The global power-to-gas market accounted for a value of USD 22.2 million in 2019 and is projected to register growth at a CAGR of 7.5% during forecast period.
COVID-19 has impacted the power-to-gas market as it has significantly impacted the oil & gas industry. Many companies have to shut their services and assets due to lockdown. Many projects have been suspended or postponed due to pandemic. The supply chain is disrupted due to travel restrictions. The demand from end-users is decreasing. The market will see decline during forecast period due to COVID-19.
For more details, visit: Global Power-to-Gas Market By Technology (Electrolysis and Methanation), By Capacity (Less than 100 kW, 100-999 kW and 1000 kW and above), By End-Users (Utilities, Industrial and Commercial) By Region, Forecast & Opportunities to 2026
The power-to-gas technology helps in effective use of renewable energy resources. It helps in integrated management of gas and power network. This increases the implantation of power-to-gas technology and drives growth in this market during forecast period.
On the basis of technology, the power-to-gas market is segmented into electrolysis and methanation. The electrolysis segment is estimated to dominate the market during forecast period. The electrolysis is more effective then methanation technology. It has dynamic operations and it helps in integrating electricity with higher efficiency from renewable sources. The implantation of electrolysis technology is higher in the power-to-gas market during forecast period.
On the basis of capacity, the power-to-gas market is segmented into less than 100 kW, 100-999 kW and 1000kW and above. The 1000 kW and above segment is estimated to be fastest growing segment during forecast period. The Commercialization is increasing in the world and the implementation of power-to-gas technology projects are also increasing. The 1000 kW and above capacity systems are highly prefer in all this projects in the market. The demand for 1000 kW and above capacity systems is higher by the end-users. This drives growth in 1000 kW and above capacity power-to-gas systems during forecast period.
On the basis of end-users, the power-to-gas market is segmented into industrial, utilities and commercial. The utilities segment is estimated to be the fastest growing segment during forecast period. The gas utilities and power utilities are widely adopting this technology to produce hydrogen effectively by integrating intermittent renewable power sources. The power-to-gas technology is highly flexible and efficient. This drives growth in utility end-users segment during forecast period.
Europe is estimated to be the hold largest market size during forecast period in power-to-gas market. The power-to-gas technology is important for stabilizing the energy supply and offsetting fluctuating power generation which is generating from renewable energy sources of region. This region adopting this technology rapidly as it also helps in reducing pollution. Germany is largely adopting this technology and it has the highest demand in this region. The demand and implementation of power-to-gas technology is increasing rapidly in this region due to increase in demand for hydrogen from various end-users such as industrial and fuel cell transportation. Thus, this drives growth in Europe region during forecast period.
The key market players in power-to-gas market are Hydrogenics, ITM Power, McPhy Energy, Siemens, MAN Energy Solutions, Nel Hydrogen, Thyssenkrupp, Electrochaea, Exytron, Green Hydrogen, Hitachi Zosen Inova Etogas, Ineratec, Socalgas, Uniper, Micropyros, Carbotech, Power-to-Gas Hungary and Aquahydrex.
- What are the expected industry trends over the next three to five years?
- Which of the power-to-gas technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?