Press release
Power to Gas Market Future, Trends, Growth Opportunities, Forecast Period (2023 - 2032)
Power to Gas Market
Power to Gas Market share is projected to grow from USD 33.7 Mn in 2023 to USD 81.01 Mn by 2032, registering a CAGR of 10.10% during the forecast period (2023- 2032).
The most important factors influencing the market are the increasing usage of hydrogen gas and the rising demand for renewable energy in the industrial and transportation segment. The increasing concern towards the environment has aided the market to expand at a global level.
The large firms are focusing on being in partnership with end-users and the establishment of power-to-gas projects to reduce dependency on fossil fuels, and to lessen the carbon emission.
Several initiatives have been taken to use hydrogen as a fuel and which makes a considerable contribution towards decarbonization of electricity. The power-to-gas market is likely to thrive at a high CAGR during the review period. However, low energy efficiency and enormous capital investment are likely to cause hindrance in the growth of the market during the review period.
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Key Players
Thyssenkrupp AG
Siemens
Mcphy Energy S.A.
Engie, Exytron Vertrieb GmbH
Man Energy Solutions
Hydrogenics, NEL ASA
ITM Power
Uniper SE
Hitachi Zosen Inova AG
Green Hydrogen Ineratec
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Market Segmentation
The worldwide power-to-gas market is segregated on the grounds of the region, technology, end-user, and capacity.
On the basis of region, the global power-to-gas market can be classified into North America, the Middle East, and Africa, South America, Europe, and the Asia Pacific.
On the basis of technology, the global power-to-gas market can be classified into methanation and electrolysis. The electrolysis vertical is estimated to lead the market at a global level and is projected to thrive with the maximum CAGR.
On the basis of end-user, the global power-to-gas market can be classified into commercial, industrial, and utilities. The utility vertical is likely to acquire the maximum share of the market during the review period.
On the basis of capacity, the global power-to-gas market can be classified into lesser than 100 KW, 100 KW - 1000 KW, and more than 1000 KW.
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Regional Analysis
The regional analysis of the Middle East & Africa, North America, Europe, Asia-Pacific, and South America has been performed. As per the analysis, the European market is the most lucrative market for the power-to-gas sector. It acquires the largest market share owing to the increasing consumption in power and increasing renewable sources share in Europe's total energy generation mix in the region. The European market is dominated by Germany.
In North America, the United States is likely to be the swiftest developing country in the power-to-gas market due to the new projects rising in the country. In the MEA, Saudi Arabia is expected to the fastest developing country in the power-to-gas market due to the increasing share of renewable energy in the nation.
Moreover, the Saudi Arabian government has set a target of reducing 130 million tons of CO2 emission by the year 2030. These initiatives taken by the government creates demand for the power-to-gas market. These are the most critical factors driving the demand for power-to-gas in MEA during the review period.
Industry News
The E.U. has launched a new project called FLEXnCONFU, a Horizon 2020 has been launched to develop power-to-gas solutions that will consolidate the available options for the flexible and efficient usage of surplus power from renewable energies to balance the power plant load by converting electricity to hydrogen or ammonia before converting it to power.
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