The global power-to-gas market is expected to grow from an estimated USD 26 million in 2019 to USD 42 million by 2024, at a CAGR of 10.1% during the forecast period. The growth of this market is driven by the effective utilization of renewable energy resources and integrated management of power and gas networks.
Key Market Players:
The global power-to-gas market is dominated by a few major players that have an extensive regional presence. The leading players in the power-to-gas market are Hydrogenics (Canada), ITM Power (UK), McPhy Energy (France), Siemens (Germany), MAN Energy Solutions (Germany), Nel Hydrogen (Norway).
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Electrolysis segment is expected to lead the power-to-gas market by technology
Highly effective ways of generating hydrogen and its ability to incorporate excess renewable energy for the production of hydrogen effectively are the factors, for which electrolysis segment is expected to lead and grow at the fastest rate within all the segments.The overall efficiency of the electrolysis process depends largely on the materials used and at which temperature and pressure it is performed. There are 3 different techniques of electrolysis of water, namely, alkaline water electrolysis, PEM technology, and SOEC. Alkaline water electrolysis is the state-of-the-art and the most widespread technology for water electrolysis. This is the most well-established and robust technology that uses an aqueous alkaline solution as the electrolyte. It is a mature technology with relatively low costs. According to industry experts, the energy efficiency of the devices varies between 66% and 74%, and it is highly dependent on the capacity of the electrolyzer and the pressure of the hydrogen delivered.
1000 kW and Above segment is expected to capture the major share of the power-to-gas market by capacity
1000 kW and Above segment, by capacity, is expected to grow faster than others. This is mainly because of key projects that focus on the generation of large scale hydrogen using power-to-gas in industries. In addition to this, there is also substantial investment and development of power-to-gas technology in this capacity range. These power-to-gas plants primarily use PEM technology for electrolysis. Generally, they are designed as a means of gaining technical, economic, and administrative experience for the power-to-gas technology’s commercial application. Another application is that they are helpful in the production of a large quantity of green hydrogen as well as methane, which can be used as a fuel-based vehicle.
The utilities segment is expected to capture the major share of the power-to-gas market by end-user
With the growing demand for hydrogen consumption and blending with the gas network to reduce natural gas consumption, the utilities segment is expected to grow. This is evident from the developments that have been executed from 2016 to 2018. Furthermore, there is also a need to effectively integrate excess renewable energy electricity into green hydrogen for various purposes. According to industry experts, implementation of power-to-gas technology will help the utilities in adding clean hydrogen to natural gas and can significantly reduce greenhouse gas emissions if the hydrogen is produced from low-carbon energy sources such as biomass, solar, wind, nuclear, or fossil resources with Carbon Capture and Storage (CCS). For instance, in the US, SoCalGas partnered with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to install the nation’s first biomethanation reactor system. This project aimed to accelerate the commercialization of power-to-gas by further studying the efficiency and performance of power-to-gas as a renewable energy storage strategy.
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Europe is expected to dominate the global power-to-gas market
The Europe power-to-gas market is expected to dominate by growing power-to-gas projects in countries such as Germany, France, Denmark, and the Netherlands for effective utilization of renewable energy sources, predominantly wind energy. Furthermore, the utilities and commercial sector are also driving the demand for the power-to-gas technology to meet the carbon emission norms from their operations effectively.
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