New York, Global Power-to-Gas Market was valued at US$ 30.3 billion in 2021 and it is anticipated to grow up to US$ 84.4 billion by 2031, at a CAGR of 10.8% during the forecast period.
The global power-to-gas market report from Global Insight Services is the single authoritative source of intelligence on Power-to-Gas Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Power-to-gas is a technology that converts electrical energy into methane or hydrogen syngas (synthetic gas). The hydrogen turning out in the power-to-gas industry is then utilized as a chemical in industries or fuel. The power-to-gas systems reserve excessive energy from renewable resources such as wind and solar energy and utilize it for several operations. These systems are stored for transportation, heat supply, and industrial purposes. The work of the power-to-gas industry is a constructive step in combining renewable resources with power generation sources. Further, the converted hydrogen and methane can be converted back into electricity, as they can be used as a backup power source.
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Market Drivers and Trends
The power-to-gas technology offers several benefits over current energy storage technologies, including longer discharge times and higher power storage capacity. Hydrogen can also be injected directly into natural gas grids. However, due to safety and technical concerns, hydrogen injection is subject to regulations and varies from country to country.
Secondly, due to the falling costs of renewable energy technologies, including solar and wind, energy storage technologies such as power-to-gas technology are becoming increasingly attractive. The installed capacity of commercial electrolyzer systems has been increasing steadily over the past few years. There are only a few commercially viable water electrolysis technologies, and the two most widely used technologies are alkaline water electrolysis and proton exchange membrane electrolysis.
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Global Power-to-Gas Market Segmental Overview
The report analyses the global power-to-gas market based on technology, capacity, application, and region.
Global Power-to-Gas Market by Technology
Based on technology, it is bifurcated into electrolysis and methanation. The electrolysis segment is expected to have the largest power-to-gas market share in 2021 due to its dynamic operations and the ability to effectively integrate electricity from fluctuating renewable energy sources such as wind and solar. The increase in awareness among the people regarding greenhouse gases and increasing demand for energy and fossil fuels have driven the growth of the electrolysis process in the power to gas market. Due to multiple benefits, the electrolysis segment is expected to receive the main market attraction resulting in market growth.
Global Power-to-Gas Market by Capacity
Based on capacity, it is segmented into less than 100 kW, 100–999 kW, and 1000 kW and above. The 1000 kW and above segment is expected to dominate the market during the forecast period because of the growing commercialization and implementation of several MW-size projects of power to gas technologies and demand from utilities and industrial applications. Above 1000KW capacity of power to gas, technology is used in large-scale utilities or industries, which are heavy electricity consumers. The need for power for manufacturing in various chemical and automotive industries has led to the search for an efficient alternative to providing a clean energy source for sustainability. Due to the abovementioned factors, the 1000 kW and above segment are expected to dominate the market during the forecast period.
Global Power-to-Gas Market by Application
Based on application, it is segmented into residential, commercial, and utility. The utility is expected to be the largest segment in the power-to-gas market in 2021. The utility segment is growing as power and gas utilities are looking to effectively produce hydrogen by integrating intermittent renewable power sources and have the flexibility of power system operations. Thus, the utility segment will likely hold a major market share in 2021.
Geographical Analysis of Global Power-to-Gas Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Europe market is expected to hold the majority of the market share in 2021. This is because power-to-gas technology is expected to significantly stabilize the region’s energy supply and offset fluctuating power generation from renewable energy sources. A country such as Germany has seen a rising demand for power-to-gas technology, with the growing need for hydrogen from chemical, industrial and fuel cell transportation demand in the country. This, in turn, boosts the demand for power-to-gas in the Europe region.
Major Players in the Global Power-to-Gas Market
The key players studied in the global power-to-gas market are Electrochaea GmbH (Germany), ENTSOG (Belgium), EXYTRON GmbH (Germany), ITM Power PLC (UK), MAN Energy Solutions (Germany), McPhy Energy S.A. (France), Nel ASA (Norway), Siemens AG (Germany), thyssenkrupp AG (Germany), and Uniper SE (Germany).
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