The global power-to-gas market size was exhibited at USD 36.9 million in 2022 and is projected to hit around USD 107.16 million by 2032, growing at a CAGR of 11.25% during the forecast period 2023 to 2032.
Key Pointers:
Power-To-Gas Market Report Scope
Report Coverage |
Details |
Market Size in 2023 |
USD 41.05 million |
Market Size by 2032 |
USD 107.16 million |
Growth Rate From 2023 to 2032 |
CAGR of 11.25% |
Base Year |
2022 |
Forecast Period |
2023 to 2032 |
Segments Covered |
Technology, End User, Capacity |
Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
Key Companies Profiled |
Hydrogenics, ITM Power, McPhy Energy, Fuelcell Energy, Nel Hydrogen, ThyssenKrupp, Electrochaea, Carbotech, Power-to-gas Hungary, Aquahydrex, Ineratec, Exytron, GreenHydrogen, Hitachi Zosen Inova Etogas, Siemens, MAN Energy Solutions, Uniper, Micropyros, Socalgas. |
Power-to-gas technology adopts the electrolysis process to produce hydrogen gas from renewable or excess electricity that is available. The first step in the process is to produce synthetic hydrogen (H2) from water and renewable power via electrolysis. This hydrogen can be used directly as a final energy carrier or converted to methane, synthesis gas, electricity, liquid fuels, or chemicals during the second stage process. Under the second stage process, hydrogen reacts with carbon dioxide to produce methane.
Power to gas system is an effective way of integrating renewables sources with power generation sources. The aim of this technology is to store energy for long term by converting it to other easily storable energy carriers, and at the same time reduces the load on the electricity grid by controlling operations. The converted hydrogen and methane can also be converted back into electricity, as it can be used as backup power source.
The increase in demand for renewable hydrogen, which has the potential to decarbonize multiple sectors is expected to drive the market growth. The driver for the growth of the market is the cost reduction of the electrolyzer technology. According to the International Energy Agency, the electrolyzer stacks are responsible for 50% and 60% of the capital expenditure, and remaining factors like power electronics, gas-conditioning, and plant components are accounting for the remainder of the expenditure, which is a factor hampering the power-to-gas market growth.
Air quality regulations are increasing the need for hydrogen as a clean fuel for clean transport emissions across the globe. Energy storage provision has started to become an obligatory requirement in areas, including California. The grid balancing and rapid response demand-side services are offering high proportion of integration of renewable energy supply. Also, auto OEMs are rolling out Fuel Cell Electric Vehicles (FCEVs), which require high purity hydrogen fuel. The Global Hydrogen Refuelling Station infrastructure programmes are underway with remarkable deployment plans. In addition, the price volatility of fossil fuels is driving an industrial substitution to more sustainable chemical processes, which is the major factor augmenting the growth of the power to gas market.
The presence of the latest development in the hydrogen production technology, and hydrogen engine technology is expected to have a positive impact on the growth of the market. For instance, The Hydrogen Council, a CEO-led Initiative of 92 global companies to develop the hydrogen economy, published report on January 19, 2021, which says that low carbon hydrogen supply at scale is economically and environmentally feasible. ThyssenKrupp AG is currently setting up a new facility in Varennes, Québec, Canada, with an aim to generate 11,100 metric tons of green hydrogen per year. On January 13, 2021, Linde PLC Company announced that it plans to build the world‐™s largest electrolyzer plant by the third quarter of 2022. According to the EU member states, the target for complete hydrogen mobility is expected to be completed by 2030. Majority of hydrogen required is anticipated to be supplied by power-to-gas companies.
On the basis of technology, the market is segmented into electrolysis and methanation. On the basis of capacity, the market is bifurcated into less than 100KW, 100-999KW, and 1000KW and above. On the basis of use case, the market is segmented into wind, solar, and biomass. On the basis of application, the market is segmented into residential, commercial, and utility. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest power-to-gas market share, followed by North America and Asia-Pacific.
Some of the prominent players in the Power-To-Gas Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Power-To-Gas market.
By Technology
By End User
By Capacity
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Power-To-Gas Market
5.1. COVID-19 Landscape: Power-To-Gas Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Power-To-Gas Market, By Technology
8.1. Power-To-Gas Market, by Technology, 2023-2032
8.1.1 Electrolysis
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Methanation
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Power-To-Gas Market, By End User
9.1. Power-To-Gas Market, by End User, 2023-2032
9.1.1. Commercial
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Utilities
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Industrial
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Power-To-Gas Market, By Capacity
10.1. Power-To-Gas Market, by Capacity, 2023-2032
10.1.1. Less than 100 kW
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. 100–999 kW
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. 1000 kW and Above
10.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Power-To-Gas Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2020-2032)
11.1.2. Market Revenue and Forecast, by End User (2020-2032)
11.1.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.1.4.2. Market Revenue and Forecast, by End User (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.1.5.2. Market Revenue and Forecast, by End User (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.2. Market Revenue and Forecast, by End User (2020-2032)
11.2.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.4.2. Market Revenue and Forecast, by End User (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.5.2. Market Revenue and Forecast, by End User (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.6.2. Market Revenue and Forecast, by End User (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.7.2. Market Revenue and Forecast, by End User (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.2. Market Revenue and Forecast, by End User (2020-2032)
11.3.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.4.2. Market Revenue and Forecast, by End User (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.5.2. Market Revenue and Forecast, by End User (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.6.2. Market Revenue and Forecast, by End User (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.7.2. Market Revenue and Forecast, by End User (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.2. Market Revenue and Forecast, by End User (2020-2032)
11.4.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.4.2. Market Revenue and Forecast, by End User (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.5.2. Market Revenue and Forecast, by End User (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.6.2. Market Revenue and Forecast, by End User (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.7.2. Market Revenue and Forecast, by End User (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.5.2. Market Revenue and Forecast, by End User (2020-2032)
11.5.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.5.4.2. Market Revenue and Forecast, by End User (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Capacity (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.5.5.2. Market Revenue and Forecast, by End User (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Capacity (2020-2032)
Chapter 12. Company Profiles
12.1. Hydrogenics
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. ITM Power
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. McPhy Energy
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Fuelcell Energy
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Nel Hydrogen
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. ThyssenKrupp
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Electrochaea
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Carbotech
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Power-to-gas Hungary
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Aquahydrex
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms