Global Power-to-Gas Market Size to Reach US$ 92.9 Million by 2032, Driven by Significant Technological Advancements

December 14, 2023 | Energy & Mining

According to the latest report by IMARC Group titled “Power-to-Gas Market by Technology (Electrolysis, Methanation), Capacity (Less Than 100 kW, 100–999 kW, 1000 kW and Above), Use Case (Wind, Solar, Biomass), Application (Residential, Commercial, Utility), and Region 2024-2032”, the global power-to-gas market size reached US$ 39.2 Million in 2023. Power-to-gas (P2G) is a technology that converts excess electrical power, especially from renewable sources like wind or solar, into a gaseous fuel such as hydrogen or methane. This transformation facilitates the storage and transport of energy, offering a solution to the intermittent nature of renewable energy sources. Characteristics of P2G technology include its adaptability and efficiency in integrating different energy sectors. It serves as a bridge between the electricity and gas networks, allowing the conversion of electrical energy into a form that can be easily stored in the existing natural gas infrastructure. This cross-sector coupling supports grid stabilization and offers flexibility in energy management. The key features of power-to-gas involve the utilization of electrolysis to split water into hydrogen and oxygen, with the hydrogen potentially being further converted into methane. This process provides a means to store excess renewable energy for later use, either as fuel or for reconversion to electricity. Furthermore, P2G can contribute to reducing carbon emissions by replacing fossil fuels with synthetic gases produced from renewable sources. The technology aligns well with sustainable energy goals and is becoming an essential component in the transition towards a cleaner, more resilient energy system. Its multifaceted applications, including transportation, industrial usage, and heating, highlight its significance in the evolving energy landscape.

Global Power-to-Gas Market Trends:

The significant shift toward renewable energy sources and sustainable practices is a key factor driving the growth of the power-to-gas market. Moreover, power-to-gas, a technology that converts electrical power into a gaseous fuel, is instrumental in the integration of renewable energy, ensuring balance and flexibility in energy systems. In addition to this, the innovative use of power-to-gas in energy storage, fuel transportation, and grid stabilization is acting as a catalyst for market growth. Besides this, the rising demand for efficient energy storage solutions and the need for reducing greenhouse gas (GHG) emissions are fueling the market growth. Additionally, technological breakthroughs, such as sophisticated electrolysis processes employing state-of-the-art systems to enhance conversion efficiency, are contributing to market expansion. Along with this, the implementation of smart grids and intelligent management systems in power-to-gas operations, aimed at maximizing energy utilization and minimizing losses, is significantly aiding the growth of the market. Furthermore, the strategy of partnering with advanced energy research institutes to accelerate development and adoption is fostering market growth. Other factors such as growing governmental support for renewable energy initiatives, focused investment in research and technological evolution, and the rising importance of power-to-gas in global energy landscape, are creating a favorable outlook for the power-to-gas market worldwide. Looking forward, IMARC Group expects the market to reach US$ 92.9 Million by 2032, expanding at a growth rate (CAGR) of 9.78% during 2024-2032.

Market Summary:

  • Based on technology, the market is bifurcated into electrolysis and methanation. Currently, electrolysis holds the largest market share.
  • Based on capacity, the market is divided into less than 100 kW, 100–999 kW, and 1000 kW and above. Presently, 1000 kW and above accounts for the largest market share.
  • Based on the use case, the market is segmented into wind, solar, and biomass. At present, solar accounts for the largest market share.
  • Based on the application, the market is divided into residential, commercial, and utility. Currently, utility represents the largest market segment.
  • Region wise, the market is divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Currently, Europe is dominating the market across the globe.
  • The competitive landscape of the industry has also been examined along with the profiles of the key players being Electrochaea GmbH, Exytron GmbH, Hitachi Zosen Inova AG (Hitachi Zosen Corporation), Ineratec GmbH, ITM Power plc, McPhy Energy SAS, MicroPyros BioEnerTec GmbH, Nel ASA, Power-to-Gas Hungary Kft, Uniper SE, etc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Technologies Covered Electrolysis, Methanation
Capacities Covered Less Than 100 kW, 100–999 kW, 1000 kW and Above
Use Cases Covered Wind, Solar, Biomass
Applications Covered Residential, Commercial, Utility
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Electrochaea GmbH, Exytron GmbH, Hitachi Zosen Inova AG (Hitachi Zosen Corporation), Ineratec GmbH, ITM Power plc, McPhy Energy SAS, MicroPyros BioEnerTec GmbH, Nel ASA, Power-to-Gas Hungary Kft, Uniper SE, etc.
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Global Power-to-Gas Market Size to Reach US$ 92.9 Million by 2032, Driven by Significant Technological Advancements
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