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.
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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The major strategies adopted by the players include contracts & agreements, new product developments, partnerships & collaborations, mergers & acquisitions, and joint ventures. Contracts & agreements were the most commonly adopted strategy from May 2015 to August 2019.
Hydrogenics is one of the leading global providers of hydrogen generation, energy storage, and fuel cell products, which are based on water electrolysis and Proton-Exchange Membrane (PEM) technologies. The company primarily operates in two business segments, namely, on-site generation and power systems. It offers power-to-gas technology through the on-site generation business segment. Hydrogenics has business synergies with global energy utilities such as Uniper and entered into a joint venture with Enbridge to commercialize power-to-gas technology. In July 2018 Hydrogenics was awarded a contract by IESO to build a multi-megawatt power-to-gas facility in Ontario. This 2.5 MW facility has been designed and built on a 5 MW scalable platform, which features the company’s next-generation PEM electrolyzer technology and has the highest power density and the smallest footprint of any such system in the world.
Another major player in the segment is ITM Power (UK). ITM Power is one of the leading manufacturers of integrated hydrogen energy solutions for grid balancing, energy storage, and production of green hydrogen for transport, renewable heat, and chemicals. The company operates through 4 major business segments, namely, power-to-gas, renewable chemistry, refueling, and others. The power-to-gas business segment accounted for a 50% share of the total revenue generated by the company in 2018. ITM Power has been holding a unique position as one of the key enablers of power-to-gas technology after having supplied the world’s first PEM power-to-gas electrolyzer in 2014, having injected hydrogen into the German gas distribution network for over three years (Thüga power-to-gas plant 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.
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
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