The global Power-to-Gas Market is estimated to be valued at US$ 33.96 Bn in 2023 and is expected to exhibit a CAGR of 12.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power-to-Gas (PtG) is a process that converts excess renewable electric power to a gas fuel, typically methane or hydrogen, by electrolysis of water and subsequent catalytic synthesis. PtG allows for the storage of energy in the form of gas, which may be used directly as fuel or injected into the existing natural gas infrastructure for distribution and use.
Market key trends:
One of the major trends driving the growth of the Power-to-Gas market is the need for balancing renewable energy sources. Since renewable energy sources such as wind and solar energy are intermittent in nature, there is a need for energy storage to balance power supply and demand. Power-to-Gas technology helps in storing excess renewable electricity by converting it into a gas fuel. This stored gas can be utilized later for generating power or supplying fuel to other sectors. Additionally, the capacity to convert surpluses of renewable energies into hydrogen and methane makes Power-to-Gas plants an important component for stabilizing energy networks with high shares of fluctuating renewable power generation.
Segment Analysis
The global power-to-gas market is segmented based on technology, capacity, and application. Based on technology, the electrolysis segment is expected to dominate the market over the forecast period. This is because electrolysis technology helps convert surplus renewable electric power into hydrogen and methane by splitting water into hydrogen and oxygen using electrolysis. The segment accounted for the largest revenue share in 2022.
Key Takeaways
The Global Power-to-gas Market Size is expected to witness high growth, exhibiting CAGR of 12.2% over the forecast period, due to increasing demand for renewable energy storage. The global power-to-gas market size was valued at US$ 33.96 Bn in 2023. The market is expected to reach US$ 76.77 Bn by 2030, exhibiting a CAGR of 12% during the forecast period.
Regional analysis
Europe dominated the global power-to-gas market in 2022 and is projected to maintain its dominance during the forecast period. This is attributed to growing investment in renewable energy integration and hydrogen economy in countries like Germany, France and UK.
Key players
Key players operating in the power-to-gas market are Aquahydrex, Inc., MAN Energy Solutions, Electrochaea GmbH, ITM Power PLC, EXYTRON GmbH, and Hydrogenics Corporation. Hitachi Zosen Corporation is also a prominent player focused on hydrogen and fuel cell technology.
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