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

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).

Radioactive gases convert electricity into synthetic gases such as hydrogen and methane. The technology plays a key role in the transition to renewable energy systems to replace fossil fuels in industrial, transport and heating sectors. These wind turbines contribute significantly to decarbonization, reducing reliance on fossil fuels, thereby reducing greenhouse gas emissions and effectively addressing global climate change.

Countries around the world are capitalizing on the renewable resources and are involved in major investments through R&D to make a significant shift toward decarbonization. As the fossil fuel reserves are limited resources, they cannot cater the ever-growing demand for energy around the world. Thus, demand for technological creativity is increasing to cater the growing need for energy. This increasing shift toward renewable energy sources is therefore expected to drive growth of the global power-to-gas market over the forecast period. Governments and industries worldwide are increasingly investing in P2G as part of their strategies to achieve climate goals and reduce dependency on fossil fuels.