Power-to-Gas Market is anticipated to grow up to US$ 84.4 billion, at a Robust CAGR of 10.8% during the forecast period 2022-2031

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.

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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.

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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