The power-to-gas market is expected to grow at a CAGR of 10.1% from 2019 to 2024, to reach a market size of USD 42 million by 2024. Effective utilization of renewable energy resources and integrated management of power and gas network are the primary drivers of the power-to-gas market.
Key Market Players
The major players in the power-to-gas market are Hydrogenics (Canada), ITM Power (UK), McPhy Energy (France), Siemens (Germany), MAN Energy Solutions (Germany), Nel Hydrogen (Norway), ThyssenKrupp (Germany), Electrochaea (Germany), Exytron (Germany), and GreenHydrogen (Denmark).
Hydrogenics (Canada) is a key player in this segment. The company actively focuses on inorganic strategies to increase its global market share. For instance, in March 2017, Hydrogenics entered into an agreement with Wind to Gas Südermarsch in Germany to deliver a 2.4 MW PEM power-to-gas system for hydrogen production. This 2.4 MW facility would significantly help reduce emissions using renewable hydrogen.
Another major player in the market is the ITM Power(UK). The company opts for partnerships as its inorganic business strategy for increasing its clientele base globally. For instance, in September 2018 ITM Power in partnership with INOVYN, Storengy, Cadent, and Element Energy deployed a 100+ MW power-to-gas energy storage project “Project Centurion” in Runcorn, Cheshire, UK.
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Europe is estimated to be the largest growing power-to-gas market during the forecast period. The growth of this region is driven primarily by countries such as Germany, Denmark, and The Netherlands. Increase in demand to decarbonize energy sector operations through hydrogen generation in the European region is likely to spur demand for power-to-gas technology during the forecast period.
The power-to-gas market is segmented by technology, into electrolysis and methanation. The electrolysis segment accounted for the major share of the market in 2019. This is attributed to the growing demand for green hydrogen in the major regions such as North America and Europe.
The power-to-gas, by capacity, is segmented into less than 100kW, 100–999kW, and 1000kW and Above. 1000kW and Above segment is expected to be the largest and the fastest-growing segment among all the segments. This is primarily because of the increase in need of methanation of hydrogen for the energy transition.
The power-to-gas market has been categorized, based on end-users, into commercial, utilities, and industrial. The utilities segment is expected to be the largest end-users of power-to-gas followed by industries. This is because of the increase in need of natural gas blending and renewable energy integration in the utilities.
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Key Questions Addressed by the Report –
- What are the revolutionary technology trends that will be seen over the next five years?
- Which of the power-to-gas market elements will lead by 2024?
- Which of the type segment will have the maximum opportunity to grow during the forecast period?
- Which will be the leading region with the highest market share by 2024?
- How are companies implementing organic and strategies to gain increased market share?
