According to the ITA (International Trade Administration) Report 2023, the construction market in Nigeria is expected to grow by 5.7% in 2022, with an annual average growth of 3.2% between the years 2022 and 2026.
According to MarkNtel Advisors study, 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.
Data centers are the critical infrastructures that offer the security, reliable storage, and management of digital data across the country. Nigeria has been experiencing booming growth in the digital economy, which is elevating the organization’s reliance on digital technology to operate, which is escalating the demand for the growing infrastructure of data centers. For instance,
In 2023, the Rack Centre is planning for the establishment and construction of a 12 MW data center facility named Rack Centre LSG 2 in Lagos, Nigeria.
Furthermore, the expansion of data centers over the past few years is attributed to the rising adoption of cloud computing in the country. Cloud computing permits organizations and businesses to store and access data over the internet. These data centers are offering solutions to these organizations for a flexible and cost-effective way of managing their IT infrastructures. This expansion of data centers across the country is increasing the demand for engines and is attributed to further increasing the market size of the engine market in Nigeria in the coming years.
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Key Findings in Nigeria Agriculture & Industrial Equipment Engine Market:
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Historical Years |
2019-2022 |
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Base Years |
2023 |
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Forecast Years |
2024-2030 |
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Key Report Highlights |
· Market Dimensions & Projections
· Pricing Evaluation, · Recent Strategic Moves by Companies, · Primary Stakeholders, · Analysis of Import and Export Trends, · Competitive Landscape Assessment, · Emerging Opportunities, · Market Trends and Indicators |
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Reports Delivery Format
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Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address. |
Nigeria Agriculture & Industrial Equipment Engine Market Key Players:
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.
Market Segmentation Overview:
By Fuel Type
-Diesel
-Gasoline
Based on fuel type, diesel engines captured a notable share in the Nigeria Agriculture & Industrial Equipment Engine Market during the historical period. It is attributed to the superior mileage of the engine, meaning they deliver around 25 to 30% better fuel economy as compared to the similar performance of the gasoline engine. These engines are highly efficient and produce the most energy-dense fuel in the industry, consisting of more usable energy in contrast to the gasoline type of engines. Due to this, the demand for diesel engines is considerably expanding across various sectors, including the commercial, industrial, agricultural, and transportation sectors. The tourism sector has been steadily expanding over the years, which necessitates the demand for transportation, boats, ferries, etc., which are usually powered by diesel engines. For instance,
According to the World Travel & Tourism sector, the contribution of the Nigerian tourism sector is forecast to grow at an average rate of 5.4% during the years 2022-2032 which is considerably outpacing the 3% growth rate of the overall economy.
These increments in the tourism sector elevate the growth of the development and maintenance of transportation and infrastructure. This surge in the development of infrastructure increases the demand for engines, and it is anticipated to increase the market size of the Nigeria Agriculture & Industrial Equipment Engine Market in the forthcoming period.
By End User
-Agriculture
-Industrial
-Power Generation
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By Region
- South West
- South
- North West
- Rest of Nigeria
The Nigeria Agriculture & Industrial Equipment Engine Industry Recent Development:
In 2022: Cummins Inc. announced a strategic partnership with the Havilah Group to bridge the energy power supply in the power sector of Nigeria.
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