Market Analysis
The global power-to-gas market size will develop at an 8.48% CAGR in the forecast period (2020- 2027), as per the latest Market Research Future (MRFR) report.
Power to Gas Market Drivers
Use of Hydrogen in Different Industries to Boost Market Growth
The use of methane and hydrogen in different industries and its ability to reconvert the electricity will boost market growth in the forecast period.
Besides, the effective use of renewable energy resources as well as integrated management of power and gas network is also adding to the global power to gas market growth.
Power to Gas Market Opportunities
Rising Preference to Adopt Cleaner Energy Sources to offer Robust Opportunities
The increasing preference of industries in adopting cleaner energy sources for reducing carbon emissions and be energy efficient will offer robust opportunities in the market over the forecast period. The industries moreover have increasingly adopted the solar and wind energy sources for reducing the dependency on fossil fuel-based power generation.
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Restraints
Lack of Proper Government Interest to Develop Power to Gas Related Technology to Act as Market Restraint
The lack of proper government interest for creating power to gas related technology may act as market restraint over the forecast period.
Challenges
High Initial Cost to act as Market Challenge
The high initial cost of power to gas may act as market challenge over the forecast period.
Market Segmentation
The global power to gas market has been segmented based on capacity, end user, and technology.
By capacity, the power more than 1000 kW segment will lead the market over the forecast period. This is owing to growing commercialization and also implementation of several MW size projects of power to gas technologies coupled with the demand from utilities and industrial end users.
By end user, the utilities segment will dominate the market over the forecast period for the power and gas utilities looking to efficiently produce hydrogen by integrating intermittent renewable power sources and also possess the flexibility of power system operation.
By technology, the electrolysis segment will spearhead the market over the forecast period. This is owing to its dynamic operations and also the ability of effectively integrating electricity from fluctuating renewable energy sources namely wind and solar.
COVID-19 Analysis
The power to gas market was least impacted by the COVID-19 outbreak. The growing need for advanced options to curtail carbon dioxide emissions and worldwide adoption of renewable energy sharing with power mix are contributing to the market growth. At the time of the lockdown, the need for electricity in residential areas was much higher than in industrial and commercial areas. The shape of demand shifted more towards renewables with a power supply mix and the growth of the market improved constantly. The demand however for nuclear power-based, gas-based, and coal-based energy consumption fell off quickly and act as a helping hand for the growth of power to gas market value in the future.
Regional Analysis
Europe to Command Power to Gas Market
Europe will command this market in the forecast period. High demand for hydrogen generation and renewable energy sources, 42 billion being invested for solar dark development in Spain and Germany generating 20% hydrogen by 2030, power to gas technology expected in playing a vital role to stabilize the region’s energy supply and offsetting fluctuating power generation from renewable energy sources, growing need for power to gas technology in Germany, and the growing need for hydrogen from fuel cell transportation, industrial, and chemical are adding to the global power to gas market growth in the region. Besides, the presence of several key players in the region, the increasing adoption of the power to gas system, growing consumption of hydrogen by industries and manufacturers of the fuel cell-based electric vehicles, the increasing government initiatives for promoting renewable energy sources for curbing down the carbon emission levels are adding to the global power to gas market share in the region.
Key Players
Eminent industry players profiled in the global power to gas market industry report include Mcphy Energy S.A., Siemens, Thyssenkrupp AG, Man Energy Solutions, Engie, Exytron Vertrieb GmbH, Hydrogenics, NEL ASA, Green Hydrogen, Ineratec, ITM Power, Uniper SE, and Hitachi Zosen Inova AG.
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The global power to gas market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
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