Nigeria’s uninterrupted power supply (UPS) systems market is projected to grow at a CAGR of 4.7 percent between the years 2018-24.
The projected growth in the country’s economy on account of significant emphasis on the telecommunication sector, healthcare industry, transportation and commercial sectors are expected to drive the demand for UPS systems, where UPS systems are required to attain seamless operational support during severe processes.
This was contained in the 140- page report, “Nigeria Uninterruptible Power Supply (UPS) Systems Market (2018-2024): Market Forecast by KVA Rating, by Applications, by Regions and by Competitive Landscape,” released over the weekend by Research and Markets, the world’s largest market research store.
The report stated that Nigeria is projected to witness healthy growth in the commercial and industrial sectors in coming years under the Nigeria Vision 20:2020.
Under the vision, the country hopes to consolidate its leadership role in Africa and establish itself as a significant player in the global economy and political arena over the coming years, further increasing Internet penetration, deployment of ATM machines across the country and increasing number of private health facilities in Lagos, Abuja and Port Harcourt would also help to drive the market with good pace.
Nigeria Vision 20:2020 is set to be a major development plan for the country to accelerate the growth of commercial and industrial sectors over the coming years.
Further, vision 20:2020 aims to achieve stability in social infrastructure, energy sector, small and medium enterprises as well as manufacturing sector and government services of the country.
These initiatives would offer several opportunities in the commercial and industrial sectors of the country over the coming years and would strengthen the market for UPS systems in Nigeria as these systems are required to provide seamless power support in such segments.