West Africa Renewable Energy Market Size New Innovations Tre...| MENAFN.COM

Friday, 09 December 2022 07:49 GMT

West Africa Renewable Energy Market Size New Innovations Trends, Research, Global Share And Growth Factor 2022-2031


(MENAFN- America News Hour)

The West Africa Renewable energy market is expected to grow at a CAGR of more than 2.0% over the period. Factors such as an increase in environmental awareness and regulations and decreasing cost per kilowatt of electricity generated are expected to provide a boost to the market. However, the high price of renewable energy relative to fossil fuels is expected to restrain the market.

– The hydropower segment is expected to dominate the market as dams have been built across West Africa. Most of the renewable hydro capacity has been constructed in Nigeria and Ghana.
– New models of solar cells made of a thin film technology that uses narrow coatings of cadmium telluride in solar cells, which has higher efficiency and lower cost, may prove to be an opportunity in the sector.
– Nigeria is expected to have the largest share of renewable energy among the nations in the forecast period due to its significant consumption of electricity and government focus to decrease dependence on imported fossil fuel. The country is also expected to invest in renewable energy projects, which is likely to aid in the growth of the market.

Get a Sample PDF Report Here:

Key Market Trends

Hydropower Segment to Dominate the Market

– Hydropower segment includes the different sized reservoir dams that can be used to provide renewable energy. Hydropower is the most used renewable energy in West Africa.
– In 2019, inspection in Ghana for construction of a mini dam was underway, which may lead to the development of civil structures of a 42-kW Tsatsadu mini hydropower project in the Volta Region of the country.
– In 2020, a project is being proposed in Guinea known as the Kaléta dam which entails the construction of a gravity dam and is expected to exhibit a hydropower installed capacity of 240 MW capacity, with a net average generation of 660 GWh per year.
– Hydropower (including mixed plant) constitute almost 94.2%of the total renewable energy generated in the region, with nearly 6,594 MW of power being produced, in 2019.
– Therefore, vast reservoirs of dam providing renewable energy are expected to continue to dominate the market due to its large size relative to other renewable energy and an increase in investments.

Nigeria to Dominate the Market

– Nigeria is the most populous nation in West Africa. High demand for electricity, due to the high population, in the country is expected to promote growth in renewable energy. Although the high cost of renewable energy causes constraints to its growth.
– Most of the installed renewable capacity in the country comes from Hydropower projects. In 2019, Hydropower constituted 2111 MW of installed capacity which is approximately 98% of all the renewable energy in the country.
– In 2020, The Nigeria Sovereign Investment Authority (NSIA) is seeking proposals for a 10 MW grid-connected solar plant in Kumbotso, Nigeria. Solar projects have been increasing in the country and are expected to increase further in the forecast period.
– Moreover, the construction of the Mambilla dam and hydroelectric power plant in Nigeria is expected to begin in late 2020. It is expected to have a capacity of approximately 3,050 Mega-Watt. The cost of the project is estimated at around 5.72 billion USD, which makes it one of the costliest endeavours in the region.
– Hence, Nigeria is expected to dominate the market due to its large size and increase in the installed capacity of renewable energy in the forecast period.

Get a Sample PDF Report Here:

Competitive Landscape

West Africa renewable energy market is moderately consolidated. Some of the key players in this market are Power Construction Corporation of China Ltd, Energicity Corp, Wärtsilä Oyj Abp, China Civil Engineering Construction Corporation, REDAVIA GmbH.

1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Installed Capacity Forecast in MW, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

MENAFN27092022004545010068ID1104933310


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.