. while other prominent vendors include Nanjing Turbine & Electric Machinery, and Rolls-Royce.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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