Power to Gas Market: Revenue Growth is Making Marketplace Explosive

Surge in demand for renewable hydrogen, which has the potential to decarbonize multiple sectors is expected to drive the global power-to-gas market growth. Also, increase in utilization of hydrogen in green energy vehicles, such as hydrogen cars has supplemented the growth even more.

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The power to gas market was valued at $30.3 million in 2021, and power-to-gas market size is estimated to reach $84.4 million by 2031, growing at a CAGR of 10.8% from 2022 to 2031. Power-to-gas is the process of converting surplus renewable energy into hydrogen gas through the PEM electrolysis technology. Hydrogen can be injected into the natural gas grid. Hence; hydrogen can displace natural gas, reducing greenhouse gas emissions and reliance on high carbon fuels. Hydrogen manufactured from renewable energy is called green hydrogen, which can be used to store, transport, and utilize renewable energy.

The green hydrogen produced by electrolyzer can also be directly used as a fuel, either for transport, replacing oil in light vehicles, railways, and marine applications, or as a feedstock for industrial applications. Green hydrogen fuel cells can also be used for energy storage. Due to the falling costs of renewable energy technologies, such as solar and wind, energy storage technologies such as power-to-gas (PtG) technology are becoming increasingly attractive, and the installed capacity of commercial electrolyzer systems has been growing 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 (AWE) and proton exchange membrane (PEM) electrolysis.

In 2020, according to the European Commission, the refinery sector accounted for 48% of the hydrogen consumption, followed by fertilizers and chemical sectors. Germany is one of the major countries in the Europe power-to-gas market. As of 2020, Germany was home to around 40 small power-to-gas pilot projects that harnessed surplus green power, mainly from wind and solar projects, to carry out electrolysis by splitting water into oxygen and hydrogen to produce zero-carbon fuel. Furthermore, in July 2020, the European Union unveiled its Hydrogen Strategy that aims to increase its electrolyzed capacity by 6 GW by 2024 and 40 GW by 2030. Furthermore, the strategy targets to increase the production of renewable hydrogen from 1 million ton to 10 million ton per year by 2030. The presence of above-mentioned initiatives and applications is expected to provide ample power-to-gas market growth opportunities for the development of the market.

The power-to-gas market forecast is segmented on the basis of technology, capacity, use case, application, and region.
By technology, the electrolysis segment contributed to nearly two-thirds of the global power-to-gas market share in 2021, and is expected to lead the trail by 2031. Increase in awareness among the people regarding greenhouse gases and rise in demand for energy and fossil fuels drive the segment growth. The methanation segment, on the other hand, is expected to exhibit the fastest CAGR of 11.0% from 2022 to 2031. This is because methane gas is extensively utilized in the manufacturing and processing of fuel and generating electricity.

Based on use case, the solar segment generated more than half of the global power-to-gas market revenue in 2021, and is expected to lead the trail by 2031. Rapid industrialization and modernization has led to increasing demand for power, which in turn has fueled the segment growth. The biomass segment, on the other hand, would manifest the fastest CAGR of 11.2% from 2022 to 2031. This is attributed to the fact that rapid industrialization and decrease in fossil fuel resources across the globe have led to increasing use of alternative renewable resources. Rising organic waste resources in the modern community and in the agricultural sector have led to the growing utilization of biomass for the production of electricity to cater to the mounting demand for power.

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Based on application, the residential segment would manifest the fastest CAGR of 11.5% from 2022 to 2031. Development of the residential industry and growing awareness of the advantages associated with renewable energy sources such as wind and solar due to various government policies have given way to rise in the renewable energy share of total energy generation annually. The utility segment, simultaneously, held nearly half of the global power-to-gas market revenue in 2021, due to rise in demand for efficient energy storage technology.

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest power-to-gas market share of the market, followed by North America and Asia-Pacific.

The major companies profiled in this report include, Hydrogenics, ITM Power, McPhy Energy, Siemens AG, MAN Energy Solutions, Nel Hydrogen, ThyssenKrupp, Electrochaea, Exytron, GreenHydrogen, Hitachi Zosen Inova Etogas, Fuelcell Energy, Avacon, Carbotech, and Aquahydrex.

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