Power to Gas Market Size Worth USD 111.00 Million in 2032 | Emergen Research

Vancouver, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The global Power to Gas Market will be worth USD 111.00 Million by 2032, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing demand for electricity owing to rapid urbanization. Both the transportation and industrial sector has increasingly adopted renewable sources of energy. Moreover, the increasing preferences of the industrial segment towards cleaner sources of energy in order to reduce their dependency on fossil fuel-based power generation and be more energy efficient in the future is expected to drive the demand of the system over the forecast period.

The recent reduction in the prices of the renewable sources of energy is a key contributing factor behind the increasing demand of the system. Increasing government initiatives to reduce the carbon emission levels and increase the adoption of renewable energy resources will offer lucrative opportunities to the market players.

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The ongoing trend of adopting electric vehicles in the developing economies is a key contributing factor to the increasing demand for the system in the present day. The increasing demand for hydrogen-based fuel cell technology utilized in electric vehicles to provide power to the electric motor is expected to drive the growth of the system over the forecast period.

Scope of Research

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MAJOR COMPANIES and Market Share Analysis

The Power to Gas Market is moderately fragmented with a large number of small and medium-sized manufacturers, which account for a major part of the global share. The manufacturers are well-equipped with manufacturing facilities and are involved in several research & development activities. Some of the prominent players in the Power to Gas Market include:

• ITM Power
• Hydrogenics
• Siemens
• Nel Hydrogen
• McPhy Energy
• MAN Energy Solutions
• Carbotech
• SoCalGas
• Uniper
• ThyssenKrupp

In February 2019, Hydrogenics corporations announced to build the world's largest hydrogen electrolysis plant in Canada. With the help of the company's large-scale electrolysis technology, the plant is expected to offer the smallest footprint and highest power density.

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Key Highlights From The Report

• In May 2019, ITM Power introduced a new business division named ITM Motive. The division was introduced to operate a portfolio of stations refueling hydrogen in UK. The ITM Motive will be responsible for managing the energy storage and will operate a network of eight hydrogen refueling stations that will be publicly accessible.
• The electrolysis segment is forecasted to grow with the fastest CAGR of 10.3% over the forecast period and accounted for the largest market share in 2019. The growing consumption of hydrogen in the transportation sector due to its higher efficiency and lower emission levels properties has resulted in the growth of the segment.
• The Industrial segment is expected to register significant growth over the forecast period due to their increasing initiatives of utilizing cleaner sources of energy in order to be energy efficient in the future.

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Emergen Research has segmented the global Power to Gas Market on the basis of Technology, End-User, and region:

• Technology Outlook (Revenue, USD Million; 2019-2032)
  • Methanation (Power-to- methane)
  • Electrolysis  (Power-to- Hydrogen)
• End-user Outlook (Revenue, USD Million; 2019-2032)
  • Utilities
  • Commercial
  • Industrial
• Regional Outlook (Revenue, USD Million; 2019-2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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