The power-to-gas market is estimated to be USD 26,034.7 thousand in 2019 and projected to reach USD 42,176.8 thousand by 2024, at a CAGR of 10.1%.
The factors driving the market include the effective utilization of renewable energy resources and integrated management of power and gas networks. The major players in the power-to-gas market are Hydrogenics, ITM Power, Siemens, Nel Hydrogen, and MAN Energy Solutions.
The power-to-gas system converts excess renewable energy into hydrogen via electrolysis. The generation of hydrogen through this clean method helps in grid decarbonization. The technology also includes the methanation process, which produces synthetic natural gas or methane for use in gas grids. The global power-to-gas market is at its early stages of development with major demonstration plants currently in operation or under development across regions such as Europe and North America.
The major players in the global power-to-gas market such as Hydrogenics, ITM Power, Siemens, Nel Hydrogen, and MAN Energy Solutions have comparable strengths in terms of customer bases, diversified product portfolios, technological capabilities, and diversified regional presences, and they cumulatively hold a significant percentage of the total market share.
The existing players have constantly been adopting both organic and inorganic growth strategies to mitigate any decline in their market shares. Partnerships, collaborations, and contracts & agreements are the most widely adopted strategies by these players to ensure their market dominance.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Market Overview 3.1. Introduction 3.2. Market Segmentation 3.2.1. By Technology 3.2.2. By Capacity 3.2.3. By Application 3.2.4. By Region 3.3. Market Dynamics 3.3.1. Drivers 3.3.1.1. Effective Utilization of Renewable Energy Resources 3.3.1.2. Integrated Management of Power and Gas Networks 3.3.2. Restraints 3.3.2.1. High Capital Cost of P2g Systems 3.3.2.2. Low Efficiency and Energy Loss 3.3.3. Opportunities 3.3.3.1. Potential Use of Hydrogen in Mobility Solutions 3.3.3.2. Hydrogen as A Natural Gas Substitute 3.3.4. Challenges 3.3.4.1. Regulation Limit for Hydrogen Blending in Natural Gas Networks 3.3.4.2. Availability of Low-Cost Natural Gas and Battery Technologies
4 Global Power-to-gas Market, By Technology (USD Million - 2017, 2018, 2019-E, 2024-P) 4.1. Introduction 4.2. By Electrolysis 4.2.1. Alkaline Water Electrolysis 4.2.2. Proton Exchange Membrane Technology (PEM) 4.2.3. Solid Oxide Electrolyzer Cell (SOEC) 4.3. By Methanation 4.3.1. Chemical 4.3.2. Biological
5 Global Power-to-gas Market, By Capacity (USD Million - 2017, 2018, 2019-E, 2024-P) 5.1. Introduction 5.2. Less Than 100 kW 5.3. 100 to 999 kW 5.4. 1000 kW and Above
6 Global Power-to-gas Market, By End-User (USD Million - 2017, 2018, 2019-E, 2024-P) 6.1. Introduction 6.2. Commercial 6.3. Utilities 6.4. Industrial
7 Global Smart Meters Market, By Region (USD Million - 2017, 2018, 2019-E, 2024-P)
