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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 2024 from an estimated $26 million in 2019 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:
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:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: 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:
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Key Questions Answered in the Global Power-to-Gas Industry Report
The report offers a comprehensive insight on the Power-to-gas Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.