Power-to-Gas Market Trends, Key Players, Scope & Forecast 2024-2032

Global Power-to-Gas Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global power-to-gas market size reached USD 39.2 Million in 2023.

• The market is expected to reach USD 92.9 Million  by 2032, exhibiting a growth rate (CAGR) of 9.78% during 2024-2032.

• Europe leads the market, accounting for the largest power-to-gas market share.

• The increasing use of renewable energy sources like wind and solar, while beneficial, poses challenges for grid operators due to their intermittent nature.

• These sources can make it difficult to maintain grid stability and balance supply and demand.

• Advances in electrolysis technology, used to split water into hydrogen and oxygen, have resulted in improved efficiency and reduced energy consumption.

• Renewable energy sources like wind and solar are intermittent, meaning their output varies depending on weather conditions.

• Electrolysis is the dominant segment in the power-to-gas market due to its primary role in producing hydrogen, driven by advancements in efficiency and scalability.

• Electrolyzers with capacities of 1000 kW and above dominate the market due to their economies of scale and ability to provide significant energy storage and grid stabilization in power-to-gas applications.

Power-to-Gas Market Trends and Drivers:

• Renewable energy integration:

The rise of renewable energy sources, such as solar and wind power, represents one of the key factors impelling the market growth. These energy sources are becoming more prevalent, which is driving the need for efficient energy storage solutions to manage their intermittent production. Power-to-gas (P2D) technology converts surplus electricity into hydrogen or methane, which can be stored for future use or injected into the existing natural gas grid. This flexibility allows for better grid management and helps balance supply and demand, especially during periods of high renewable energy production. Additionally, P2G supports the decarbonization of the energy sector by enabling the storage and use of green hydrogen, which can be used in transportation, industry, and heating.

• Decarbonization goals:

Many countries are implementing stringent environmental regulations and setting ambitious decarbonization targets, encouraging industries and energy sectors to seek cleaner alternatives. P2G technology offers a pathway to reduce carbon emissions by converting excess renewable electricity into green hydrogen, which can replace fossil fuels in various applications, including transportation and industrial processes. Besides this, governing bodies are providing incentives and funding for research and development in hydrogen production and storage, further encouraging the adoption of P2G solutions. Industries and utilities are focusing on decarbonization goals, which is driving the demand for P2G as a crucial component in achieving long-term climate goals.

• Energy storage and grid stability:

The growing need for large-scale energy storage solutions to ensure grid stability is offering a favorable market outlook. As power grids integrate more renewable energy sources, fluctuations in electricity production become a challenge. P2G technology offers a way to store excess electricity by converting it into hydrogen or synthetic methane, which can then be used when demand is high or supply is low. This approach not only helps stabilize the grid but also extends the life of renewable energy installations by preventing curtailment during periods of overproduction. Moreover, P2G systems enable energy to be stored for long durations, making them more versatile compared to traditional battery storage solutions, especially for seasonal energy storage needs.

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Power-to-Gas Market Report Segmentation:

Breakup By Technology:

• Electrolysis

• Methanation

Electrolysis exhibits a clear dominance in the market due to its efficiency in converting electricity into hydrogen.

Breakup By Capacity:

• Less Than 100 kW

• 100–999 kW

• 1000 kW and Above

1000 kW and above represents the largest segment, as it meets the growing demand for large-scale energy storage and grid stabilization.

Breakup By Region:

• North America (United States, Canada)

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa

Europe dominates the market, driven by its strong focus on decarbonization, renewable energy policies, and extensive hydrogen infrastructure development.

Top Power-to-Gas Market Leaders:

The power-to-gas market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Electrochaea GmbH

• Exytron GmbH

• Hitachi Zosen Inova AG (Hitachi Zosen Corporation),

• Ineratec GmbH

• ITM Power plc

• McPhy Energy SAS

• MicroPyros BioEnerTec GmbH

• Nel ASA

• Power-to-Gas Hungary Kft

• Uniper SE

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