DUBLIN--(BUSINESS WIRE)--The "Power-to-gas Market by Technology (Electrolysis and Methanation), Capacity (Less than 100 kW, 100-999kW, 1000 kW and Above), End-User (Commercial, Utilities, and Industrial), and Region (North America, Europe, Asia Pacific) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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 the need for effective utilization of renewable energy sources and also integrated the management of power and gas networks. 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 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.
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).
- Effective Utilization of Renewable Energy Resources
- Integrated Management of Power and Gas Networks
- High Capital Cost of P2g Systems
- Low Efficiency and Energy Loss
- Potential Use of Hydrogen in Mobility Solutions
- Hydrogen as A Natural Gas Substitute
- Regulation Limit for Hydrogen Blending in Natural Gas Networks
- Availability of Low-Cost Natural Gas and Battery Technologies
- Fuellcell Energy
- Hitachi Zosen Inova Etogas
- ITM Power
- MAN Energy Solutions
- Mcphy Energy
- NEL Hydrogen
- Power-to-gas Hungary
- Uniper Energy
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