The latest report by IMARC Group, titled “Power-to-gas Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the global power-to-gas market growth. The global power-to-gas market size reached US$ 35.04 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.13 Million by 2028, exhibiting a growth rate (CAGR) of 11.20% during 2023-2028.
Power-to-gas (P2G) is a process that involves converting electrical energy into chemical energy through gas production. It depends on the electrolysis process to produce hydrogen gas, which can be employed as a final energy carrier or converted into synthesis gas, electricity, methane, liquid fuels, or chemicals in the second stage. It helps convert renewable energy into natural gas and store it in the existing infrastructure. In addition, it allows for the long-term storage of energy by converting it into other easily storable energy carriers while lowering the load on the electricity grid through controlled operations. As a result, power to gas is widely employed in commercial, utility, and residential sectors across the globe.
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Power-to-gas Market Trends and Drivers:
The market is primarily driven by the rising demand for renewable hydrogen energy sources to reduce carbon emissions. In addition, rapid urbanization, the growing population, and the increasing use of fuel-cell electric vehicles (FCEVs) requiring high-purity hydrogen fuel are contributing to the market growth. In line with this, the escalating demand for hydrogen as a clean fuel in railways, light vehicles, and marine applications to lower greenhouse gas (GHG) emissions is accelerating the product adoption rate. Moreover, the technological advancements in hydrogen production and hydrogen engine technology along with the increasing demand for P2G technology to transport green hydrogen using existing gas transmission infrastructure represents another major growth-inducing factor. Besides this, the increasing application of P2G technology, as it offers higher power storage capacity and longer discharge times and enables the transformation of surplus power from wind farms are creating a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
Technology Insights:
- Electrolysis
- Methanation
Capacity Insights:
- Less Than 100 kW
- 100–999 kW
- 1000 kW and Above
Use Case Insights:
- Wind
- Solar
- Biomass
Application Insights:
- Residential
- Commercial
- Utility
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Electrochaea GmbH
- Exytron GmbH
- Hitachi Zosen Inova AG (Hitachi Zosen Corporation)
- Ineratec GmbH
- ITM Power plc
- McPhy Energy SAS
- MicroPyros BioEnerTec GmbH
- Nel ASA, Power-to-Gas Hungary Kft
- Uniper SE
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