Power-to-Gas Market to Reach $84.4 Mn, Globally, by 2031 at 10.8% CAGR: Allied Market Research
Surge in demand for renewable hydrogen, which has the potential to decarbonize multiple sectors is expected to drive the market growth.
PORTLAND, Ore., Aug. 2, 2022 -- Allied Market Research published a report, titled, "Power-to-Gas Market by Technology (Electrolysis, Methanation), by Capacity (Less than 100 kW, 100–999 kW, 1000 kW and Above), by Use Case (Wind, Solar, Biomass), by Application (Residential, Commercial, Utility): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global power-to-gas industry was estimated at $30.3 million in 2021, and is anticipated to hit $84.4 million by 2031, registering a CAGR of 10.8% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
Pre-determinant of growth-
Surge in demand for renewable hydrogen, which has the potential to decarbonize multiple sectors is expected to drive the global power-to-gas market growth. Also, increase in utilization of hydrogen in green energy vehicles, such as hydrogen cars has supplemented the growth even more. Moreover, rise in demand for efficient energy storage technology and growing utilization of hydrogen in various industrial applications provide ample opportunities for the key players in the industry.
Download Sample PDF (286 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/16344
- Industrial, transportation, and chemical production industries were severely affected by the outbreak of the Covid-19 pandemic, which had a direct negative impact on the global power-to-gas market.
- The concurrent expansion plans of electrolysis and methanation were also delayed by minimum of one year, which aggravated the market condition even more.
- However, governments of various countries were seen to take significant initiatives to increase the investment in renewable energy-related industries such as solar and wind power systems. This spike in investment was mainly to perk up the national energy security throughout the global health crisis. These factors impacted the market positively.
The electrolysis segment to dominate by 2031-
By technology, the electrolysis segment contributed to nearly two-thirds of the global power-to-gas market share in 2021, and is expected to lead the trail by 2031. Increase in awareness among the people regarding greenhouse gases and rise in demand for energy and fossil fuels drive the segment growth. The methanation segment, on the other hand, is expected to exhibit the fastest CAGR of 11.0% from 2022 to 2031. This is because methane gas is extensively utilized in the manufacturing and processing of fuel and generating electricity.
Get detailed COVID-19 impact analysis on the Power-to-Gas Market: https://www.alliedmarketresearch.com/request-for-customization/16344?reqfor=covid
The solar segment to maintain the lion's share-
Based on use case, the solar segment generated more than half of the global power-to-gas market revenue in 2021, and is expected to lead the trail by 2031. Rapid industrialization and modernization has led to increasing demand for power, which in turn has fueled the segment growth. The biomass segment, on the other hand, would manifest the fastest CAGR of 11.2% from 2022 to 2031. This is attributed to the fact that rapid industrialization and decrease in fossil fuel resources across the globe have led to increasing use of alternative renewable resources. Rising organic waste resources in the modern community and in the agricultural sector have led to the growing utilization of biomass for the production of electricity to cater to the mounting demand for power.
The residential segment to manifest the highest CAGR-
Based on application, the residential segment would manifest the fastest CAGR of 11.5% from 2022 to 2031. Development of the residential industry and growing awareness of the advantages associated with renewable energy sources such as wind and solar due to various government policies have given way to rise in the renewable energy share of total energy generation annually. The utility segment, simultaneously, held nearly half of the global power-to-gas market revenue in 2021, due to rise in demand for efficient energy storage technology.
Europe garnered the major share in 2021-
Based on region, Europe held the major share in 2021, generating more than two-fifths of the global power-to-gas market. Increasing efforts of the European Commission by setting ambitious carbon reduction targets, toward climate neutrality by 2050 via its Green Deal, results in a cleaner environment, more affordable energy, smarter transportation, and overall better quality of life. This, in turn, propels market growth. Asia-Pacific, however, would garner the fastest CAGR of 11.6% by 2031. With the ever-increasing population, there's been a steep increase in demand for power and fuel for transportation, thus driving the market growth.
Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/16344
Key players in the industry-
- ITM Power
- McPhy Energy
- Siemens AG
- Nel Hydrogen
- Hitachi Zosen Inova Etogas
- MAN Energy Solutions
- Fuelcell Energy
The report analyzes these key players in the global power-to-gas market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/power-to-gas-market/purchase-options
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Similar Reports We Have:
Power Distribution Unit Market is projected to reach $7.9 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.
Porous Electrode for Electrolyzer Market is projected to reach $345.0 million by 2030, growing at a CAGR of 29.5% from 2021 to 2030.
Green Hydrogen Market is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.
Industrial Solar Generator Market is forecasted to reach $907.0 million by 2030, growing at a CAGR of 16.9% from 2021 to 2030.
Solid Electrolyte Market is projected to reach $56.6 million by 2030, at a CAGR of 12.1% from 2021 to 2030.
Electrolyzer Market is anticipated to generate $0.9 billion by 2027, at a CAGR of 24.6% from 2020 to 2027.
Hydrogen Energy Storage Market is projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Hydrogen Generator Market is expected to reach $2.2 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030.
Energy Storage Systems Market is projected to reach $435.4 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.
Brown Hydrogen Market is projected to reach $48.9 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.
Industrial Nitrogen Market is projected to reach $5.71 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.
Pre-Book Now with 10% Discount:
Digital Power Utility Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
Industrial Power Supply Market: Global Opportunity Analysis and Industry Forecast, 2022-2029
Power Distribution Component Market: Global Analysis and Industry Forecast, 2021–2030
Power Transmission Component Market: Global Analysis and Industry Forecast, 2021-2030
Power Optimizer Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
Blue Hydrogen Market: Global Opportunity Analysis and Industry Forecast, 2020-2030
Global Green Energy Market - Global Opportunities and Forecasts, 2022-2029
Industrial Gases Market: Global Opportunity Analysis and Industry Forecast, 2021-2029
Gas Processing Market: Global Opportunity Analysis and Industry Forecast, 2021-2030
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow us on: LinkedIn Twitter
SOURCE Allied Market Research