Power to Gas Market Size, Trends and Insights 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), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI37125

Published Date: December 2023

Pages: 320+

Category: Energy And Power

Report Snapshot

CAGR: 12.5%
58.1M
2022
65.4M
2023
188.7M
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Siemens AG
  • McPhy Energy S.A.
  • Electrochaea GmbH
  • MAN Energy Solutions SE
  • Hydrogenics Corporation
  • Others

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Reports Description

As per the current market research conducted by the CMI Team, the global Power to Gas Market is expected to record a CAGR of 12.5% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 65.4 Million. By 2032, the valuation is anticipated to reach USD 188.7 Million.

The Power to Gas (P2G) market involves the conversion of excess electrical energy, often from renewable sources, into gases like hydrogen or methane through electrolysis or methanation. These gases are then stored and can be utilized in various sectors, including industry, transportation, and heating.

P2G plays a crucial role in energy storage, grid balancing, and the production of green hydrogen for diverse applications. As an integral part of the global energy transition, the P2G market addresses the challenges of intermittent renewable energy sources and contributes to building a more sustainable and flexible energy infrastructure.

Power to Gas Market – Significant Growth Factors

The Power to Gas Market presents significant growth opportunities due to several factors:

  • Renewable Energy Integration: Power to Gas facilitates the integration of renewable energy by converting excess electricity into storable gases, supporting grid stability. Drives the adoption of P2G as a crucial component in the transition to renewable energy sources.
  • Hydrogen Economy Development: The global push for a hydrogen economy emphasizes the role of P2G in producing green hydrogen for various applications. Increases demand for P2G technologies, especially in regions focusing on hydrogen as a clean energy carrier.
  • Grid Balancing and Stability: P2G systems contribute to grid balancing by storing excess electricity and injecting it back into the grid when needed. Enhances grid stability and reliability, addressing challenges associated with intermittent renewable energy sources.
  • Decarbonization Initiatives: Growing emphasis on decarbonization goals prompts the adoption of P2G as a means to reduce carbon emissions in various sectors. Aligns with global sustainability targets, driving the development and implementation of P2G technologies.
  • Sector Coupling: P2G facilitates sector coupling by integrating renewable gases into sectors beyond electricity, such as transportation and industry. Expands the application of P2G technologies, creating opportunities for green gas utilization across diverse sectors.
  • Innovation and Research Advances: Ongoing innovation in P2G technologies for improved efficiency, scalability, and cost-effectiveness. Presents opportunities for market players to develop cutting-edge solutions, stay competitive, and contribute to the evolution of the P2G market.

Power to Gas Market – Mergers and Acquisitions

The Power to Gas Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Energy Positive Hotel Construction Market include:

  • In 2022, The U.S. Department of Energy announced a $504.4 million investment for the Advanced Clean Energy Storage project in Delta, Utah. Combining 220 megawatts of alkaline electrolysis with salt caverns, the facility aims to store clean hydrogen. It will capture excess renewable energy and serve as fuel for the Intermountain Power Agency’s Renewed Project, moving towards a hydrogen-fueled power plant by 2045.
  • In 2019, Hydrogenics, a prominent player in the hydrogen industry, strategically expanded its global market share through inorganic initiatives. Notably, in March 2017, it partnered with Wind to Gas Stidermarsch in Germany, delivering a 2.4 MW PEM power-to-gas system. This collaboration aims to reduce emissions by producing renewable hydrogen.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Energy Positive Hotel Construction Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Power to Gas Market Renewable Natural Gas Market Greenhouse Gas Emissions Market
CAGR 12.5% (Approx) CAGR 252.5% (Approx) CAGR 5.1% (Approx)
USD 188.7 Million by 2032 USD 25.09 Billion by 2032 USD 753.5 Million by 2032

Power to Gas Market – Significant Threats

The Power to Gas Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Economic Viability and Cost Competitiveness: The economic viability of Power Gas (P2G) technologies and their competitiveness compared to other energy storage solutions may pose a challenge. If P2G remains less cost-competitive, it could face difficulties in widespread adoption, especially in regions with established alternatives.
  • Policy and Regulatory Uncertainties: Shifting government policies and regulatory uncertainties regarding support for P2G projects can create instability. Uncertainties may hinder long-term investment planning and project development in the P2G market.
  • Technological Maturity and Integration Challenges: The maturity of P2G technologies and challenges in integrating these systems with existing infrastructure. Technological uncertainties and integration complexities may slow down the market’s growth and deployment of P2G solutions.
  • Competition from Other Energy Storage Technologies: Competition from established energy storage technologies, such as batteries, may impede the market penetration of P2G. P2G needs to demonstrate clear advantages over competing technologies to secure its position in the energy storage landscape.
  • Limited Hydrogen Infrastructure: The limited availability of hydrogen infrastructure, including transportation and distribution networks, poses a challenge. Insufficient infrastructure may hinder the broader utilization of green hydrogen produced through P2G, limiting market expansion.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 65.4 Million
Projected Market Size in 2032 USD 188.7 Million
Market Size in 2022 USD 58.1 Million
CAGR Growth Rate 12.5% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Technology, Capacity, Use Case, Application and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Technology

  • Electrolysis: Electrolysis is a key technology in Power to Gas, converting excess electricity into hydrogen. Trends include advancements in high efficiency electrolyzers, cost reduction through innovation, and the integration of renewable energy sources. Electrolysis enables scalable production of green hydrogen, supporting the shift towards sustainable energy systems.
  • Methanation: Methanation is the process of synthesizing methane from hydrogen and carbon dioxide. Trends involve improving catalyst efficiency, optimizing reaction conditions, and integrating methanation with CO2 capture. Methanation enhances the storage and utilization of renewable energy, particularly in sectors requiring gaseous fuels.

By Capacity

  • Less than 100 kW: P2G systems with capacities less than 100 kW cater to small-scale applications. A trend involves their deployment for decentralized solutions, such as residential and small industrial settings, contributing to localized energy storage and grid support.
  • 100-999 kW: In the 100-999 kW segment, P2G systems target medium-scale applications, often supporting local grids and industries. Trends include increasing adoption of grid stabilization and sector coupling in mid-sized enterprises.
  • 1000 kW and Above: P2G systems with capacities of 1000 kW and above serve large-scale applications, supporting grid balancing and green hydrogen production. A trend involves their integration into centralized energy infrastructure, contributing to the transition towards renewable energy at a broader scale.

Global Power to Gas Market 2023–2032 (By Million)

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By Use Case

  • Wind: Power to Gas (P2G) in wind energy involves converting excess electricity from wind farms into gases like hydrogen. Trends include integrating P2G with onshore and offshore wind projects, enhancing grid stability, and enabling efficient energy storage.
  • Solar: In the solar segment of P2G, surplus solar power is converted into storable gases. Trends encompass leveraging P2G to address solar intermittency, enhance grid resilience, and support green hydrogen production.
  • Biomass: P2G in biomass involves converting excess electricity from biomass sources into gases. Trends include utilizing P2G to enhance the sustainability of biomass energy, and providing a flexible and efficient energy storage solution.

By Application

  • Residential: In residential applications, Power to Gas involves converting excess electricity into gases like hydrogen for on-site energy storage. Growing trends include the integration of compact P2G systems, offering households a means to store and utilize renewable energy, and reducing reliance on the grid.
  • Commercial: Commercial applications of Power to Gas focus on converting surplus electricity into gases for localized energy storage. Trends include increased adoption in business settings, providing on-site energy resilience, and supporting sustainability goals through renewable gas utilization.
  • Utility: Utility-scale Power to Gas involves converting excess electrical energy into storable gases like hydrogen or methane. Trends include the integration of large-scale P2G systems, supporting grid stability, and enabling the storage of renewable energy for later use, contributing to a more resilient and sustainable energy infrastructure.

Global Power to Gas Market 2023–2032 (By Technology)

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Power to Gas Market – Regional Analysis

The Power to Gas Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

  • North America: In North America, a notable trend is the increasing focus on Power to Gas (P2G) as a grid-balancing solution, with an emphasis on leveraging the technology to enhance the stability of renewable energy integration. Additionally, there is growing interest in P2G applications for hydrogen production, supporting the region’s ambitions for a cleaner energy mix and sustainable transportation solutions.
  • Europe: Europe showcases a trend towards the development of P2G projects with a cross-sectoral approach, integrating renewable gases into various industries beyond electricity generation. The region is also witnessing advancements in electrolysis technologies, supporting the production of green hydrogen for industrial and transportation purposes.
  • Asia-Pacific: In this region, a significant trend is the rapid expansion of Power to Gas projects, particularly in countries like Japan and South Korea. These nations are prioritizing P2G technologies for efficient grid management, renewable energy storage, and the production of green hydrogen to address growing energy demands and support sustainable development goals.
  • LAMEA (Latin America, Middle East, and Africa): LAMEA showcases a trend towards decentralized Power to Gas solutions, particularly in the Middle East, where the focus is on using P2G for on-site energy storage and localized applications. Additionally, there is a growing interest in utilizing P2G for industrial processes, aligning with the region’s efforts to diversify energy sources and reduce carbon emissions.

Global Power to Gas Market 2023–2032 (By Application)

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Competitive Landscape – Power to Gas Market

The Power to Gas Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

  • Siemens AG
  • McPhy Energy S.A.
  • Electrochaea GmbH
  • MAN Energy Solutions SE
  • Hydrogenics Corporation
  • ON SE
  • Nel ASA
  • ENGIE S.A.
  • Green Hydrogen Systems A/S
  • Energypolis SA (Power-to-Gas Italia)
  • Thyssenkrupp AG
  • ITM Power plc
  • Covestro AG
  • Uniper SE
  • Heliocentris Energy Solutions AG
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New entrants like Electrochaea and Green Hydrogen Systems have embraced innovation in electrolysis and compact hydrogen solutions, respectively, to establish a presence in the Power to Gas (P2G) market. Key players dominating include Siemens AG, a technological pioneer driving efficient electrolysis advancements, and ENGIE, a global leader leveraging P2G for grid balancing.

These established players benefit from comprehensive sustainability portfolios, financial strength, and collaborations, solidifying their dominance. Siemens AG’s strategic alliances and ENGIE’s global presence position them at the forefront, contributing significantly to the evolution and widespread adoption of P2G technologies.

The Power to Gas Market is segmented as follows:

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

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Power to Gas Market, (2023 – 2032) (USD Million)
    • 2.2 Global Power to Gas Market: snapshot
  • Chapter 3. Global Power to Gas Market – Industry Analysis
    • 3.1 Power to Gas Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Renewable Energy Integration
      • 3.2.2 Hydrogen Economy Development
      • 3.2.3 Grid Balancing and Stability
      • 3.2.4 Decarbonization Initiatives
      • 3.2.5 Sector Coupling
      • 3.2.6 Innovation and Research Advances.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Technology
      • 3.7.2 Market Attractiveness Analysis By Capacity
      • 3.7.3 Market Attractiveness Analysis By Use Case
      • 3.7.4 Market Attractiveness Analysis By Application
  • Chapter 4. Global Power to Gas Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Power to Gas Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Power to Gas Market – Technology Analysis
    • 5.1 Global Power to Gas Market Overview: By Technology
      • 5.1.1 Global Power to Gas Market Share, By Technology, 2022 and 2032
    • 5.2 Electrolysis
      • 5.2.1 Global Power to Gas Market by Electrolysis, 2023 – 2032 (USD Million)
    • 5.3 Methanation
      • 5.3.1 Global Power to Gas Market by Methanation, 2023 – 2032 (USD Million)
  • Chapter 6. Global Power to Gas Market – Capacity Analysis
    • 6.1 Global Power to Gas Market Overview: By Capacity
      • 6.1.1 Global Power to Gas Market Share, By Capacity, 2022 and 2032
    • 6.2 Less than 100 kW
      • 6.2.1 Global Power to Gas Market by Less than 100 kW, 2023 – 2032 (USD Million)
    • 6.3 100-999 kW
      • 6.3.1 Global Power to Gas Market by 100-999 kW, 2023 – 2032 (USD Million)
    • 6.4 1000 kW and Above
      • 6.4.1 Global Power to Gas Market by 1000 kW and Above, 2023 – 2032 (USD Million)
  • Chapter 7. Global Power to Gas Market – Use Case Analysis
    • 7.1 Global Power to Gas Market Overview: By Use Case
      • 7.1.1 Global Power to Gas Market Share, By Use Case, 2022 and 2032
    • 7.2 Wind
      • 7.2.1 Global Power to Gas Market by Wind, 2023 – 2032 (USD Million)
    • 7.3 Solar
      • 7.3.1 Global Power to Gas Market by Solar, 2023 – 2032 (USD Million)
    • 7.4 Biomass
      • 7.4.1 Global Power to Gas Market by Biomass, 2023 – 2032 (USD Million)
  • Chapter 8. Global Power to Gas Market – Application Analysis
    • 8.1 Global Power to Gas Market Overview: By Application
      • 8.1.1 Global Power to Gas Market Share, By Application, 2022 and 2032
    • 8.2 Residential
      • 8.2.1 Global Power to Gas Market by Residential, 2023 – 2032 (USD Million)
    • 8.3 Commercial
      • 8.3.1 Global Power to Gas Market by Commercial, 2023 – 2032 (USD Million)
    • 8.4 Utility
      • 8.4.1 Global Power to Gas Market by Utility, 2023 – 2032 (USD Million)
  • Chapter 9. Power to Gas Market – Regional Analysis
    • 9.1 Global Power to Gas Market Regional Overview
    • 9.2 Global Power to Gas Market Share, by Region, 2022 & 2032 (USD Million)
    • 9.3. North America
      • 9.3.1 North America Power to Gas Market, 2023 – 2032 (USD Million)
        • 9.3.1.1 North America Power to Gas Market, by Country, 2023 – 2032 (USD Million)
    • 9.4 North America Power to Gas Market, by Technology, 2023 – 2032
      • 9.4.1 North America Power to Gas Market, by Technology, 2023 – 2032 (USD Million)
    • 9.5 North America Power to Gas Market, by Capacity, 2023 – 2032
      • 9.5.1 North America Power to Gas Market, by Capacity, 2023 – 2032 (USD Million)
    • 9.6 North America Power to Gas Market, by Use Case, 2023 – 2032
      • 9.6.1 North America Power to Gas Market, by Use Case, 2023 – 2032 (USD Million)
    • 9.7 North America Power to Gas Market, by Application, 2023 – 2032
      • 9.7.1 North America Power to Gas Market, by Application, 2023 – 2032 (USD Million)
    • 9.8. Europe
      • 9.8.1 Europe Power to Gas Market, 2023 – 2032 (USD Million)
        • 9.8.1.1 Europe Power to Gas Market, by Country, 2023 – 2032 (USD Million)
    • 9.9 Europe Power to Gas Market, by Technology, 2023 – 2032
      • 9.9.1 Europe Power to Gas Market, by Technology, 2023 – 2032 (USD Million)
    • 9.10 Europe Power to Gas Market, by Capacity, 2023 – 2032
      • 9.10.1 Europe Power to Gas Market, by Capacity, 2023 – 2032 (USD Million)
    • 9.11 Europe Power to Gas Market, by Use Case, 2023 – 2032
      • 9.11.1 Europe Power to Gas Market, by Use Case, 2023 – 2032 (USD Million)
    • 9.12 Europe Power to Gas Market, by Application , 2023 – 2032
      • 9.12.1 Europe Power to Gas Market, by Application , 2023 – 2032 (USD Million)
    • 9.13. Asia Pacific
      • 9.13.1 Asia Pacific Power to Gas Market, 2023 – 2032 (USD Million)
        • 9.13.1.1 Asia Pacific Power to Gas Market, by Country, 2023 – 2032 (USD Million)
    • 9.14 Asia Pacific Power to Gas Market, by Technology, 2023 – 2032
      • 9.14.1 Asia Pacific Power to Gas Market, by Technology, 2023 – 2032 (USD Million)
    • 9.15 Asia Pacific Power to Gas Market, by Capacity, 2023 – 2032
      • 9.15.1 Asia Pacific Power to Gas Market, by Capacity, 2023 – 2032 (USD Million)
    • 9.16 Asia Pacific Power to Gas Market, by Use Case, 2023 – 2032
      • 9.16.1 Asia Pacific Power to Gas Market, by Use Case, 2023 – 2032 (USD Million)
    • 9.17 Asia Pacific Power to Gas Market, by Application , 2023 – 2032
      • 9.17.1 Asia Pacific Power to Gas Market, by Application , 2023 – 2032 (USD Million)
    • 9.18. Latin America
      • 9.18.1 Latin America Power to Gas Market, 2023 – 2032 (USD Million)
        • 9.18.1.1 Latin America Power to Gas Market, by Country, 2023 – 2032 (USD Million)
    • 9.19 Latin America Power to Gas Market, by Technology, 2023 – 2032
      • 9.19.1 Latin America Power to Gas Market, by Technology, 2023 – 2032 (USD Million)
    • 9.20 Latin America Power to Gas Market, by Capacity, 2023 – 2032
      • 9.20.1 Latin America Power to Gas Market, by Capacity, 2023 – 2032 (USD Million)
    • 9.21 Latin America Power to Gas Market, by Use Case, 2023 – 2032
      • 9.21.1 Latin America Power to Gas Market, by Use Case, 2023 – 2032 (USD Million)
    • 9.22 Latin America Power to Gas Market, by Application , 2023 – 2032
      • 9.22.1 Latin America Power to Gas Market, by Application , 2023 – 2032 (USD Million)
    • 9.23. The Middle East and Africa
      • 9.23.1 The Middle-East and Africa Power to Gas Market, 2023 – 2032 (USD Million)
        • 9.23.1.1 The Middle-East and Africa Power to Gas Market, by Country, 2023 – 2032 (USD Million)
    • 9.24 The Middle-East and Africa Power to Gas Market, by Technology, 2023 – 2032
      • 9.24.1 The Middle-East and Africa Power to Gas Market, by Technology, 2023 – 2032 (USD Million)
    • 9.25 The Middle-East and Africa Power to Gas Market, by Capacity, 2023 – 2032
      • 9.25.1 The Middle-East and Africa Power to Gas Market, by Capacity, 2023 – 2032 (USD Million)
    • 9.26 The Middle-East and Africa Power to Gas Market, by Use Case, 2023 – 2032
      • 9.26.1 The Middle-East and Africa Power to Gas Market, by Use Case, 2023 – 2032 (USD Million)
    • 9.27 The Middle-East and Africa Power to Gas Market, by Application, 2023 – 2032
      • 9.27.1 The Middle-East and Africa Power to Gas Market, by Application , 2023 – 2032 (USD Million)
  • Chapter 10. Company Profiles
    • 10.1 Siemens AG
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 McPhy Energy S.A.
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 Electrochaea GmbH
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 MAN Energy Solutions SE
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 Hydrogenics Corporation
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 E.ON SE
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 Nel ASA
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 ENGIE S.A.
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 Green Hydrogen Systems A/S
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 Energypolis SA (Power-to-Gas Italia)
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments
    • 10.11 Thyssenkrupp AG
      • 10.11.1 Overview
      • 10.11.2 Financials
      • 10.11.3 Product Portfolio
      • 10.11.4 Business Strategy
      • 10.11.5 Recent Developments
    • 10.12 ITM Power plc
      • 10.12.1 Overview
      • 10.12.2 Financials
      • 10.12.3 Product Portfolio
      • 10.12.4 Business Strategy
      • 10.12.5 Recent Developments
    • 10.13 Covestro AG
      • 10.13.1 Overview
      • 10.13.2 Financials
      • 10.13.3 Product Portfolio
      • 10.13.4 Business Strategy
      • 10.13.5 Recent Developments
    • 10.14 Uniper SE
      • 10.14.1 Overview
      • 10.14.2 Financials
      • 10.14.3 Product Portfolio
      • 10.14.4 Business Strategy
      • 10.14.5 Recent Developments
    • 10.15 Heliocentris Energy Solutions AG
      • 10.15.1 Overview
      • 10.15.2 Financials
      • 10.15.3 Product Portfolio
      • 10.15.4 Business Strategy
      • 10.15.5 Recent Developments
    • 10.16 Others.
      • 10.16.1 Overview
      • 10.16.2 Financials
      • 10.16.3 Product Portfolio
      • 10.16.4 Business Strategy
      • 10.16.5 Recent Developments
List Of Figures

Figures No 1 to 29

List Of Tables

Tables No 1 to 102

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Siemens AG
  • McPhy Energy S.A.
  • Electrochaea GmbH
  • MAN Energy Solutions SE
  • Hydrogenics Corporation
  • ON SE
  • Nel ASA
  • ENGIE S.A.
  • Green Hydrogen Systems A/S
  • Energypolis SA (Power-to-Gas Italia)
  • Thyssenkrupp AG
  • ITM Power plc
  • Covestro AG
  • Uniper SE
  • Heliocentris Energy Solutions AG
  • Others

FAQs

The key factors driving the Market are Renewable Energy Integration, Hydrogen Economy Development, Grid Balancing and Stability, Decarbonization Initiatives, Sector Coupling And Innovation and Research Advances.

The “Electrolysis” category dominated the market in 2022.

The key players in the market are Siemens AG, McPhy Energy S.A., Electrochaea GmbH, MAN Energy Solutions SE, Hydrogenics Corporation, E.ON SE, Nel ASA, ENGIE S.A., Green Hydrogen Systems A/S, Energypolis SA (Power-to-Gas Italia), Thyssenkrupp AG, ITM Power plc, Covestro AG, Uniper SE, Heliocentris Energy Solutions AG, Others.

“Europe” had the largest share in the Power to Gas Market.

The global market is projected to grow at a CAGR of 12.5% during the forecast period, 2023-2032.

The Power to Gas Market size was valued at USD 65.4 Million in 2023.

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