Evolve Business Intelligence has published a half-cooked research report on the Global Power-To-Gas Market, 2021–2030. The global Power-To-Gas market is projected to exhibit a CAGR of around 10.2% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Power-To-Gas Market: ITM Power, McPhy Energy S.A., ThyssenKrupp AG, Electrochaea GmbH, Hydrogenics, TKI Gas, AEG Power Solutions, Solarplaza International BV, Alliander, and Energinet. DK.
The global Power-To-Gas market is projected to be valued at $326.93 Billion by 2030, recording a CAGR of around 10.2% during the forecast period. Power-to-Gas technology converts electrical power into methane or hydrogen gas and is commonly used to produce a sustainable source of energy. The hydrogen that is produced in the power-to-gas industry is then used as a chemical in industries or as fuel. Power-to-gas systems allow for the storage of excess energy from renewable resources like wind and solar for use at a later point. They can be used for transportation, heating, and other industrial purposes. The power-to-gas industry is a progressive move in combining renewable resources with sources of power generation.
The Power-to-Gas market remained stable during the recent COVID-19 pandemic. The pandemic caused a series of lockdowns globally, which caused industrial and commercial facilities to shut down. This in turn resulted in surplus electricity – which benefited the power to gas plants. However, new projects were impacted by difficulties in sourcing equipment because of the lockdown.
The global Power-To-Gas market has been segmented based on the Technology, Capacity, End-Use, and region.
By Technology, the Power-To-Gas market is segmented based on Electrolysis and Methanation. The Electrolysis Segment is anticipated to account for the large market share. This is because its dynamic operations allow for effective integration of voltage from fluctuating sources like wind and solar.
Based on Capacity, the Power-To-Gas market is segmented based on Less than 100 kW, 100–999kW, and 1000 kW & above. The 1000 kW & above segment is expected to hold the largest market share. 1000 kW & above capacity is preferable because of the growing popularity and implementation of projects that generate power to gas. Demand from utilities and industrial end-users is also on an upswing.
Based on End-Use, the Power-To-Gas market is segmented based on Commercial, Utilities, and Industrial. The Utility Industry segment is expected to hold the largest market share. The utility industry has been transitioning in recent years with large companies looking to efficiently produce clean hydrogen energy sources by integrating intermittent renewable power. In addition, it allows for flexible operations of the power system.
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The Power-To-Gas market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The European region is projected to dominate the global Power-To-Gas market due to the increasing demand for power to gas technology in the region. Furthermore, power to gas technology is expected to play a crucial role in stabilizing the energy supply and offsetting fluctuating power generation from sources of renewable energy in the region. However, owing to the rise in the number of small and medium scale industries in the region, along with rapid urbanization in emerging economies such as India and China, Asia-Pacific is expected to outstrip all other areas by clocking the highest CAGR. Power-to-Gas business is all the rage in North America, with the number of projects on the rise and investment increasing steadily. In Ontario, power-to-gas projects have been developing for years. With the province’s plans to reduce carbon emissions by 40% by 2030, this opportunity is here to stay. Latin America, the Middle East, and Africa are also expected to grow at a rapid pace in the forecast period.