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Surge in demand for renewable hydrogen, which has the potential to decarbonize multiple sectors is expected to drive the market growth.
PORTLAND, Ore. , Aug. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Power-to-Gas Market by Technology (Electrolysis, Methanation), by Capacity (Less than 100 kW, 100–999 kW, 1000 kW and Above), by Use Case (Wind, Solar, Biomass), by Application (Residential, Commercial, Utility): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global power-to-gas industry was estimated at $30.3 million in 2021, and is anticipated to hit $84.4 million by 2031, registering a CAGR of 10.8% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
Surge in demand for renewable hydrogen, which has the potential to decarbonize multiple sectors is expected to drive the global power-to-gas market growth. Also, increase in utilization of hydrogen in green energy vehicles, such as hydrogen cars has supplemented the growth even more. Moreover, rise in demand for efficient energy storage technology and growing utilization of hydrogen in various industrial applications provide ample opportunities for the key players in the industry.
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The electrolysis segment to dominate by 2031-
By technology, the electrolysis segment contributed to nearly two-thirds of the global power-to-gas market share in 2021, and is expected to lead the trail by 2031. Increase in awareness among the people regarding greenhouse gases and rise in demand for energy and fossil fuels drive the segment growth. The methanation segment, on the other hand, is expected to exhibit the fastest CAGR of 11.0% from 2022 to 2031. This is because methane gas is extensively utilized in the manufacturing and processing of fuel and generating electricity.
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The solar segment to maintain the lion's share-
Based on use case, the solar segment generated more than half of the global power-to-gas market revenue in 2021, and is expected to lead the trail by 2031. Rapid industrialization and modernization has led to increasing demand for power, which in turn has fueled the segment growth. The biomass segment, on the other hand, would manifest the fastest CAGR of 11.2% from 2022 to 2031. This is attributed to the fact that rapid industrialization and decrease in fossil fuel resources across the globe have led to increasing use of alternative renewable resources. Rising organic waste resources in the modern community and in the agricultural sector have led to the growing utilization of biomass for the production of electricity to cater to the mounting demand for power.
The residential segment to manifest the highest CAGR-
Based on application, the residential segment would manifest the fastest CAGR of 11.5% from 2022 to 2031. Development of the residential industry and growing awareness of the advantages associated with renewable energy sources such as wind and solar due to various government policies have given way to rise in the renewable energy share of total energy generation annually. The utility segment, simultaneously, held nearly half of the global power-to-gas market revenue in 2021, due to rise in demand for efficient energy storage technology.
Europe garnered the major share in 2021-
Based on region, Europe held the major share in 2021, generating more than two-fifths of the global power-to-gas market. Increasing efforts of the European Commission by setting ambitious carbon reduction targets, toward climate neutrality by 2050 via its Green Deal, results in a cleaner environment, more affordable energy, smarter transportation, and overall better quality of life. This, in turn, propels market growth. Asia-Pacific , however, would garner the fastest CAGR of 11.6% by 2031. With the ever-increasing population, there's been a steep increase in demand for power and fuel for transportation, thus driving the market growth.
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Key players in the industry-
The report analyzes these key players in the global power-to-gas market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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