Nigeria Agriculture & Industrial Equipment Engine Market Poised for Robust Growth, forecasted to Expand at 12.21% CAGR from 2024-30
MarkNtel Advisors has released its latest report highlighting strong growth in Nigeria Agriculture & Industrial Equipment Engine Market size is estimated to grow at a CAGR of around 12.21% during the forecast period, i.e., 2024-30.
Report Coverage
This report offers a comprehensive analysis of the Nigeria Agriculture & Industrial Equipment Engine Market, providing valuable insights across historical trends, current dynamics, and future forecasts.
- Base Year: 2023
- Forecast Years: 2024-30
- Historical Years: 2019-22
Nigeria Agriculture & Industrial Equipment Engine Market Overview
Increasing investment across the industrial and agricultural sectors has been driving the demand for engines for both purposes, including power generation and propulsion. In recent years, the government has been largely focusing on improving agricultural production across the country, which is in line with improving the food security of the country and reducing its reliance on imported items. For instance, in 2021, the Nigerian government announced the development of the National Agricultural Technology and Innovation Policy (NATIP) for 2021-2025.
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Nigeria Agriculture & Industrial Equipment Engine Market Segmentation Outlook
The Nigeria Agriculture & Industrial Equipment Engine is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Fuel Type
- Diesel - Market Size & Forecast 2019-2030, (Units Sold)
- Gasoline- Market Size & Forecast 2019-2030, (Units Sold)
By End User
- Agriculture- Market Size & Forecast 2019-2030, (Units Sold)
- Industrial- Market Size & Forecast 2019-2030, (Units Sold)
- Power Generation- Market Size & Forecast 2019-2030, (Units Sold)
By Region
- South West
- South
- North West
- Rest of Nigeria
Nigeria Agriculture & Industrial Equipment Engine Market Challenge
Surging Adoption of Renewable Energy Alternatives to Mitigate Carbon Emissions – As the world transitions towards a decarbonization strategy, the government of Nigeria is taking initiatives for an alternation in the production of energy, as the power sector holds the majority of carbon emission rates across the country. This involves the upscaling of renewable energy projects through investments by the government and other private companies in Nigeria, which aim to reduce carbon emissions. This rise in renewable alternatives for energy production has drastically impacted the demand for engines in the power sector across the country.
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Top Nigeria Agriculture & Industrial Equipment Engine Market Brands & Their Strategic Market Positioning
MarkNtel Advisors Research identifies Cummins Inc., Caterpillar Inc., Volvo Penta, Kubota Corporation, Deere & Company, Clarke Energy, HD Hyundai Infracore Co., Ltd., Deutz AG, Rolls Royce plc, Honda Manufacturing (Nigeria) Ltd., MAN Energy Solutions, Wärtsilä Corporation and Others as key players shaping the market landscape.
Nigeria Agriculture & Industrial Equipment Engine Market News
- In 2022: Cummins Inc. announced a strategic partnership with the Havilah Group to bridge the energy power supply in the power sector of Nigeria.
Key Questions Answered in the Report
- What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
- How the industry has been evolving, and which segments would dominate the market during the forecast period?
- What are the key opportunity areas that companies foresee in the coming years 2030?
- Who are the key players in the market, and what are their competitive strengths?
- What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?
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