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Power-to-X Market Research Report Information By Type (Power-to-H2, Power-to-CO/Syngas/Formic Acid, Power-to-NH3, Power-to-Methane, Power-to-H2O2, and Others) By End-Use (Transportation, Agriculture, Manufacturing, Industry, Residential, and Others) and By Region -Global Forecast to 2032

ID: MRFR/E&P/20523-HCR | 128 Pages | Author: Chitranshi Jaiswal| July 2024

Global Power-to-X Market Overview

Power-to-X Market Size was valued at USD 322.68 million in 2023. The Power-to-X Market industry is projected to grow from USD 356.44 million in 2024 to USD 843.13 million by 2032, exhibiting a compound annual growth rate (CAGR) of 11.26% during the forecast period (2024 - 2032).

Power-to-X is the electricity conversion, energy storage, and reconversion process of the surplus of renewables. This way, thanks to Power-to-X conversion technologies, power can be decoupled from the electricity sector, for use in sectors such as transport or chemicals, with the power being possibly provided by extra investments in generation. The X in the terminology can refer to one of the following: power-to-ammonia, power-to-chemicals, power-to-fuel, power-to-gas(power-to-hydrogen, power-to-methane), power-to-liquid: synthetic fuel, power to food and power-to-heat. 

Electric vehicle charging as well as space and water heating are partly flexible in time, forms of demand response here being called power-to-mobility and power-to-heat. The sensitivity of Power-to-X products entails their extensive applicability across the value chain, as suggested by the following demand spectrum:The power-to-X schemes based on surplus power can be summarized under the overall categorization of flexibility measures and are of special relevance for energy systems with high share of renewable generation and/or progressive decarbonization targets.

Power-to-X Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Power-to-X Market Trends

  • Need to Reduce Greenhouse Gas Emissions

Environmental issues with respect to emissions of the greenhouse effect are slowly paving way towards transformation from the usage of fossil linked energies and moving more towards the utilization of renewable energies like solar and wind energies. Nevertheless, certain issues need to be addressed before potential storage of renewable energy sources can happen for this transition to occur. This is, however, little known since Power-to-X solutions have recently gained more interest since in fact, power-to-chemistry converts renewable electricity into chemicals and fuels more suitable for storage and shipping. 

Kuwait is known to be following the method of producing hydrogen through water electrolysis, which is quite appealing as it yields the generation of a carbon-free fuel that either can be utilized in the hydrogen fuel cells or can decrease CO2 in chemicals and fuels that are compatible with the existing structure of production and distribution. Another is, the reduction of CO2 by electrochemical process, allowing renewable electricity to reduce CO2 to useful products. This review will focus on techniques and methods of synthesizing H2 for meeting the global green energy demand especially on water electrolysis using renewable energy sources with insights on the challenges of scaling up the production of hydrogen and its complementarities with other green technologies. 

Nonetheless, the advanced usage of Power-to-X in the production of primary chemical reactants like formic acid, formaldehyde, methanol, syn-gas, methane, and other chemicals, fuels like gasoline, diesel, Jet fuel, etc. will prove highly beneficial for the market especially for two key processes CO2 hydrogenation, and electrochemical CO2 reduction. Integrated processes such as Power-to-H2 and other processes of hydrogen production are also useful as a clean fuel for transport and other uses.

Germany for example, plans to use hydrogen for its energy shift. Two German ministries, the Ministry of Economic Affairs and Energy & of Transport and Digital Infrastructure plan to invest in 62 big projects and plan to get funding from the EU for hydrogen tech. The investment is estimated to be over 8 billion euros for these projects. The projects span from the whole process of making hydrogen to using it in various industries, with steel and chemical works seen as the main target of this endeavor. These projects could help cut millions of tonnes of CO2 yearly.

Thus, to reduce GHG emissions across sectors it is useful to replace fossil fuel with hydrogen, methane, syn-gas, and other gases leading to the decarbonization of areas that cannot be easily electrified such as transport, aviation, and industry.

Power-to-X Market Segment Insights:

Power-to-X by Type Insights

The Power-to-X Market segmentation, based on type has been segmented into Power-to-H2, Power-to-CO/Syngas/Formic Acid, Power-to-NH3, Power-to-Methane, Power-to-H2O2 and Others. In 2023, the Power-to-H2 segment drove the Power-to-X Market by holding a substantial market share. It is projected to register a CAGR of 10.95% during the projected timeframe. This type's exceptional rise is attributed to wide range of applications related to hydrogen such as in power vehicles, the power industry, heating homes, and other industrial applications. Green hydrogen produced can be the bridge to transform green electricity into transportation fuel. The major players are anticipated to use wind energy for hydrogen conversion through Power-to-X technology. Agencies and research organizations know that hydrogen can be highly utilized for the formation of green and clean power.

Power-to-X by Type Insights

Power-to-X By End-Use Insights

Based on End-Use, the Power-to-X Market is segmented into Transportation, Agriculture, Manufacturing, Industry, Residential, and others. In 2023, the Transportation segment drove the Power-to-X Market by holding a substantial market share during the assessment period. It is projected to register a highest growth rate during the projected timeframe. This is due to the advent of eco-friendly with reduced carbon emissions and rising sales of electric vehicles along with the heavy vehicles using hydrogen fuel, e-diesel, e-petrol, etc. The longer logistical operations of heavy vehicles fuel the demand for power-to-X technology for transportation applications. Furthermore, this is also used in vehicles with batteries, intercontinental aircraft, etc.

Power-to-X By End-Use Insights

Power-to-X Regional Insights

Based on Region, the Power-to-X market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Europe Power-to-X market dominated by the European region has its significance in terms of being able to contribute majorly towards revenue generation. This whole region has been an emerging giant in the world power to X global market given that it is one of the leading centers for industrialization and urbanization globally. It is a technology hub continually producing a wide range of products that are mostly dependent on Power-to-X. The need for Power-to-X in transportation and domestic use among others cannot be underestimated. As such, the production scale across different industries within this area which creates significant demand for Power-to-X only strengthens their position as leaders in this field.

Power-to-X Key Market Players & Competitive Insights

The Power-to-X market is very large and open competition in several regions of the world has involved many companies and organizations which are specialized in the offer of Power-to-X products due to their efficiency in the different applications. The market has also divided by power to x type of applications and end use applications as well different regions. Some of the factors that would drive growth in the market include the expanding use of Power-to-X in different industries facilitated by its significance in various technological aspects. 

In addition, the large-scale players driving the Power-to-X market include Air Liquide, Linde, Copenhagen Infrastructure Partners, Thyssenkrupp, Mitsubishi Power and Others. These organizations’ chiefs are global and have a broad range of Power-to-X types for Power-to-H2, Power-to-CO/Syngas/Formic Acid, Power-to-NH3, Power-to-Methane, Power-to-H2O2, and more due to various applications. These companies are known to benchmark against each other by varying aspects such as cost, quality of the products manufactured, reliability and new creativity. These are the key players involved in R&D to introduce new power to X technologies and through the strategic action mentioned above like merger, acquisition, partnership and collaboration with other players of the industry. 

The COVID-19 outbreak has had an impact on the Power-to-X market as well, resulting in shifts in demand in various sector end-users as and unpredicted disturbances in supply chain. However, as the global economy slowly emerges from the cradle, the market will bounce back and be prompted by the need to mitigate greenhouse gas emissions and the support from government through policies to achieve this as soon as possible. The future market classics are more promising, while Power-to-X becomes the technological innovations and transformations that continue to be part of the emerging new world industrial chain.

Air Liquide: Air Liquide S. A. is a French based Industrial gases and services company that operates in worldwide hence it operates with medical industries, chemicals and electronics companies among others. It was established in 1902 and trailing Linde is the second largest industrial gases company in terms of revenues and has a very wide worldwide coverage system with more than 80 countries. It is assisting energy transformation by offering solutions and business models to build and deploy renewable hydrogen. A process of generating new energy carriers through the conversion of electricity into ‘chemical bonds’ as Power-to-X; the ‘X’ may be liquid hydrogen, methanol, ammonia or any other energy carrier that could be used in the production of energy. 

In all of these three options, Air Liquide has an integrated production plant that fits a direct link with disparate renewable energy sources. Its capability has been reinforced by their joint venture with Siemens Energy, producing industrial scale renewable hydrogen electrolyzers for customers worldwide. The partnership is strongly supporting the emergence of a sustainable hydrogen economy in Europe and is helping to foster the European ecosystem for electrolysis and hydrogen technology needed to forge the energy transition. 

For example, a CO2-to-methanol plant consists of an electrolyser, a carbon capture unit and a methanol production plant. As we possess all three of these technology elements, we are in a unique position to deliver superior integration concepts by also leveraging our experience in hydrogen storage and adding flexibility to the downstream process. The same capability applies to integrated liquid hydrogen plants and are also able to integrate ammonia synthesis to produce Green Ammonia.

Thyssenkrupp:ThyssenKrupp AG is a conglomerate of manufacturing industries based in Germany, involved in industrial engineering and steel production. This arose as a consequence of a merger that occurred in 1999 with Thyssen AG and Krupp and its operational offices are located at Duisburg and Essen. The company was fourth in production in 2015 and is said to be among the largest steel producers globally, though its revenue ranked it tenth largest globally at the same year. The hydrogen lead projects –This is the largest research project that BMBF has ever launched on the topic of energy transition is supporting Germany, incipient entry into the hydrogen economy The hydrogen lead projects – This study, the BMBF largest in its history subject of energy transition is the Federal Minister of Education and Research Germany, supporting the country to enter the hydrogen economy. It remains shouldering the responsibilities in all three hydrogen lead projects and has been experimenting on scalable green hydrogen production, application and integration. By 2025, each year it will be building on this technology leadership role through the green chemicals value chain.

Key Companies in the Power-to-X Market includes.

Power-to-X Market Segmentation:

Power-to-X Type Outlook

  • Power-to-H2

  • Power-to-CO/Syngas/Formic Acid

  • Power-to-NH3

  • Power-to-Methane

  • Power-to-H2O2

  • Others

Power-to-X End-Use Outlook

  • Transportation

  • Agriculture

  • Manufacturing

  • Industry

  • Residential

  • Others

Power-to-X Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Spain

    • Italy

    • Russia

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia-Pacific

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America

  • Middle East & Africa

    • GCC Countries

    • South Africa

    • Rest of Middle East & Africa

Report Attribute/Metric Details
Market Size 2023 USD 322.68 million
Market Size 2024 USD 356.44 million
Market Size 2032 USD 843.13 million
Compound Annual Growth Rate (CAGR) 11.26% (2024-2032)
Base Year 2023
Forecast Period 2024-2032
Historical Data 2018 to 2022
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, End-Use, and Region
Geographies Covered North America, Europe, Asia Pacific, Rest of World
Countries Covered US, Canada, Germany, UK, France, Spain, Italy, Russia, China, Japan, India, South Korea, Brazil, Mexico, Argentina, South Africa, GCC countries
Key Companies Profiled Air Liquide, Linde, Copenhagen Infrastructure Partners, Thyssenkrupp, Mitsubishi Power and Others
Key Market Opportunities Developing technologies for producing synthetic fuels
Key Market Dynamics Need to reduce greenhouse gas emissions Governmental support

Frequently Asked Questions (FAQ) :

Power-to-X Market Size was valued at US$ 322.68 Mn.

Power-to-X Market compound annual growth rate (CAGR) of 11.26 % during the forecast period 2024 - 2032.

Europe region held the largest market share in the Power-to-X Market.

Air Liquide, Linde, Copenhagen Infrastructure Partners, Thyssenkrupp, Mitsubishi Power and Others.

Power-to-H2 Product had the largest market share in the Power-to-X Market.

Transportation End-Use had the largest market share in the Power-to-X Market.

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