Power-to-X Market: Current Analysis and Forecast (2022-2028)

The global Power-to-X Market is expected to grow at a significant rate of 18% during the forecast period. Power-to-X technology enables the conversion of electricity into hydrogen, other fuels and even chemicals, which could help solve the dilemma of storing renewable energy. The key technology is electrolysis, where hydrogen is produced from CO2 and water using electricity by splitting water molecules. Using electricity from renewable sources, such as wind or solar energy, the technology can be used to produce hydrogen. Power-to-X makes it possible to completely convert to renewable energy with minimal changes to existing transportation, heating, and industrial infrastructure. And by using industrial CO2 emissions as raw material, power-to-x technologies can help turn the current problem with GHG emissions into a solution.

Moreover, Power-to-X is essential in achieving a carbon neutral society that meets an increasing demand for energy. Also, governments from all over the world have put in place a variety of laws and rules that demand a decrease in carbon emissions from different enterprises. In addition, new technologies are now being deployed at scale across sectors to decarbonise society, limit global warming and combat climate change is creating opportunities for the power-to-X market.

Air Liquide, Copenhagen Infrastructure Partners, MAN Energy Solutions, FH2R, Thyssenkrupp, IRENA, Neles, Underground Sun Conversion, Linde, Mitsubishi Hitachi Power Systems.

Insights Presented in the Report:

"Amongst product type, power to hydrogen category to hold substantial share during the forecast period"

Based on the product type, the power-to-X market is segmented into Power-to-H2, Power-to-CO/Syngas/Formic Acid, Power-to-NH3, Power-to-Methane, Power-to-Methanol, and Power-to-H2O2. The power to hydrogen segment caters substantial share of the market. Power can be converted via electrolysis into hydrogen, which can be used directly or in combination with other elements for production of fuels or chemicals. As Hydrogen advantages include eliminating emissions to improve regional air quality while reducing greenhouse gas emissions. Therefore, government across the globe is investing in green hydrogen projects with key players in the market. For instance: In December 2021, NTPC Ltd, India's integrated energy company has awarded project of 'Standalone Fuel-Cell based Micro-grid with hydrogen production using electrolyser' at NTPC Simhadri.

"Amongst end-use, transportation segment to hold a significant share in the market in 2020"

Based on end-use, the power-to-X market is bifurcated into transportation, agriculture, manufacturing, industry, residential, and others. The transportation segment caters considerable share of the market. Increasing demand for eco-friendly vehicle that reduce the carbon footprints is escalating. In addition, green hydrogen can be used as fuel for fuel cells and hydrogen engines, to produce industrial feedstock and to produce sustainable e-fuels for marine, aviation, agriculture, mining and data center power. Therefore, key automobiles market players are making strateges to adopt power-to-X in transporation in the near future. For instance: In 2022, The Rolls-Royce business unit Power Systems and SOWITEC, a specialist in renewable energy projects, have agreed to cooperate with the aim of providing power-to-X projects with a total electrolysis capacity of up to 500 megawatts by 2028.

"Asia Pacific to grow with highest CAGR during the forecasted year"

Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the growing industrialization, urbanization and support for renewable energy in the region is anticipated to escalate the market size of power-to-x. In addition, China is dominating the market of green hydrogen and accounts for one-third of the total world production which in turn resulted in accentuate the market size of power-to-x technology.

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Deep dive regional level analysis of the industry.

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