The Global Power-to-Gas Market is anticipated to witness growth during the forecast period of 2024-2028, driven by factors such as the integration of renewable energy, energy storage, and grid flexibility.
According to TechSci Research report, “Power-to-Gas Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028,” the Global Power-to-Gas Market is projected to experience substantial growth during the forecast period. This expansion can be attributed to the increasing number of power-to-gas projects being implemented in several countries worldwide, aimed at optimizing the utilization of renewable energy sources, particularly wind energy. Moreover, the power-to-gas market has reached an advanced stage of development, with significant demonstration facilities already operational or under construction across the regions. These factors are expected to provide a significant boost to the global power-to-gas market in the coming years.
The power-to-gas market has witnessed significant growth due to the rising demand for energy storage solutions, the increased adoption of renewable energy sources, and the need for cleaner and sustainable fuels. Excess electricity generated from renewable sources such as wind and solar can be efficiently stored as hydrogen or synthetic natural gas. These stored energy forms can then be utilized for power generation, heating, transportation, and various industrial applications.
Global Power-to-Gas Market is segmented based on technology, capacity, end-user, region and competitive landscape. Based on technology, the market is divided into Power-to-Hydrogen, and Power-to-Methane. Based on capacity, the market is divided into more than 1000 KW, 100 to 1000 KW, and Less than 100 KW. Based on end-user, the market is divided into Utilities, Industrial, and Commercial. Based on region, the market is further divided into North America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on technological advancements, the Power-to-hydrogen segment is projected to experience the highest growth rate during the forecast period. Power-to-hydrogen encompasses a range of technologies that utilize electrolysis to produce hydrogen and oxygen by harnessing power. Green hydrogen, generated from renewable energy sources, offers a means to store, transfer, and utilize sustainable energy. This approach reduces the need to curtail intermittent renewable energy from sources like wind and solar, while providing long-term grid-balancing and energy storage services through electrolysis.
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Furthermore, leveraging the existing gas transmission infrastructure allows for the transportation of energy in the form of green hydrogen over large distances. The increasing adoption of power-to-gas (PtG) technology, driven by the declining costs of solar and wind energy technologies, has contributed to the steady growth in the installed capacity of commercial electrolyzing systems. Alkaline water electrolysis (AWE) and proton exchange membrane (PEM) electrolysis are the two commercially viable water electrolysis methods commonly employed. As a result, the power-to-hydrogen category is expected to witness the most rapid growth throughout the projected period, owing to these factors.
Based on capacity, the segment of more than 1000 kW is projected to experience the highest growth rate during the forecast period. This can be attributed to the growing commercialization, application, and demand from utilities and industrial end-users for power-to-gas technology, making the capacity of 1000 kW and above highly favored.
In 2022, Europe emerged as the dominant player in the Power-to-Gas market. This can be attributed to the increased investments and financial grants from the governments in the region. As per the European Commission, the refinery industry accounted for 48% of hydrogen consumption in 2021, closely followed by the chemical and fertilizer industries. Germany, a key player in the European power-to-gas sector, had approximately 40 small power-to-gas pilot projects operational as of 2020. These initiatives made use of surplus green energy, primarily from wind and solar projects, to carry out electrolysis, a process that separates water into oxygen and hydrogen to produce zero-carbon fuel.
In May 2022, the EU established an objective with European electrolysis producers to significantly increase Europe’s capacity for producing electrolyzers by 2025. The target is to enhance the capacity from 1.75 GW/year to 17.5 GW/year, almost tenfold. As a consequence of these factors, Europe is expected to dominate the market during the forecast period.
Key market players in the Global Power-to-Gas Market are:
- Sempra Energy
- GRT Gaz SA
- MAN, Energy Solutions
- Sunfire GmbH
- Ineratec GmbH
- Electrochaea GmbH
- MicroPyros BioEnerTec GmbH
- Siemens Energy AG
- Hitachi Zosen Inova AG
- AquahydreX Inc.
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“The global market for power to gas is expected to experience rapid growth. Power-to-gas technology is poised to make a significant contribution to improving energy supply and balancing variable power generation from renewable sources. Moreover, several European countries, including Germany, Russia, the United Kingdom, and others, have seen an increased demand for power to gas technology due to the region’s growing need for hydrogen in industrial, chemical, and fuel cell transportation applications. This is expected to drive the expansion of the global power-to-gas market through 2028,” according to Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm.
“Power-to-Gas Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F Segmented By Technology (Power-to-Hydrogen, and Power-to-Methane), By Capacity (More than 1000 KW, 100 to 1000 KW, and Less than 100 KW), By End-User (Utilities, Industrial, and Commercial), By Region, Competition” has evaluated the future growth potential of Global Power-to-Gas Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Power-to-Gas Market.
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