In the last decade, solar power capacity has grown tremendously to become the fastest-growing source of renewable energy in the world. However, in 2019, around 109 GW of new solar PV capacity was added worldwide, about the same as in 2018. The rapid installations were primarily due to policy support and a sharp decline in technology costs and growing environmental concerns. However, with the economic downturn induced by the outbreak of Covid-19, demand from the residential PV segment will be severely affected due to the financial uncertainty faced by the customers. Commercial and industrial installations are expected to be negatively affected as discretionary spending will be delayed, and preserving short-term cash flow will become a priority. Further, in the utility segment, supply chain disruptions and weaker investment will lead to delays in project commissioning. According to Blackridge Research, despite the slowdown expected in 2020 due to the coronavirus pandemic’s challenges, the outlook for solar remains strong in the medium term, and the market is expected to expand during the forecast period as the cost of generation from solar PV is increasingly becoming cheaper than its alternatives. Blackridge Research’s Nigeria Solar Power Market Outlook report provides a comprehensive analysis on the historical development, the current state of solar power installation scenario, and its outlook.
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Most of the insights in the report are derived from our proprietary databases, and offerings – Solar Intelligence Hub and Project Tracker Service. The insights include but are not limited to the market data, installation data and capacity additions data, policies and regulations, project data, company profiles, and competitive landscape analysis. The report covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment & financing scenario in Nigeria. Further, the report looks at the current state and assesses the potential of residential, non-residential, and utility-scale solar PV deployment. Special attention is given to depicting the impact of the ongoing COVID-19 pandemic, national solar PV production/manufacturing scenario, and the country’s imports and exports.
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