Power-to-Gas Market Information on some prominent companies that were considered leaders in their respective industries. However, business landscapes are dynamic, and success depends on a company's ability to adapt to changing circumstances with respect to regions and countries. Companies that successfully integrate emerging technologies like AI, blockchain, and the IoT into their operations often gain a competitive edge.
*Disclaimer: List of key companies in no particular order
Latest Company Updates:
November 2023- BP (BP.L) said on November 27 that it had entered Japan's power market after receiving approval from the industry ministry to operate as a retail electricity provider. BP, focused on transforming itself into an integrated energy company, said in a statement the move was part of its plan to expand its investment in several areas of growth, including renewable energy and electricity. The oil major, which has been a supplier of liquefied natural gas (LNG), oil, petroleum products, and lubricants to Japan for more than 60 years, plans to expand into low-carbon energy in the coming decades as it seeks a business model that can survive the global transition from fossil fuels.BP Energy Japan (BPEJ), part of BP's trading and shipping division, will operate the new business, according to the statement. Further details of the company's business plan were not immediately available.
November 2023- The rally seen on Adani group shares such as Adani Enterprises Ltd, Adani Total Gas Ltd, Adani Power Ltd, Adani Green Energy Ltd, and Adani Energy Solutions Ltd, among others, in Tuesday's trade pushed the market capitalization of the Gautam Adani-led Adani group near Rs 11 lakh crore mark. The group saw an Rs 66,945.94 crore addition to its m-cap as the Supreme Court reserved an order in the Adani-Hindenburg case after hearing multiple pleas in the matter. The group stocks gained up to 15 percent, as the apex court said the Hindenburg Research report should not be treated as a statement of truth. A bench led by DY Chandrachud, the Chief Justice of India, suggested that the court cannot doubt market watchdog Sebi's probe into the case by just relying on media reports but said the market regulator Sebi must complete the probe in all 24 cases. Earlier in its status report on August 25, Sebi had said it had completed its investigation in 22 out of the 24 cases.
Top listed global companies in the industry are:
Power-to-Gas Market Size was valued at USD 32.1 Mn in 2022. The Power-to-Gas Market industry is projected to grow from USD 33.7 Mn in 2023 to USD 81.01 Mn by 2032, exhibiting a compound annual growth rate (CAGR) of 10.10% during the forecast period (2023 - 2032).
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The term Power-to-Gas refers to a technology that converts electrical energy into methane or hydrogen syngas (synthetic gas). The hydrogen turning out in the power-to-gas industry is then utilized as a chemical in industries or fuel. The power-to-gas systems reserve excessive energy from renewable resources such as wind and solar energy and utilize it for several operations. These systems use the stored in transportation, heat supply, and for industrial purposes. The work of the power gas industry is a constructive step in combining renewable resources with sources of power generation.
The market is creating an upsurge in terms of growth, and soon it will expand the power-to-gas market size to another level. The rising demand for power-to-gas systems is the consequence of the elevation of power generation sources integrating with renewable resources. The electricity demand worldwide is growing at a faster rate due to population size increase, rapid urbanization, access to electricity, and infrastructure development. The usage of thermal energy, gas, and diesel for power generation leads to carbon emissions which is extremely hazardous. So, the stakeholders in the power-to-gas industry are focusing on sharing renewable resources with power generation for curtailing carbon footprints. The increased awareness for environmental issues has led to adopting methods that reduce pollution and lower the dependence on electricity generation by fossil fuels.
The concern for growing carbon emission and the procedures in curbing it acts as a booster for the market growth. Many countries like Germany, India, UAE, and Saudi Arabia have aimed to increase renewable energy sources in order to increase the market size. The Saudi Arabian government in 2019 has set goals to produced 60 GW of electricity from renewable resources by 2030. In 2017, the UAE government released Energy Strategy 2050 to escalate renewable energy generation by 50 percent by 2050. In the same year, the government of Germany set the target to attain 98 GW of solar energy capacity by the end of 2030. In 29019, the government of India aimed to reach 100 GW of solar power capacity by 2022. All these advanced developments will result in fueling the potential of the market.
The usage of hydrogen for transportation facilities boosts the need for the power-to-gas industry. The fuel cell electric automobiles, reduced weight, greater efficiency compared to the internal combustion engine, zero-emission has led to heavy demand of the market for transportation purposes. Several countries and their government are taking a lot of initiatives to increase the application of hydrogen in the sector of transportation. Such advanced steps will lead to taking the market value to the optimum level in the next few years.
The report describes the in-depth insights of the market and provides an analysis of the impact of COVID 19 in the power-to-gas industry. It elaborates on the market dynamics and market value in the forecast period. It provides a clear picture of the market players and the market segmentation along with the influence of different regions on the market.
The coronavirus pandemic is impacting severely in terms of both health as well as economic growth. Many industries and working sectors remained closed, and the global economy slowed down like never before. During the lockdown, the energy consumption rate declined to a greater extent which subsequently affected the demand for global energy. The demand for fossil fuel-based power generation was strongly hit during the lockdown. However, the energy generation through renewables did not affect that much. Moreover, the power-to-gas market value was also least affected by the pandemic. The rising demand for advanced options for curtailing CO2 emissions and global adoption of renewable energy sharing with power mix contribute to the growth of the market.
During the lockdown, the requirement for electricity in residential areas was way higher than in commercial and industrial areas. The shape of demand shifted more towards renewables with a power supply mix, and the market growth constantly improved. However, the demand for coal-based, gas-based, and nuclear power-based energy consumption fell off quickly and, in turn, act as a helping hand for the growth of the market value in the near future.
The global market is booming at a faster rate and will achieve its momentum in the forecast years. The increasing need for renewables with a power supply mix is the primary factor for driving the market. Global electricity generation is increasing rapidly and will continue to grow in the upcoming years due to urbanization, infrastructure development, population size increase, and improved access to electricity. The industrial sectors are enhancing their methods for clean energy generation and implementing steps for declining the rate of carbon emissions which escalates the adoption of power-to-gas systems.
The power-to-gas industry provides processes that help in the reduction of carbon footprint and over-dependence on fossil fuel-based power resources. The Power-to-Gas Market outlook provides a clear insight into immense market growth due to the advanced development in the field of renewables with a power generation mix.
Many countries and their governments are taking huge steps or initiatives in support of the power-to-gas industry. Different countries have set targets for increasing the electricity generation capacity through renewable resources. The utilization of hydrogen in the transportation sector is also a major reason for driving the growth. The fuel cell automobiles provide power to the motors using hydrogen, and the increase in usage of hydrogen for the transport sector will be an efficient option. Reduced weight and zero-emission rates make the power-to-gas system highly beneficial. The numerous advantages will fuel the market potential to the next level in the forecast period.
The awareness for environmental concerns is rising day by day, and demands for a reduction in the rate of carbon emission. Non-renewable resources like coal and natural gas emit hazardous gases and waste. So, the dependence on renewable sources of energy production is increasing. It will take the economic growth rate of the market to higher limits. The government of different countries has set a target to increase the capacity of electricity generation in the near future, which will lead to an increase in the market value. The market trends are continuously developing, and the further growth of the transportation sector for utilizing hydrogen will behave as great opportunities for Power-to-Gas Market growth in the upcoming years.
The global power-to-gas market was impacted during the outbreak of the COVID 19 pandemic. Overall consumption of electricity declined as residential areas mostly used it rather than the commercial or industrial areas. However, the market revenue was least affected due to the rising demand of utilizing renewable sources for electricity generation. The dependence on fossil fuel-based sources reduced to a greater extent which will increase the Power-to-Gas Market size.
The market trends are rapidly developing and will soon acquire their estimated value for the forecast period. However, the challenges of the market can restrict its growth rate. The loss of energy in the working of processes is a major constraint for power-to-gas market growth.
The Power-to-Gas Market revenue is constantly increasing at a rapid pace, and by the end of 2025, it would have surpassed its previous historical growth rate. The market analysis suggests that the automobile industry and initiatives for curtailing carbon emission will increase the market value in the forecast years.
In November 2023, GE Vernova and Next Hydrogen sign MoU to integrate electrolysis technology with power systems to produce green hydrogen. Electrolysis is key to the use of green hydrogen as a power source in energy systems
The power-to-gas market is separated into different parts on the basis of capacity, end-user, technology, and region. On the basis of capacity, the market size is fragmented into power less than 100 kilo-watts, 100-1000 kilo-watt, and power more than 1000 kW. The end-user includes utilities, commercial and industrial sectors. The market segmentation on the basis of technology comprises methanation and electrolysis. The region segmentation of the market includes areas like North America, Europe, Asia-Pacific, South America, the Middle East, and Africa.
The power-to-gas market analysis is studied in different regions such as North America, Europe, Asia Pacific, Middle East, and Africa. Europe holds the most market share as there is a high demand for hydrogen generation and renewable energy sources. In Spain, 42 billion is invested for solar park development, and Germany targets to generate 20 percent hydrogen at least by the end of 2030. These projects will fuel the market growth in the forecast period.
The key players in the market are:
Power Gas Market Highlights:
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