Market Research Report
Global Power-to-Gas Market Research Report- Forecast till 2026
|Global Power-to-Gas Market Research Report- Forecast till 2026|
Published: September 1, 2020
Market Research Future
Content info: 155 Pages
Delivery time: 1-2 business days
The global Power-to-gas market is anticipated to register a significant CAGR of 10.1% during the review period. Power to Gas is a technique of transform renewable energy into gaseous energy carriers like methane or hydrogen. Renewable energy generation is increasing due to price reduction in power generation from wind and solar energies. The rising concerns regarding global warming and reducing dependence on fossil fuel-based power generation have surged the acceptance of solar and wind energy sources to encounter the growing energy demand. The awareness regarding environmental safety and security has propelled the market growth for renewable energy worldwide.
The demand for power-to-gas is driving due to the rising share of renewable energy in the power generation mix. The global electricity demand is expected to boost at a significant rate in the next few years owing to rapid urbanization, growing population size, evolution in infrastructure, and increased electricity usage. However, Power-to-gas systems are also a useful way of integrating renewables sources with total power generation sources. The rising need for hydrogen as fuel in automobiles is anticipated to grow at a steady rate during the assessment period. Moreover, the concerns regarding the increasing carbon emissions and the efforts to curb them result in the need to raise the share of renewable energy in the power generation mix.
The global power-to-gas market has been categorized based on technology, capacity, end-user, and region.
By technology type, the global power-to-gas market has been bifurcated into electrolysis and methanation. The electrolysis segment has been further categorized into alkaline electrolysis, polymer electrolyte electrolysis, and solid oxide electrolysis. The methanation segment is again divided into catalytic methanation and biological methanation.
In terms of capacity, the global market has been classified into less than 100 kW, 100 kW-1,000 kW, and above 1,000 kW. The end-user segment categorizes the global power to gas market into commercial, utilities, and industrial.
Geographically, the global power-to-gas market has been classified into three major regions, namely North America, Europe, and Asia-Pacific. Europe is likely to drive the largest share of the power-to-gas market due to the growing requirement for renewable energy sources and the advancements in hydrogen generation. Macquarie Group Limited (Australia) invested USD 42 billion in the evolution of solar parks in Spain, in 2019. These developments are expected to grow renewable energy generation capacity in the region. Additionally, in Germany, according to the European Council for an Energy-Efficient Economy, the country aims to generate at least 20% hydrogen from renewable energy sources by 2030. Hence, a considerable expansion in renewable energy projects is estimated to grow the requirement for power-to-gas technologies in the regional market during the review period.
The key players in the global power-to-gas market are 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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