Global Power-To-Gas Market

Power-To-Gas Market Size, Share, Growth Analysis, By Technology (Electrolysis, Methanation), By Capacity (100 kW to 1000 kW, 100 KW), By End-User (Commercial, Utilities), By Region -Industry Forecast 2024-2031

Report ID: SQMIG10B2108 | Region: Global | Published Date: November, 2024
Pages: 167 | Tables: 88 | Figures: 75

Power-To-Gas Market News

  • June 2024: Siemens Energy wins a $1.5 billion contract for long-term maintenance of two gas-fired power plants in Saudi Arabia. This 25-year contract allows Siemens to supply power plant technology that together will generate about 4GW of electricity for the country.
  • May 2024: Nel Hydrogen Electrolyzer AS, a wholly owned subsidiary of Nel ASA, entered into a technology license agreement with Reliance Industries Limited (RIL). The agreement gives RIL the exclusive right to use Nell’s alkaline electrolytes in India. In addition, RIL has been authorized to manufacture Nel’s alkaline electrolyzers worldwide for domestic use.
  • March 2024: ITM Power announced a partnership with Sumitomo Corporation to deliver and install the NEPTUNE electrolyzer at the Yokohama Techno Station of Tokyo Gas Co Ltd. This marks the first use of a MW-class PEM power plant manufactured overseas and imported into Japan.
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FAQs

Global Power-To-Gas Market size was valued at USD 35.26 Million in 2022 and is poised to grow from USD 39.22 Million in 2023 to USD 91.97 Million by 2031, growing at a CAGR of 11.24% during the forecast period (2024-2031).

The power-to-gas industry is characterized by fierce competition among leading energy companies, innovative startups and technology providers, are trying to capture this rapidly growing segment. This segment has allowed companies in this market to participate in the renewable energy ecosystem. Leading players such as Siemens Energy, Hydrogenics (part of Cummins Inc.), ThyssenKrupp and McPhee Energy dominate the market with their combination of advanced electro cooking technologies and P2G solutions. For example, Siemens Energy partnered with Uniper of Germany to develop large green hydrogen production facilities, a critical step toward decarbonizing power generation and industrial processes. 'Hydrogenics', 'ITM Power', 'McPhy Energy', 'Fuelcell Energy', 'Nel Hydrogen', 'ThyssenKrupp', 'Electrochaea', 'Carbotech', 'Power-to-gas Hungary', 'Aquahydrex', 'Ineratec', 'Exytron', 'GreenHydrogen', 'Hitachi Zosen Inova Etogas', 'Siemens', 'MAN Energy Solutions', 'Uniper', 'Micropyros', 'Socalgas'

Transition to Renewable Energy

Communication and Industrial Decarbonization: The integration of P2G into industrial decarbonization efforts is emerging as a key market trend. High-carbon industries such as steel, chemicals and cement are increasingly adopting P2G solutions to replace fossil fuels with hydrogen. This shift not only reduces greenhouse gas emissions but makes P2G a cornerstone to reach technically identical goals.

North America dominates the market and supplies most of the power generation gas (P2G). North America is leading a robust renewable energy cycle, with wind and solar power expanding rapidly. This creates more renewable electricity that can be used for P2G systems, supporting the region’s transition to sustainable energy solutions. In the U.S., initiatives such as the Department of Energy's Hydrogen Program and partnerships between utilities and renewable energy developers are promoting P2G projects. For instance, the Advanced Clean Energy Storage project in California aims to demonstrate large-scale renewable hydrogen production through electrolysis.

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Global Power-To-Gas Market

Report ID: SQMIG10B2108

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