The global power-to-gas market size reached US$ 39.2 million in 2023. The market is projected to reach US$ 92.9 million by 2032, exhibiting a growth rate (CAGR) of 10.08% during 2023-2032. The growing demand for renewable hydrogen, rising utilization of fuel cell electric vehicles (FCEVs), and the escalating demand for electrolyzer technology represent some of the key factors driving the market.
Power-to-gas (P2G) is a process wherein electrical energy is converted into chemical energy through gas production. It relies on the electrolysis process to produce hydrogen gas that can be used directly as a final energy carrier or converted to methane, synthesis gas, electricity, liquid fuels, or chemicals during the second stage process. It assists in converting renewable energy into natural gas and storing it in existing natural gas infrastructure. It also aids in transforming surplus power from wind farms, which can be fed into the local grid, delivered to surrounding industrial companies, or provided to regional filling stations. It stores energy for an extended period by converting it to other easily storable energy carriers while reducing the load on the electricity grid by controlling operations. It also facilitates the anaerobic digestion processes, where microorganisms are broken-down to organic matter to produce fuels. As it is an effective means of transitioning to a greener natural gas mix, the demand for P2G is rising across the globe.
Power-to-gas (P2G) is a process wherein electrical energy is converted into chemical energy through gas production. It relies on the electrolysis process to produce hydrogen gas that can be used directly as a final energy carrier or converted to methane, synthesis gas, electricity, liquid fuels, or chemicals during the second stage process. It assists in converting renewable energy into natural gas and storing it in existing natural gas infrastructure. It also aids in transforming surplus power from wind farms, which can be fed into the local grid, delivered to surrounding industrial companies, or provided to regional filling stations. It stores energy for an extended period by converting it to other easily storable energy carriers while reducing the load on the electricity grid by controlling operations. It also facilitates the anaerobic digestion processes, where microorganisms are broken-down to organic matter to produce fuels. As it is an effective means of transitioning to a greener natural gas mix, the demand for P2G is rising across the globe.
Power-to-gas Market Trends
At present, there is a rise in the demand for renewable hydrogen, which has the potential to decarbonize multiple sectors across the globe. This, along with the escalating demand for electrolyzer technology due to its cost-effectiveness, represents one of the key factors supporting the growth of the market. Besides this, there is an increase in the demand for hydrogen as a clean fuel in light vehicles, railways, and marine applications to reduce greenhouse gas emissions around the world. This, coupled with the growing utilization of fuel cell electric vehicles (FCEVs), which require high-purity hydrogen fuel, is positively influencing the market. In addition, various technological developments in hydrogen production technology and hydrogen engine technology are offering lucrative growth opportunities to industry investors. Moreover, the rising demand for P2G technology to use existing gas transmission infrastructure for transporting energy in the form of green hydrogen over long distances is propelling the growth of the market. Apart from this, various benefits offered by P2G technology over conventional energy storage technologies, such as higher power storage capacity and longer discharge times, are strengthening the growth of the market. Additionally, the increasing demand for P2G technology due to the falling costs of renewable energy technologies, such as solar and wind, is bolstering the growth of the market.Key Market Segmentation:
The report provides an analysis of the key trends in each segment of the global power-to-gas market, along with forecasts at the global, regional, and country levels from 2023-2032. The report has categorized the market based on technology, capacity, use case, and application.Technology Insights:
- Electrolysis
- Methanation
Capacity Insights:
- Less Than 100 kW
- 100-999 kW
- 1000 kW and Above
Use Case Insights:
- Wind
- Solar
- Biomass
Application Insights:
- Residential
- Commercial
- Utility
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global power-to-gas market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Electrochaea GmbH, Exytron GmbH, Hitachi Zosen Inova AG (Hitachi Zosen Corporation), Ineratec GmbH, ITM Power plc, McPhy Energy SAS, MicroPyros BioEnerTec GmbH, Nel ASA, Power-to-Gas Hungary Kft, Uniper SE, etc.Key Questions Answered in This Report:
- How has the global power-to-gas market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global power-to-gas market?
- What is the impact of each driver, restraint, and opportunity on the global power-to-gas market?
- What are the key regional markets?
- Which countries represent the most attractive power-to-gas market?
- What is the breakup of the market based on the technology?
- Which is the most attractive technology in the power-to-gas market?
- What is the breakup of the market based on the capacity?
- Which is the most attractive capacity in the power-to-gas market?
- What is the breakup of the market based on the use case?
- Which is the most attractive use case in the power-to-gas market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the power-to-gas market?
- What is the competitive structure of the global power-to-gas market?
- Who are the key players/companies in the global power-to-gas market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Power-to-gas Market
6 Market Breakup by Technology
7 Market Breakup by Capacity
8 Market Breakup by Use Case
9 Market Breakup by Application
10 Market Breakup by Region
11 Drivers, Restraints, and Opportunities
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Electrochaea GmbH
- Exytron GmbH
- Hitachi Zosen Inova AG (Hitachi Zosen Corporation)
- Ineratec GmbH
- ITM Power plc
- McPhy Energy SAS
- MicroPyros BioEnerTec GmbH
- Nel ASA
- Power-to-Gas Hungary Kft
- Uniper SE
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 139 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 39.2 Million |
| Forecasted Market Value ( USD | $ 92.9 Million |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
