Global Power-to-Gas Market Highlights
The global Power-to-Gas Market is projected to be valued
at USD 43.3 Billion by 2025, with 9.46% CAGR during the forecast period,
2019–2025. Power-to-Gas process plays a significant role in providing
sustainable energy to the consumers in the coming future. The power-to-gas
principle is based on storing surplus energy generated from renewables by
converting them into hydrogen or methane syngas. The energy generated through
renewable sources are transformed into methane and hydrogen gas through
processes such as electrolysis and methanation.
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Leading Players:
The Key Players operating in the Global Power-to-Gas
Market are Uniper SE (Germany), Siemens (Germany), Hydrogenics (Canada),
MicroPyros GmbH (Germany), Ineratec GmbH (Germany), ThyssenKrupp AG (Germany),
ITM Power (UK), Hitachi Zosen Inova AG (Switzerland), McPhy Energy S.A.
(France), MAN Energy Solutions (Germany), Hitachi (Japan), Omron (Japan),
Rockwell (US), Toshiba (Japan), Power-to-Gas Hungary Kft. (Hungary), Electrochaea
GmbH (Germany), Avalon (Germany), GreenHydrogen (Denmark), Engie (France), and
NEL (Norway).
Global Power-to-Gas Market Segmentation:
The global power-to-gas market has been segmented
based on technology, capacity, end-user, and region.
By technology, the global market is segmented into
electrolysis and methanation. The electrolysis segment is further divided into
alkaline electrolysis, polymer electrolyte electrolysis, and solid oxide
electrolysis. Moreover, the methanation segment is segmented into catalytic
methanation and biological methanation. The electrolysis segment is expected to
dominate the global market and is likely to grow with the highest CAGR.
By capacity, the global market is segmented as less
than 100 KW, 100 KW – 1000 KW, and above 1000 KW. The above 1000 KW segment is
expected to grow with the highest CAGR during the forecast period.
By end-user, the market is segmented as commercial,
utilities, and industrial. The utility segment is expected to hold the largest
market share during the forecast period.
Intended Audience:
- Manufacturers
- Utilities
- Power plant project
developers
- Companies related to
electric power generation
- End users
- Research organizations
and consulting companies
- Research Institutes
- Industry associations
- Market research and
consulting firm
Regional Analysis
The global power-to-gas market has been segmented into
five regions, namely Asia-Pacific, Middle East & Africa, Europe, North America,
Asia-Pacific, Europe, Middle East & Africa, and South America.
Europe is expected to be the largest and
fastest-growing region in the global power-to-gas market during the forecast
period in terms of market share. Europe accounts for the largest market in the
global power-to-gas market during the forecast period. Increased electricity
demand, rising production capacity of renewable sources in the energy mix, and
growing need for hydrogen in transportation and industrial sector are the major
factors attributed to the growth of the global power-to-gas market in Europe
during the forecast period.
The power-to-gas market in Europe is expected to be
dominated by Germany owing to rising concern for the reduction of greenhouse
gas emission and utilizing renewable sources for the production of hydrogen.
For instance, in July 2019, Uniper SE (Germany) along with its consortium
partners, VNG Gasspeicher GmbH (Germany) is planning to set up an electrolysis
generating plant with a capacity up to 35 megawatts in Germany to produce and
store green hydrogen. This helped the company to convert renewable electricity
generated from a wind farm into green hydrogen using electrolysis and storing
in an underground salt cavern storage system. Such developments are expected to
drive power-to-gas market growth in the region during the forecast period.
In North America, the US is expected to be the
largest and the fastest-growing country in the power-to-gas market owing to an
increase in the number of renewable energy projects in the country and rising
use of hydrogen gas in the industrial and transportation sector. For instance,
the US government plans to have more than 500,000 fuel cell electric vehicles
on road by the year 2030, which is expected to increase the demand for hydrogen
gas in the transportation sector. Such factors are expected to drive the growth
of the market for power-to-gas in North America during the forecast period.
In the Middle East & Africa, Saudi Arabia, is
projected to be the largest and the fastest-growing country in the power-to-gas
market due to the rising developments and the increasing share of renewable
energy in the country. For instance, under the framework of Saudi Vision 2030,
the country set up a target to increase the production of renewable energy to
60 GW by 2030 to provide consumers with a clean energy source. Moreover, the
Saudi Arabian government also aims to reduce 130 million tons of its CO2
emissions by 2030 from the level that of 2005. These emission reduction
targets, and the development of clean energy increases the need for
power-to-gas market. Such factors drive the demand for power-to-gas in Saudi
Arabia during the forecast period.
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