Westford, USA, Dec. 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global power-to-gas market will attain a value of USD 91.97 Million by 2031, with a CAGR of 11.24% during the forecast period (2024-2031). The growth of the power-to-gas market is driven by many factors like the growing usage of renewable energy resources for power generation and the integrated management of power-to-gas technology. The increasing demand for green hydrogen in various sectors is also boosting market growth as it helps in minimizing carbon emissions. Furthermore, the possible usage hydrogen in mobility solutions and as a substitute for natural gas is also offering immense opportunities for market growth. The necessity for efficient energy storage solutions to address intermittent renewable energy sources is also fueling market growth.
Browse in-depth TOC on the "Global Power-To-Gas Market"
- Pages - 167
- Tables - 95
- Figures – 76
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Power-To-Gas Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 39.22 Million |
| Estimated Value by 2031 | USD 91.97 Million |
| Growth Rate | Poised to grow at a CAGR of 11.24% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, End User, Capacity, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing demand for green hydrogen |
| Key Market Opportunities | Expansion of hydrogen infrastructure |
| Key Market Drivers | Rising technological advancement in electrolysis |
Growing Concern about Greenhouse Emissions to Increase Popularity of Electrolysis
Based on technology, the electrolysis segment is dominating with the largest power-to-gas market share. The segment is witnessing massive growth due to efficiency and ubiquity. Furthermore, rising public awareness of greenhouse emissions is also fueling the growth of the segment. The increasing requirement for carbon neutral technologies as a substitute for conventional processes is also increasing the demand for electrolysis. Moreover, increasing investments in R&D activities related to energy efficient technologies that will enable energy storing is further boosting the growth of the segment in the market.
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Increasing Requirement of Fuel Production to Increase Demand for 100 kW to 1000 kW Capacity Range
As per the power-to-gas market analysis, the 100 kW to 1000 kW capacity range is dominating the market with the largest share. This segment is witnessing growth because of the increasing demand for fuel production. The method is ideal for many industrial applications and energy systems as it offers a balance between scalability, efficiency, and expense. Furthermore, many industries are trying to reduce emissions and adopt cleaner fuels like hydrogen, and the centralized P2G systems meet the increasing requirement for energy storage, grid balancing, and hydrogen. The 100 kW to 1000 kW segment is playing a vital part in the power-to-gas market by meeting the requirements of medium-sized applications, bridging the gap between smaller pilot projects and large industrial systems.
Growing Necessity to Reduce Carbon Emission to Boost Market Growth in Europe
Europe is dominating the power-to-gas industry because the region is going through significant development of renewable electricity production, and it will happen to a greater extent. Furthermore, higher power generation from intermittent sources will lead to low spot electricity prices, resulting in the growth of the market. This is offering a chance for the development of adaptable electro-intensive processes. Due to increasing number of programs and goals for integrating renewable electricity in Europe, power-to-gas has been technically validated at a massive scale. To reduce carbon emissions, the European energy sector is going through a significant transformation. The requirement for power-to-gas technology will increase as a result of political RES integration and carbon reduction goals.
Power-To-Gas Market Insights
Drivers
- Growing popularity of renewable energy
- Increasing demand for electricity
- Rising environmental concerns to increase adoption of hydrogen
Restraints
- Increasing price fluctuations of natural gases
- High initial cost of infrastructure
- Increasing regulatory and policy uncertainty related to hydrogen technologies
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Key Players Operating in Power-To-Gas Market
- Hydrogenics
- ITM Power
- McPhy Energy
- Fuelcell Energy
- Nel Hydrogen
- ThyssenKrupp
- Electrochaea
- Carbotech
- Power-to-gas Hungary
- Aquahydrex
- Ineratec
- Exytron
- GreenHydrogen
- Hitachi Zosen Inova Etogas
- Siemens
- MAN Energy Solutions
- Uniper
- Micropyros
- Socalgas
Key Questions Answered in Power-To-Gas Market
- Which is the leading region in the market?
- Who are the top players in the market?
- What are the main factors driving the growth of the market?
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This report provides the following insights:
Analysis of key drivers (growing popularity of renewable energy, increasing demand for electricity), restraints (increasing price fluctuations of natural gases, high initial cost of infrastructure), opportunities (rising environmental concerns), and challenges (rising environmental concerns) influencing the growth of power-to-gas market
- Market Penetration: Comprehensive information on the product offered by the top players in the power-to-gas market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the power-to-gas market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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