The growing demand for renewable sources of energy and increasing consumption of hydrogen in the transportation sector are driving the demand of the market. Market Size – USD 32.8 million in 2019, Market Growth – CAGR of 10.2%, Market Trends – Increasing adoption of electric vehicles.
The Global Power to Gas Market size was valued at USD 32.8 Million in 2019 and is forecasted to reach USD 68.3 Million by 2027 at a CAGR of 10.2%. The market is mainly driven by the growing demand for renewable sources of energy. The ever increasing global population, coupled with the rapid urbanization, has increased the demand for electricity globally. The increasing demand for electricity and the growth in solar & wind energy generation is expected to drive the power to gas market.
The latest industry intelligence research on the Power to Gas Market offers a repository of valuable data on the size, share, and growth rate of the Power to Gas Market for the forecast period, 2020 – 2027. Importantly, examination of various facets of the industry including but not limited to production volume, product sales, demand and supply assessment and forecast for the period, 2020 – 2027 aim at offering business owners a competitive edge over their rivals. The study further conducts a qualitative evaluation of various driving forces expected to shape the future of the industry during the estimated period.
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Key Highlights From The Report
In May 2019, ITM Power introduced a new business division named ITM Motive. The division was introduced to operate a portfolio of stations refueling hydrogen in UK. The ITM Motive will be responsible for managing the energy storage and will operate a network of eight hydrogen refueling stations that will be publicly accessible.
The electrolysis segment is forecasted to grow with the fastest CAGR of 10.3% over the forecast period and accounted for the largest market share in 2019. The growing consumption of hydrogen in the transportation sector due to its higher efficiency and lower emission levels properties has resulted in the growth of the segment.
The Industrial segment is expected to register significant growth over the forecast period due to their increasing initiatives of utilizing cleaner sources of energy in order to be energy efficient in the future.
Europe region accounted for the largest market share of the Power to gas market in 2019 and is expected to be the fastest-growing region over the forecast period. The growth of the region is mainly due to the presence of the key market players like ITM Power, Siemens, McPhy Energy, and many others.
Key participants include, ITM Power, Hydrogenics, Siemens, Nel Hydrogen, McPhy Energy, MAN Energy Solutions, Carbotech, SoCalGas, Uniper, and ThyssenKrupp, among others.
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Segments Covered in the report
Technology Outlook (Volume: Kilo Tons) (Revenue, USD Million; 2017-2027)
Methanation (Power-to- methane)
Electrolysis (Power-to- Hydrogen)
End-User Outlook (Volume: Kilo Tons) (Revenue, USD Million; 2017-2027)
Regional Outlook (Volume: Kilo Tons) (Revenue, USD Million; 2017-2027)
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Power to Gas Market Segmentation & Impact Analysis
4.1. Power to Gas Market Material Segmentation Analysis
4.2. Industrial Outlook
Chapter 5. Power to Gas Market By Technology Insights & Trends, Revenue (USD Million), Volume (Kilo Tons)
Chapter 6. Power to Gas Market By End-User Insights & Trends Revenue (USD Million), Volume (Kilo Tons)
Chapter 7. Power to Gas Market Regional Outlook
Chapter 8. Competitive Landscape
Chapter 9. Company Profiles
Key questions answered by the report
At what rate will the Power to Gas Market grow?
What will be the value of the market in 2027?
What are the factors driving the Power to Gas Market?
What would be the impact of Power to Gas across different regions?
What are the strategies adopted by major players in the industry?
Who are the key players in the Power to gas Market?
What is the key application of Power to Gas in different sectors?
What are future growth strategies in the market?
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