Power-to-gas Market

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

Report Code: EP 7371 Oct, 2019, by marketsandmarkets.com

[174 Pages Report] 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. The growth is attributed to the effective utilization of renewable energy resources and integrated management of power and gas network. The increase in capacity of renewable energy together with the need to reduce carbon emissions has led to a rise in the implementation of power-to-gas technology.

Power-to-gas Market

The electrolysis segment is expected to be the largest contributor to the power-to-gas market, by technology, during the forecast period

The power-to-gas market is segmented, by technology, into electrolysis and methanation. The electrolysis segment is projected to hold the largest market share by 2024. This is because of its dynamic operations and the ability to effectively integrate electricity from fluctuating renewable energy sources such as wind and solar.

The 1000 kW and above segment is expected to be the fastest-growing market during the forecast period

The power-to-gas market, by capacity, is segmented into less than 100 kW, 100–999 kW, and 1000 kW and above. 1000 kW and above capacity is highly preferred because of growing commercialization and implementation of several MW size projects of power to gas technologies and demand from utilities and industrial end-users.

The utilities segment is expected to be the fastest-growing market for the power-to-gas market, by end-user, during the forecast period

The power-to-gas market has been categorized, based on end-user, into commercial, utilities, and industrial.  The utilities segment is growing as power and gas utilities are looking to effectively produce hydrogen by integrating intermittent renewable power sources and have the flexibility of power system operations.

Power-to-gas Market

Europe is expected to be the largest market during the forecast period

In this report, the power-to-gas market has been analyzed with respect to three regions, namely, North America, Europe, and Asia Pacific. Europe is estimated to be the largest market from 2019 to 2024. This is because power-to-gas technology is expected to play a significant role in stabilizing the region’s energy supply and offsetting fluctuating power generation from renewable energy sources. Germany has seen a rising demand for power-to-gas technology, with the growing need for hydrogen from chemical, industrial and fuel cell transportation demand in the country.

Key Market Players

The major 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), ThyssenKrupp (Germany), Electrochaea (Germany), Exytron (Germany), and GreenHydrogen (Denmark).

Hydrogenics (Canada) is a key player in this segment. The company actively focuses on inorganic strategies to increase its global market share. For instance, in March 2017, Hydrogenics entered into an agreement with Wind to Gas Südermarsch in Germany to deliver a 2.4 MW PEM power-to-gas system for hydrogen production. This 2.4 MW facility would significantly help reduce emissions using renewable hydrogen.

Another major player in the market is the ITM Power(UK). The company opts for partnerships as its inorganic business strategy for increasing its clientele base globally. For instance, in September 2018 ITM Power in partnership with INOVYN, Storengy, Cadent, and Element Energy deployed a 100+ MW power-to-gas energy storage project “Project Centurion” in Runcorn, Cheshire, UK.

Scope of the Report

Report Metric

Details

Market size available for years

2017–2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Value (USD)

Segments covered

Technology, Capacity, End-User, and Region

Geographies covered

North America, Europe, and Asia Pacific

Companies covered

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)

This research report categorizes the power-to-gas market by technology, capacity, end-user, and region.

The power-to-gas market, by technology, has been segmented as follows:

  • Electrolysis
  • Methanation

The power-to-gas market, by capacity, has been segmented as follows:

  • Less than 100 kW
  • 100–999 kW
  • 1000 kW and Above

The power-to-gas market, by end-user, has been segmented as follows:

  • Commercial
  • Utilities
  • Industrial

The power-to-gas market, by region, has been segmented as follows:

  • North America
  • Europe
  • Asia Pacific

Key Questions Addressed by the Report

  • What are the revolutionary technology trends that will be seen over the next five years?
  • Which of the power-to-gas market elements will lead by 2024?
  • Which of the type segment will have the maximum opportunity to grow during the forecast period?
  • Which will be the leading region with the highest market share by 2024?
  • How are companies implementing organic and strategies to gain increased market share?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction

2 Research Methodology

3 Market Overview
    3.1. Introduction
    3.2. Market Segmentation
           3.2.1. By Technology
           3.2.2. By Capacity
           3.2.3. By Application
           3.2.4. By Region
    3.3. Market Dynamics
           3.3.1. Drivers
                    3.3.1.1. Effective Utilization of Renewable Energy Resources
                    3.3.1.2. Integrated Management of Power and Gas Networks
           3.3.2. Restraints
                    3.3.2.1. High Capital Cost of P2g Systems
                    3.3.2.2. Low Efficiency and Energy Loss
           3.3.3. Opportunities
                    3.3.3.1. Potential Use of Hydrogen in Mobility Solutions
                    3.3.3.2. Hydrogen as A Natural Gas Substitute
           3.3.4. Challenges
                    3.3.4.1.  Regulational Limit for Hydrogen Blending in Natural Gas Networks
                    3.3.4.2.  Availability of Low Cost Natural Gas and Battery Technologies

4 Global Power-to-gas Market, By Technology (USD Million - 2017, 2018, 2019-E, 2024-P) 
    4.1. Introduction
    4.2. By Electrolysis
           4.2.1. Alkaline Water Electrolysis
           4.2.2. Proton Exchange Membrane Technology (PEM)
           4.2.3. Solid Oxide Electrolyzer Cell (SOEC)
    4.3. By Methanation
           4.3.1. Chemical
           4.3.2. Biological

5 Global Power-to-gas Market, By Capacity (USD Million - 2017, 2018, 2019-E, 2024-P) 
    5.1. Introduction
    5.2. Less Than 100 kW
    5.3. 100 to 999 kW
    5.4. 1000 kW and Above

6 Global Power-to-gas Market, By End-User (USD Million - 2017, 2018, 2019-E, 2024-P) 
    6.1. Introduction
    6.2. Commercial
    6.3. Utilities
    6.4. Industrial

7 Global Smart Meters Market, By Region (USD Million - 2017, 2018, 2019-E, 2024-P)
*(Country Level Information for All the Countries Would Be `Same as Mentioned for European Countries)
    7.1. Europe
           7.1.1. By Technology Type
           7.1.2. By Application
           7.1.3. By Capacity
           7.1.4. By Country
                    7.1.4.1. Germany
                               7.1.4.1.1. By Technology
                                             7.1.4.1.1.1. Electrolyis
                                                              7.1.4.1.1.1.1. Alkaline Water Electrolysis
                                                              7.1.4.1.1.1.2. PEM
                                                              7.1.4.1.1.1.3. SOEC
                                             7.1.4.1.1.2. Methanation
                                                              7.1.4.1.1.2.1. Chemical
                                                              7.1.4.1.1.2.2. Biological
                               7.1.4.1.2. By Capacity
                                             7.1.4.1.2.1. Less Than 100kW
                                             7.1.4.1.2.2. 100 to 999kW
                                             7.1.4.1.2.3. 1000kW and Above
                               7.1.4.1.3. By End-User
                                             7.1.4.1.3.1. Commercial
                                             7.1.4.1.3.2. Utilities
                                             7.1.4.1.3.3. Industrial
                    7.1.4.2. UK
                    7.1.4.3. Denmark
                    7.1.4.4. France
                    7.1.4.5. The Netherlands
                    7.1.4.6. Switzerland
                    7.1.4.7. Rest of Europe
*(Rest of Europe Includes:- Norway, Sweden, and Italy)
    7.2. North America
           7.2.1. By Technology Type
           7.2.2. By Application
           7.2.3. By Capacity
           7.2.4. By Country
                    7.2.4.1. US*
                               7.2.4.1.1. By Technology
                    7.2.4.2. Canada
                               7.2.4.2.1. By Technology
    7.3. Asia Pacific
           7.3.1. By Technology Type
           7.3.2. By Application
           7.3.3. By Capacity
           7.3.4. By Country
                    7.3.4.1. China
                    7.3.4.2. Japan
                    7.3.4.3. Australia
                    7.3.4.4. Rest of Asia Pacific
*(Rest of Asia Pacific  Includes:- Thailand and Malaysia)

8 Competitive Landscape
    8.1. Overview
    8.2. Competitive Leadership Mapping
           8.2.1. Terminology/Nomenclature
                    8.2.1.1. Visionary Leaders
                    8.2.1.2. Dynamic Differentiators
                    8.2.1.3. Emerging Companies
                    8.2.1.4. Innovators
    8.3. Competitive Situation & Trends
           8.3.1. Market Share/Ranking of Top 5 Companies
           8.3.2. Contracts & Agreements
           8.3.3. Expansions
           8.3.4. Mergers & Acquisitions/Joint Ventures

9 Company Profiles
    9.1. Introduction
    9.2. Hydrogencis
           9.2.1. Business Overview
           9.2.2. Product Offering
           9.2.3. SWOT Analysis
           9.2.4. Recent Developments
           9.2.5. MnM View
    9.3. ITM Power
    9.4. Mcphy Energy
    9.5. Siemens
    9.6. MAN Energy Solutions
    9.7. NEL Hydrogen
    9.8. Thyssenkrupp 
    9.9. Electrochaea 
    9.10. Exytron
    9.11. Greenhydrogen
    9.12. Hitachi Zosen Inova Etogas
    9.13. Ineratec
    9.14. Socalgas
    9.15. Micropyros
    9.16. Uniper Energy
    9.17. Carbotech
    9.18. Aquahydrex
    9.19. Power-to-gas Hungary
    9.20. Fuellcell Energy
    9.21. Avacon

10 Appendix

This study involved four major activities in estimating the current size of the power-to-gas market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through rigorous primary research. Both top-down and bottom-up approaches were used to estimate the total market size. The market breakdown and data triangulation techniques were employed to estimate the market size of the segments and the corresponding subsegments.

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases such as industry publications, several newspaper articles, Statista Industry Journal, Factiva, and power-to-gas journal to identify and collect information useful for a technical, market-oriented, and commercial study of the power-to-gas market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases. 

Primary Research

The power-to-gas market comprises several stakeholders such as companies related to the industry, consulting companies in the energy and power sector, power generation companies, government & research organizations, organizations, forums, alliances & associations, power-to-gas technology providers, state & national utility authorities, dealers & suppliers, and vendors. The demand side of the market is characterized by the Year-on-Year addition of power-to-gas technologies across the countries and regions considered under the scope. Also, estimation of investments by technology manufacturers in power-to-gas technologies with respect to the new installations across countries and regions were considered. Moreover, the demand is also driven by the effective utilization of renewable energy resources and integrated management of power and gas networks across the globe. The supply side is characterized by the increasing demand for contracts & agreements and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is given below:

Power-to-gas Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global power-to-gas market and its dependent submarkets. These methods were also extensively used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the power-to-gas sector.

Report Objectives

  • To define, describe, segment, and forecast the power-to-gas market on the basis technology, capacity, end-user, and region
  • To provide detailed information on the major factors influencing the growth of the power-to-gas market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the power-to-gas market with respect to individual growth trends, prospects, and contributions of each segment to the market
  • To analyze market opportunities for stakeholders and to provide a detailed competitive landscape for market leaders
  • To forecast the revenue of the market segments with respect to 3 main regions (along with countries), namely, North America, Europe, and Asia Pacific.
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies
  • To track and analyze competitive developments such as new product launches, contracts & agreements, expansions, and mergers & acquisitions in the power-to-gas market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Regional Analysis

  • Further breakdown of region or country-specific analysis

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
Report Code
EP 7371
Published ON
Oct, 2019
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