The power-to-gas market is expected to reach USD 42 million by 2024, at a CAGR of 10.1% from 2019 to 2024
The global power-to-gas market is projected to reach USD 42 million by 2024 from an estimated USD 26 million in 2019, at a CAGR of 10.1% during the forecast period. There is an increase in need of effective utilization of renewable energy sources and also integrated the management of power and gas network. Power-to-gas technology plays a vital role by effectively managing the excess renewable energy and converting it to hydrogen. It hence offers opportunities for the potential use of hydrogen in mobility solutions as well as as a natural gas substitute.
“Electrolysis technology of Power-to-gas dominate the global market”
The electrolysis segment of the power-to-gas market is expected to be the largest market, by technology, during the forecast period The growth of the market is driven by the electrolysis technologies ability to store excess renewable energy from solar and wind during peak hour generation for meeting future peak demands.
“1000 kW and Above segment power-to-gas dominate the global market “
The 1000 kW and Above segment, by capacity is estimated to be the fastest-growing during the forecast period. This growth is attributed to the increasing demand for hydrogen for electricity, and new vehicle technologies such as fuel cell-based transportation.
“Europe to lead the global power-to-gas market in terms of growth rate.”
The power-to-gas market in Europe is projected to grow at the fastest rate during the forecast period. Growing power-to-gas projects dominate the market in countries such as Germany, France, Denmark, and the Netherlands for effective utilization of renewable energy sources, predominantly wind energy.
Besides Europe, North America was one of the largest markets for power-to-gas. The demand for power-to-gas in North America is driven mainly by the demand for hydrogen for commercial applications such as fuel cell transportation.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I–55%, Tier II–13%, and Tier III–15%
By Designation: C-Level–60%, Director Level–20%, and Others–20%
By Region: Europe- 73%, North America- 18%, Asia Pacific- 9%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3:
The global power-to-gas market is dominated by a few major players that have an extensive regional presence. The leading players in the power-to-gas are Hydrogenics (Canada), ITM Power (UK), McPhy Energy (France), Siemens (Germany), MAN Energy Solutions (Germany), and Nel Hydrogen (Norway).
The report defines, describes, and forecasts the global power-to-gas market, by technology, capacity, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the power-to-gas market.