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The 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.
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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.
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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Thus, due to several benefits of power-to-gas technology boosts the market growth.
Global Power-to-Gas Market Segmentation
By Technology
- Electrolysis
- Methanation
By Capacity
- Less than 100 kW
- 100–999 kW
- 1000 kW and Above
By Application
- Residential
- Commercial
- Utility
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).
COVID-19 Impact
In 2020, the COVID-19 pandemic had a negative impact on the power-to-gas market. There is a significant drop in demand for global gas. Chemical production, transportation, and industrial production industries were hampered for around four to six months due to the COVID-19 pandemic. The current expansion plans for electrolysis and methanation have been delayed by a minimum of one year. In the long term, the pandemic may benefit the power-to-gas market. Global governments are expected to focus on green gas and the reduction of harmful emissions into the environment.
However, in 2021, after the global vaccination, governments of various countries have taken initiatives to increase the investment in renewable energy-related industries, especially solar and wind power systems. An increase in investment is mostly to improve the national energy security during the pandemic and other crises. The activities mentioned above and changes in policies due to the COVID-19 pandemic positively impact the market’s development during the forecast period.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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