Power-to-Gas is fastest growing segment fueling the growth of Power-to-Gas Market
Power-to-Gas Market |
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.
Get More Insights
Here
https://www.newsstatix.com/power-to-gas-market-size-share-growth-outlook-2023/
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