Nigeria Renewable Energy Market

Nigeria Renewable Energy Market

The global energy landscape is going through major shift towards a renewable based energy generation. This energy transition was possible after a decade of rapid technological advancement and favorable regulatory environment. Additionally, factors such as decreasing costs of renewable energy sources and increasing competitiveness of battery energy storage technologies, are expected to contribute to accelerated renewables deployment in the coming years. Furthermore, as the concern for climate change and support for environmental, sustainability, and governance (ESG) considerations grow; the demand for clean and green power is expected to increase from almost all end-users.

The renewable energy market consists of the establishments primarily engaged in operating renewable electric power generation facilities. The power generation can be from a variety of sources including solar energy, wind energy, small hydro, bioenergy, geothermal and marine. The electric energy produced in these establishments is provided to electric power transmission systems or to electric power distribution systems.

Nigeria Renewable Energy Market Scenario

In 2020, the electric power generation in Nigeria was XX terawatt hours, accounting for XX% of the power generation in the world. Renewables accounted forXX% of the generated electricity. Among the renewable sources, solar accounted for XX% and wind accounted for XX%.

The installed capacity of Solar Photovoltaic in Nigeria was XX MW while for wind it was XX MW. The capacity increased by XX% and XX% for solar and wind respectively, since 2015. In the past decade, each time that the amount of solar photovoltaic installed capacity doubled globally, the price of installing solar panels and modules declined by 34%.

Nigeria Geothermal Energy installed capacity grew from XX MW in 2015 to XX MW in 2020 at a XX% CAGR.

In the last decade (2010-2020), globally, the electricity generation from all the sources has increased by 2.2% from 21,570 terawatt hours to 26,823 terawatt hours. During the same period, the power generation from renewables increased by 15.25%. The regulatory support by various countries has played an essential role for the growth of the global renewable energy market. Renewable energy tax credits and subsidies, feed-in tariffs, and competitive auctions helped reduce costs and spur deployment.

Since 2010, the cost of solar photovoltaic electricity has fallen by 85%, and the costs of both onshore and offshore wind electricity have fallen by about 50%. Both these clean energy sources have reached to a stage where they are now cost-competitive with fossil fuel electricity.

In fact, Renewables were the only energy source for which demand increased in 2020 despite the pandemic, while consumption of all other fuels declined. The share of renewables in the total energy mix grew from 3.53% in 2010 to 11.73% in 2020 and is expected to grow to about 30% by 2030.

In 2020, Wind was the largest renewable electricity source worldwide while solar photovoltaics were the fastest growing renewable electricity source. Electricity generated from Wind was 1591.2 terawatt-hours and from Solar photovoltaics was 855.7 terawatt-hours. The electricity generated from solar photovoltaics grew by 20.5%, while from wind grew by 11.9%.

What we cover in the Report?

Blackridge Research?s Nigeria Renewable Energy Market report contains the installed capacity of renewable power generation sources (year-on-year) until 2027, the list of ongoing and upcoming renewable power generation projects such as solar photovoltaic farms, concentrated solar power projects, onshore wind and offshore wind energy projects and the regulatory scenario within the renewable energy market of Nigeria

Furthermore, the report will contain the drivers and restraints within Nigeria Renewable Energy Market along with a meticulous evaluation for their impact in the near-, medium-, or longer-term. Factors affecting renewable energy deployment include market conditions (e.g., cost, diversity, proximity to demand or transmission, and resource availability), policy decisions, (e.g., tax credits, feed-in tariffs, and renewable portfolio standards) as well as country specific regulations. Finally, the presentation would enable identify market opportunities and plan for a long-term growth.

The impact of COVID ? 19 pandemic is an integral part of the report.

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