Nigeria solar panel market

Nigeria Solar Panel Market Size & Insights

Nigeria solar panel market size stood at XX million in 2024 and is forecast to grow at robust CAGR due to the growing demand for clean energy across the country. Favourable Nigerian government steps to expand Nigeria solar energy market is further supporting the growth.

Nigeria Solar Panel Market Drivers

Push Towards Renewable Energy Sources Owing to Rising Energy Cost & Severe Power Cuts

Increasing demand to generate electricity from renewable sources due to the environmental concerns is expected to boost the solar panel market in Nigeria. For example, International renewable energy agency estimated that the capacity of Nigeria for renewable power generation is approx. 2,154 MW in 2021. Rising government focus to minimize the use of the fossil fuel and carbon emissions is further likely to contributes towards the market growth. In addition, the government is encouraging Nigeria Solar panel manufacturers to assemble parts locally. However, high installation cost of solar appliances will hinder the Nigeria Solar power systems market. As per International Finance Corporation, currently there are over 3 million generators in Nigeria running on diesel and petrol to supply electricity during power outages, this shows that there is significant opportunity for solar panels companies in Nigeria.

Government Initiatives and Policies to Promote Renewable Energy

The government has introduced various initiatives and policies to promote renewable energy generation and technological advancement in the solar market. The country has introduced rural electrification strategy implementation plan under the Vision 30 and planned to reach 30,000 MW by 2030 in which 30% will be renewable energy. In addition, government further planned to achieve zero carbon emissions by 2060. The country aimed to provide clean power energy to urban and rural area. Moreover, rapid adoption of the solar panels for the electricity generation is projected to propel the Nigeria photovoltaic panels market in near future.

Nigeria Solar Panel Market Major Players & Competitive Landscape

Several leading companies are Lumos Nigeria, Solar Depot Nigeria, Daystar Power & Solynta Energy and many more.

Nigeria Solar Panel Market News

• • In 2022, Nigerian government planned to construct mini hydro power plant in the country. This government initiative will help the country to achieve 100% electrification by 2030. As the country shift towards electrification, the demand for sustainable and renewable energy source will also grow.
  • In 2022, the government signed an agreement with the Sun Africa to install solar energy production system and planned to invest USD 1.5 billion which will provided by Exim Bank as a loan amount.
  • In 2020, Nigeria government introduced solar power naija programme to provide energy access to 5 million homes and to create 250,000 new job opportunities in KSA.

Nigeria Solar Panel Market Scope of the Report

Nigeria Solar Panel Market Research Report Segmentation

The Nigeria Solar Panel Market has been segmented on the basis of Type, Application and End-User. Based on the Type, the market is segmented into Monocrystalline, Polycrystalline, Thin Film. Based on the Application, the market is segmented into Photovoltaic, Concentrated Solar Power. Based on the End-User, the market is segmented into Residential, Commercial, Industrial, Others.

Nigeria Solar Panel Market by Type

• • Monocrystalline
  • Polycrystalline
  • Thin Film

Nigeria Solar Panel Market by Application

• • Photovoltaic
  • Concentrated Solar Power

Nigeria Solar Panel Market by End-User

• • Residential
  • Commercial
  • Industrial
  • Others

Nigeria Solar Panel Market Leading players

• • Lumos Nigeria
  • Solar Depot Nigeria
  • Daystar Power
  • Solynta Energy