IMARC Group, a leading market research company, has recently released a report titled “Power-to-gas Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the power-to-gas market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Power-to-gas Market?
The global power-to-gas market size reached US$ 35.04 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.13 Million by 2028, exhibiting a growth rate (CAGR) of 11.20% during 2023-2028.
What is Power-to-gas?
Power-to-gas (P2G) is a transformative process that converts electrical energy into chemical energy through gas production. The initial step of the process involves the generation of synthetic hydrogen (H2) from water and renewable power through electrolysis. This hydrogen can serve as a direct energy carrier or be transformed into methane, synthesis gas, electricity, liquid fuels, or chemicals during the subsequent stage. In the second stage, hydrogen reacts with carbon dioxide to produce methane. The converted hydrogen and methane can also be reconverted into electricity, providing a backup power source. It relies on electrolysis to generate hydrogen gas, which can serve as a final energy carrier or be further converted into methane, synthesis gas, electricity, liquid fuels, or chemicals during the subsequent stages. It plays a crucial role in converting renewable energy into natural gas, enabling storage in existing gas infrastructure. Moreover, it facilitates the utilization of surplus power generated by wind farms, which can be integrated into the local grid, supplied to neighboring industrial facilities, or utilized at regional filling stations. By converting and storing energy in easily storable forms, it ensures the availability of stored energy over an extended period while simultaneously alleviating the strain on the electricity grid through controlled operations. Additionally, it supports anaerobic digestion processes, where microorganisms decompose organic matter to produce fuels. At present, P2G is gaining immense traction across the globe due to its effectiveness in transitioning to a more sustainable natural gas mix.
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What are the growth prospects and trends in the power-to-gas industry?
The global power-to-gas market is primarily driven by the rising demand for renewable hydrogen as it has significant potential for decarbonizing various sectors and increasing the cost-effectiveness of electrolyzer technology. Moreover, the augmenting need for hydrogen as a clean fuel in light vehicles, railways, and marine applications to mitigate greenhouse gas emissions is positively influencing the market growth. Apart from this, the surging adoption of fuel cell electric vehicles (FCEVs), which rely on high-purity hydrogen fuel, is propelling the market growth. Additionally, ongoing technological advancements in hydrogen production and hydrogen engine technology have catalyzed market growth. Besides this, the rising demand for power-to-gas (P2G) technology, which utilizes existing gas transmission infrastructure to transport green hydrogen over long distances, is another major growth-inducing factor. Furthermore, the growing awareness about the benefits offered by P2G technology, such as higher power storage capacity and longer discharge times compared to conventional energy storage technologies, has accelerated the product adoption rate. Along with this, rising demand for P2G technology owing to the reducing costs of renewable energy technologies such as solar and wind is contributing to the market growth. Other factors, including rising initiatives in developing the infrastructure of green hydrogen, rising demand for electricity, increasing production of chemicals, and rapid growth in the transportation sector, are also anticipated to drive the market toward growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Market Breakup by Region:
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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