Power-to-gas Market 2022 - By Technology , By Application , By Type , By Capacity , By End-User & Global Region - Market Size, Trends, Share & Forecast 2027Request Sample Request Discount
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With the rapid growth in population worldwide and increase in urbanization that the world is able to witness, there seem to be no chances of the consumption of the resources for the fulfillment of needs of all kinds of the people and the industries coming to any kind of halt. Instead, attributing to the above factors, the consumption is only going to expand as a direct effect of the increase in the levels of demand. Where non-renewable resources are coming to their ending phases with their ever increasing daily global consumption, the only way to cater to the increasing needs and demands would be to find a way out to make use of the renewable energy resources. One highly effective method to make use of these resources, which is finding its way out globally is the Power –to gas (often abbreviated P2G) method. In this system, electrical energy is converted into hydrogen or methane syngas via respective procedures such as electrolysis or methanation, as per requirement and the gas produced in made available to be used in various industrial processes. Also, power –to gas system is used to store excess energy from renewable energy sources for later use for various purposes including industrial, heat supply, transportation, water production etc. Though, global power-to-gas market is at its early stages of development, it is anticipated to reach around $42 million by 2027 from an estimated $26 million in 2021 at a CAGR of close to 10%.
The growth of this market is attributed towards pertaining factors including decreasing cost of wind and solar energy generation, effective utilization of renewable energy resources, rising initiatives to reduce the carbon footprint across the globe, integrated management of power and gas, increasing awareness regarding environmental safety and security, increase in the share of renewable energy in the power generation mix.
With exhaustive utilization of carbon as a primary concern for the global energy industry, to reduce the impact of climate change due to the growing greenhouse gases across the world, initiatives are being taken to reduce emissions; renewables are becoming the fastest-growing energy sources for electricity generation. The increase in renewable energy uses is likely to create an opportunity for the power to gas market.
Moreover, Power-to-gas systems are an effective way of integrating renewable sources with total power generation sources. With around half a million villages and towns across the globe without reliable and affordable electricity, P2G systems could be deployed accordingly in the required regions with additional purposes like stabilizing the grid in order to mitigate the effects of excess electricity caused by fluctuating sources and for the improvement of security of the energy supplies. Along with being cheaper in comparison to methane production from the power to methane facilities, P2G is often considered the most promising technology for seasonal renewable energy storage. Such benefits are expected to drive consumer preference for this technology, thereby driving the power-to-gas market.
Furthermore, the share of solar PV energy sources is expected to contribute nearly 39% in the total energy generation source by 2050 in the Middle East & North Africa and The European Union is expected to have the possibility to grow the renewable energy share from about 17% to over 70% by 2050. Such developments are expected to increase the share of renewable energy capacity in the total power generation mix across the globe.
However, the lack of proper government interest in developing technology related to the power-to-gas market is expected to hinder the market from growing during the next few years.
POWER -TO GAS MARKET SEGMENTATION:
- Electrolysis (Hydrogen Gas)
- Methanation (Methane Gas)
- Industrial Use
- DG or Central Power Plant
- Gas Filling Stations
- Home Heating
- Wind Power-to-Gas
- Solar Power-to-Gas
- Biomass Power-to-Gas
- Other Industrial Processes
- Less than 100 kW
- 1000 kW and Above
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Countries across the world, such as India, Germany, Saudi Arabia, and the UAE, have set targets to increase the number of renewable energy generation sources to increase the share of renewable energy in their power generation mix.
Europe is expected to hold major share of the global power-to-gas market during the period by growing power-to-gas projects in countries such as Germany, France, Denmark, and the Netherlands for effective utilization of renewable energy sources and as a result of increasing demand for renewable energy sources and the developments in hydrogen generation in the region. Demand for power-to-gas technology has been rising significantly in Germany.
Furthermore, nearly 64 power-to-gas plants are in Germany, with a maximum count of power-to-methane plants. And apart from existing plants, there are nearly 30 proposed power-to-gas plants in Europe. Such developments are expected to increase renewable energy generation capacity in the region.
Asia Pacific is likely to be the key potential region of the global power-to-gas market owing to factors such as increase in number of small and mid-scale industries in the region as well as urbanization, especially in developing countries such as China and India.
North America is also an important region of the global power-to-gas market. Demand for power-to-gas in the region is driven primarily by the rise in demand for hydrogen for commercial applications such as fuel cell transportation and stabilization of the power generation capacity.
FEW KEY PLAYERS IN POWER -TO GAS MARKET:
- Mcphy Energy S.A
- Thyssenkrupp AG
- Man Energy Solutions
- Exytron Vertrieb GmbH
- NEL ASA
- Green Hydrogen Ineratec
- ITM Power
- Uniper SE
- Hitachi Zosen Inova AG.
- Other Players
- In September 2019, BMW AG unveiled its Hydrogen NEXT fuel cell vehicle, which is expected to be available for customers in 2025.
- In Oct 2020, Engie EPS unveiled its hydrogen-based energy storage system built with its proprietary technology in Greece. The project aims to demonstrate the advantages of hydrogen-based technologies for renewable energy storage in isolated and off-grid areas and has been awarded as the best renewable energy project in the Innovation section at the European Sustainable Energy Week 2020.
- In Oct 2020, Electrochaea GmbH, a European provider of renewable methane technology, established a California-based US subsidiary, Electrochaea Corporation, to accelerate the commercial roll-out of its technology in North America. Electrochaea employs a patented biocatalyst (BioCat) to convert low-cost and stranded electricity and CO2into pipeline-grade renewable gas. This gas can be directly injected into the existing natural gas grid or used immediately. The core of the power-to-gas (P2G) technology is the proprietary biocatalyst that can be deployed in a simple and cost-effective energy conversion system.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022: Estimated Year
- 2022 to 2027: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global power-to-gas market by the following segments:
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Power-to-Gas Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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