Global Power-to-Gas Market Highlights
The global Power-to-Gas Market is projected to be valued at USD 43.3 Billion by 2025, with 9.46% CAGR during the forecast period, 2019–2025. Power-to-Gas process plays a significant role in providing sustainable energy to the consumers in the coming future. The power-to-gas principle is based on storing surplus energy generated from renewables by converting them into hydrogen or methane syngas. The energy generated through renewable sources are transformed into methane and hydrogen gas through processes such as electrolysis and methanation.
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Leading Players:
The Key Players operating in the Global Power-to-Gas Market are Uniper SE (Germany), Siemens (Germany), Hydrogenics (Canada), MicroPyros GmbH (Germany), Ineratec GmbH (Germany), ThyssenKrupp AG (Germany), ITM Power (UK), Hitachi Zosen Inova AG (Switzerland), McPhy Energy S.A. (France), MAN Energy Solutions (Germany), Hitachi (Japan), Omron (Japan), Rockwell (US), Toshiba (Japan), Power-to-Gas Hungary Kft. (Hungary), Electrochaea GmbH (Germany), Avalon (Germany), GreenHydrogen (Denmark), Engie (France), and NEL (Norway).
Global Power-to-Gas Market Segmentation:
The global power-to-gas market has been segmented based on technology, capacity, end-user, and region.
By technology, the global market is segmented into electrolysis and methanation. The electrolysis segment is further divided into alkaline electrolysis, polymer electrolyte electrolysis, and solid oxide electrolysis. Moreover, the methanation segment is segmented into catalytic methanation and biological methanation. The electrolysis segment is expected to dominate the global market and is likely to grow with the highest CAGR.
By capacity, the global market is segmented as less than 100 KW, 100 KW – 1000 KW, and above 1000 KW. The above 1000 KW segment is expected to grow with the highest CAGR during the forecast period.
By end-user, the market is segmented as commercial, utilities, and industrial. The utility segment is expected to hold the largest market share during the forecast period.
Intended Audience:
- Manufacturers
- Utilities
- Power plant project developers
- Companies related to electric power generation
- End users
- Research organizations and consulting companies
- Research Institutes
- Industry associations
- Market research and consulting firm
Regional Analysis
The global power-to-gas market has been segmented into five regions, namely Asia-Pacific, Middle East & Africa, Europe, North America, Asia-Pacific, Europe, Middle East & Africa, and South America.
Europe is expected to be the largest and fastest-growing region in the global power-to-gas market during the forecast period in terms of market share. Europe accounts for the largest market in the global power-to-gas market during the forecast period. Increased electricity demand, rising production capacity of renewable sources in the energy mix, and growing need for hydrogen in transportation and industrial sector are the major factors attributed to the growth of the global power-to-gas market in Europe during the forecast period.
The power-to-gas market in Europe is expected to be dominated by Germany owing to rising concern for the reduction of greenhouse gas emission and utilizing renewable sources for the production of hydrogen. For instance, in July 2019, Uniper SE (Germany) along with its consortium partners, VNG Gasspeicher GmbH (Germany) is planning to set up an electrolysis generating plant with a capacity up to 35 megawatts in Germany to produce and store green hydrogen. This helped the company to convert renewable electricity generated from a wind farm into green hydrogen using electrolysis and storing in an underground salt cavern storage system. Such developments are expected to drive power-to-gas market growth in the region during the forecast period.
In North America, the US is expected to be the largest and the fastest-growing country in the power-to-gas market owing to an increase in the number of renewable energy projects in the country and rising use of hydrogen gas in the industrial and transportation sector. For instance, the US government plans to have more than 500,000 fuel cell electric vehicles on road by the year 2030, which is expected to increase the demand for hydrogen gas in the transportation sector. Such factors are expected to drive the growth of the market for power-to-gas in North America during the forecast period.
In the Middle East & Africa, Saudi Arabia, is projected to be the largest and the fastest-growing country in the power-to-gas market due to the rising developments and the increasing share of renewable energy in the country. For instance, under the framework of Saudi Vision 2030, the country set up a target to increase the production of renewable energy to 60 GW by 2030 to provide consumers with a clean energy source. Moreover, the Saudi Arabian government also aims to reduce 130 million tons of its CO2 emissions by 2030 from the level that of 2005. These emission reduction targets, and the development of clean energy increases the need for power-to-gas market. Such factors drive the demand for power-to-gas in Saudi Arabia during the forecast period.
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