Power-to-Gas Market Analysis Development, Growth Prospects, Emerging Trends and Revenue Forecast by 2031 | Aquahydrex, Inc., MAN Energy Solutions

Market Overview:

Power-to-gas technology converts excess electricity from renewable sources like solar and wind into hydrogen or methane gas by using electrolysis process. The converted gas can be used for applications in transportation, power generation, heating sectors or injected into natural gas pipelines for storage.

Market Dynamics:

The power-to-gas market is expected to witness significant growth over the forecast period, owing to increasing deployment of renewable energy sources and need for large-scale energy storage solutions. Germany has over 5000 MW of installed renewable energy capacity and often faces challenges related to excess energy generation during sunny and windy periods. Power-to-gas technology helps in absorption of excess renewable electricity by converting it into methane or hydrogen and facilitates grid balancing. Additionally, hydrogen produced through power-to-gas can be utilized as fuel in transportation sector, thereby supporting decarbonization efforts. These factors are expected to boost the adoption of power-to-gas technology in the coming years.

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Top Companies Covered In This Report:

★ Aquahydrex Inc.
★ MAN Energy Solutions
★ Electrochaea GmbH
★ ITM Power PLC
★ EXYTRON GmbH
★ Hydrogenics Corporation
★ Hitachi Zosen Corporation

Detailed Segmentation:

By Technology:
✦ Electrolysis
✦ Methanation

By Product:
✦ Hydrogen
✦ Methane

By End User:
✦ Gas Grid
✦ Steel Industry
✦ Transportation
✦ Others

Key Region/Countries are Classified as Follows:

⋆ North America (United States, Canada, and Mexico)
⋆ Europe (Germany, France, UK, Russia, Italy)
⋆ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
⋆ South America (Brazil, Argentina, Colombia)
⋆ Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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✦ Market Driver: Growing Demand for Energy Storage due to Increasing Adoption of Renewable Energy Sources

The power-to-gas market is being driven by the growing demand for large-scale energy storage solutions due to the increasing adoption of intermittent renewable energy sources such as solar and wind across the world. As the share of electricity generated from renewable sources increases, there is a need to store the excess renewable energy that is generated during periods of low demand or when the generation exceeds consumption. Power-to-gas technology provides an efficient way to store the extra renewable energy in the form of hydrogen or methane gas that can be utilized later or distributed through existing natural gas pipeline infrastructure. Many countries have set ambitious renewable energy targets which is expected to further increase the demand for power-to-gas applications to balance energy supply and demand.

✦ Market Driver: Stringent Government Regulations and Policies Mandating Decarbonization of the Energy and Transportation Sectors

Governments across the world are implementing stringent regulations and policies to reduce greenhouse gas emissions and transition towards cleaner sources of energy in order to mitigate the effects of climate change. The power-to-gas technology perfectly aligns with the decarbonization goals as it utilizes renewable electricity to produce carbon neutral hydrogen and methane gas. Many countries in Europe have introduced subsidies, tax incentives and feed-in tariffs to promote the use of power-to-gas systems. Stringent emission norms for vehicles and carbon neutrality commitments are also fueling the demand for green hydrogen in transportation sector. The regulatory push for decarbonization of energy and transportation sectors is a major driver propelling the growth of the global power-to-gas market.

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✦ Market Restraint: High Initial Capital Costs Associated with Power-to-Gas Projects

One of the major challenges restraining the widespread adoption of power-to-gas technology is its high upfront capital costs. Setting up a power-to-gas plant requires expensive electrolyzers for hydrogen production, storage facilities for pressurized gases, infrastructure for gas transportation and conversion equipment for synthesis of methane. It is estimated that building a medium to large scale power-to-gas facility requires an investment of millions of dollars. The technology is currently less competitive compared to other conventional energy storage options mainly due to higher capital costs. Additional costs are also involved for research and development of advanced and efficient electrolyzers to bring down the overall electricity consumption in the process. The hefty initial investments required for power-to-gas projects pose a significant restrain for its commercial deployment until costs come down substantially.

✦ Market Opportunity: Leveraging Existing Natural Gas Infrastructure for Hydrogen Distribution

One of the major opportunities available for the power-to-gas market is leveraging the vast existing pipeline networks for natural gas distribution across many parts of the world. As power-to-gas technology produces hydrogen gas through electrolysis of water, this hydrogen can be easily blended with natural gas or distributed through repurposed or expanded natural gas pipelines. Many governments and industry participants are exploring the feasibility of blending hydrogen up to certain percentages with natural gas without requiring pipeline modifications. This provides a unique opportunity to efficiently transport hydrogen over long distances utilizing the reliable gas pipeline infrastructure already in place. Using the available pipeline network can help overcome the challenges of building dedicated hydrogen pipelines, thus significantly reducing distribution costs. It can accelerate the adoption of power-to-gas technology and development of a hydrogen economy.

✦ Market Trend: Increasing Commercial Demonstration Projects and Pilot Initiatives

A notable trend influencing the future direction of power-to-gas market is the rising number of commercial demonstration projects as well as pilot initiatives being carried out across the globe. Multiple gas and electricity companies along with research organizations are coming together to set up large-scale pilot power-to-gas plants to test different aspects of the technology at a more realistic level. Government funding is also being provided to support these demo projects. The learnings from these commercial pilots are rapidly improving the economic viability, efficiency, scalability and grid integration capability of power-to-gas systems. Successful demonstration is building confidence among stakeholders and accelerating the commercialization plans. It is expected that more real-world pilots in future would help identify technical and economic challenges to be addressed for the mass deployment of power-to-gas worldwide. This trend highlights the growing maturity of the technology.

Key Questions Answered in the Report:

1. What are the growth opportunities for the new entrants in the global Power-to-Gas industry?
2. Who are the leading players functioning in the global Power-to-Gas marketplace?
3. What are the key strategies participants are likely to adopt to increase their share in the global Power-to-Gas industry?
4. What is the competitive situation in the global Power-to-Gas market?
5. What are the emerging trends that may influence the Power-to-Gas market growth?
6. Which product type segment will exhibit high CAGR in the future?
7. Which application segment will grab a handsome share in the global Power-to-Gas industry?
8. Which region is lucrative for the manufacturers?

Table of Contents:

1. Research Objectives and Assumptions
• Research Objectives
• Assumptions
• Abbreviations

2. Market Purview
• Report Description
- Market Definition and Scope
• Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By Regions
- Market Snippet, By End-User
• Stratagem Opportunity Map (SOM)

3. Market Dynamics, Regulations, and Trends Analysis
• Market Dynamics
- Drivers
- Restraints
- Market Opportunities
• Impact Analysis
• Industry Trends
• Regulatory Scenario
• Acquisitions, Partnerships & Agreements
• Brand Analysis
• Pricing Analysis
• Epidemiology
• Porter's Analysis
• Value Chain Analysis
• Supply Chain Analysis
• Distribution Landscape

4. Power-to-Gas Market - Impact of Coronavirus (Covid-19) Pandemic
• COVID-19 Epidemiology
• Overall Impact on this Sector
• Impact of COVID-19 on Supply and Demand

5. Power-to-Gas Market, By Product Type, 2024-2031 (US$ Million)
• Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2024 - 2031
- Segment Trends

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