CHICAGO, Oct. 4, 2019 /PRNewswire/ -- According to the new market research report "Power-to-gas Market by technology (Electrolysis and Methanation), Capacity (Less than 100 kW, 100–999kW, 1000 kW and Above), End-User (Commercial, Utilities, and Industrial), and Region (North America, Europe, Asia Pacific) - Global Forecast to 2024", published by MarketsandMarkets™, the global Power-to-gas Market is projected to reach USD 42 million by 2024 from an estimated USD 26 million in 2019, at a CAGR of 10.1% during the forecast period. Effective utilization of renewable energy resources and integrated management of power and gas network are driving the growth of the global industry.
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.
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.
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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.
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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To enable an in-depth understanding of the competitive landscape, the Power-to-gas Market includes profiles of some of the leading players, such as Hydrogenics (Canada), ITM Power (UK), McPhy Energy (France), Siemens (Germany),MAN Energy Solutions (Germany), Nel Hydrogen (Norway), ThyssenKrupp (Germany), Electrochaea (Germany), Exytron (Germany), and GreenHydrogen (Denmark) along with other prominent providers of power-to-gas technology.
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