Power-to-Gas Market is Estimated to Witness High Growth Owing to Increasing Support for Renewable Energy Integration

Market Overview:

Power-to-gas technology facilitates the conversion and storage of surplus renewable power in the form of hydrogen or methane. It allows excess renewable electricity that is produced during periods of low demand or high availability to be converted and stored for later productive use. The stored gases can be injected into existing natural gas networks and used as a gas or power source.

Market Dynamics:

The growth of the power-to-gas market is mainly driven by the increasing support for renewable energy integration and growing focus on decarbonization across various industries. Renewable energy sources like solar and wind have intermittent power generation capacities. Power-to-gas technology provides an effective solution to store excess renewable energy that can be re-utilized later. It facilitates better integration of renewables into existing energy infrastructure. Moreover, growing focus on reducing greenhouse gas emissions is also propelling the adoption of power-to-gas systems that provide carbon-neutral energy storage and transportation options using clean hydrogen. Governments across regions are supporting the development of related infrastructure to promote wider utilization of renewable resources through power-to-gas technology.

Renewable energy integration is driving increased demand for power-to-gas technology

With growing emphasis on integrating higher shares of intermittent renewable energy sources like solar and wind power into national energy grids, power-to-gas technology provides an attractive option for storing excess renewable energy in times of low electricity demand or high renewable power generation. By converting surplus renewable electricity into hydrogen or methane via electrolysis, the power-to-gas process helps balance energy supply and demand over time. Many countries with ambitious renewable energy targets are promoting power-to-gas to overcome intermittency issues associated with renewable power sources.

Get a Sample Copy of the Report : https://www.coherentmarketinsights.com/insight/request-sample/5750

Key Players Covered In This Report:

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

Market Segmantation:

By Technology:

Electrolysis
Alkaline Electrolysis (AEL)
Polymer Electrolyte Membrane (PEM) Electrolysis
Solid Oxide Electrolyser Cell (SOEC)
Methanation
Catalytic
Biological

By Product:

Hydrogen
Methane
By End User:
Gas Grid
Steel Industry
Transportation
Others

Key Region/Countries are Classified as Follows:

The following section of the report offers valuable insights into different regions and the key players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.

The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in a particular region.

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

Buy this Report: https://www.coherentmarketinsights.com/insight/buy-now/5750

Potential for decarbonizing gas infrastructure and expanding usage of renewable gas

Gas networks provide an efficient means of transporting and distributing energy across many sectors. Power-to-gas enables renewable hydrogen or methane produced from water electrolysis to be injected and transported via existing natural gas pipelines and storage facilities. This facilitates the partial or full decarbonization of gas usage in heating, industrial and transport applications. The prospect of a renewable gas market supplementing or replacing natural gas is a major driver boosting investment and innovation in power-to-gas technologies.

Higher costs compared to alternative renewable energy storage options

While power-to-gas offers advantages in utilizing existing gas infrastructure, the multi-step conversion process from electricity to hydrogen/methane and back increases costs compared to more direct large-scale renewable energy storage alternatives like pumped hydro, compressed air energy storage and battery storage. Achieving cost parity with competing storage methods remains a key challenge that could restrain broader adoption of power-to-gas in the near future until technology improves and economies of scale lead to lower costs.

Potential to supply renewable hydrogen for use in transportation sector

Heavy-duty transport like trucks, buses and ships are more challenging to electrify than passenger vehicles due to weight and capacity demands. Hydrogen produced via power-to-gas and dispensed through refueling infrastructure provides one solution for decarbonizing such applications. As concerns grow over emissions from road freight and shipping, the promising role of renewable hydrogen in fueling transportation opens an important market growth opportunity for power-to-gas technologies. Collaboration across industries will be important to capitalize on this opportunity.

Increasing number of pilot and demonstration projects worldwide

To advance the technology and demonstrate commercial viability, power-to-gas projects are expanding significantly worldwide at different scales. More pilot plants and large demonstration facilities integrating renewable energy, power-to-gas conversion and injection into gas networks are coming online across Europe, Asia, Australia and other regions. These projects are helping drive down costs through innovation and gaining valuable operational experience. As the pipeline of projects grows, technology learning and standardization are accelerating commercialization of power-to-gas.

Request For Customization at: https://www.coherentmarketinsights.com/insight/request-customization/5750 

Key Benefits For Stakeholders

The report provides an in-depth analysis of the global bromine derivatives market trends along with the current and future market forecast.
This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the bromine derivatives industry for strategy building.
A comprehensive global bromine derivatives market analysis covers factors that drive and restrain the market growth.
The qualitative data in this report aims on market dynamics, trends, and developments.

The report answers a number of crucial questions, including:

➥ Which companies dominate the global Power-to-Gas Market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
✉ Email: sales@coherentmarketinsights.com
📞United States of America: +1-206-701-6702
📞United Kingdom: +44-020-8133-4027
📞Japan: +050-5539-1737
📞India: +91-848-285-0837

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.