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Global Power-to-gas Market
Global Power-To-Gas Market was valued at US$ 25.80 Mn in 2019 and is expected to reach US$ 60.80 Mn by 2027, at a CAGR of 11.31 % during a forecast period.
Global Power-To-Gas Market
The report study has analyzed the revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers, and market disrupters in the report, and the same is reflected in our analysis.
The power-to-gas delivers a promising approach to transform renewable power into the green hydrogen and methane renewables sector.
The Power-to-Gas is very much effective for integrating renewables. It provides a rapid and dynamic response to the grid operator’s variations in renewable generation output.
An increase in demand for renewable hydrogen, which has the potential to decarbonize multiple sectors are expected to drive the market growth. The driver for the growth of the market is the cost reduction of electrolyzer technology. According to the International Energy Agency, the electrolyzer stacks are responsible for 50% and 60% of the capital expenditure, and remaining factors like power electronics, gas-conditioning, and plant components are accounting for the remainder of the expenditure. Currently, The CAPEX requirements for alkaline electrolyzers have a range from $500 to $1,400/kWe. The PEM electrolyzers have a range of $1,100 to $1,800/kWe, and SOEC has an estimated range of $2,800 to $5,600/kWe. The costs for high-temperature electrolysis are expected to plunge 80% by 2021. Furthermore, prominent key players are focusing to build a modular renewable methane production. For instance, The Australian Renewable Energy Agency has granted US $1.1 Mn fund to APA Group to build a renewable methane production demonstration plant.
Despite the high cost, the exponential development cost of the technology and installed capacity are indicating that market implementation of power-to-gas is in underway.
Some of the challenges have to be addressed in the Power-To-Gas Market:
Currently, only small power-to-gas plants (up to 10 MW) are in operation. The production of synthetic gases is currently very high. The Electrolysis manufacturing capacity wants to develop for the up scaling challenges. The production cost of gases is largely determined by capital costs. There will be chances of cost reduction because of up-scaling and learning effects. The framework of regulations, market incentives, tariffs have not taken into account for the opportunity of power-to-gas. With the seasonal storage and other technologies around, there is a need for further development and existing obstacles have to be addressed.
Green mobility - the most encouraging market for power-to-gas.
Air quality regulations are increasing the need for hydrogen as a clean fuel for clean transport emissions across the globe. The Energy storage provision has started to become an obligatory requirement in areas like California. The Grid balancing and rapid response demand-side services are offering high proportions integration of renewable energy supply. Also, Auto OEMs are rolling out Fuel Cell Electric Vehicles (FCEVs), which require high purity hydrogen fuel. The Global Hydrogen Refuelling Station infrastructure programmes are underway with remarkable deployment plans. In addition, the price volatility of fossil fuels is driving an industrial substitution to more sustainable chemical processes.
Global energy markets are increasingly recognizing the requirement for the usage of green hydrogen as an energy storage medium and as a transport fuel, chemical fuel, and renewable heat. A number of economies like the Netherlands, Denmark, Germany, Australia, Korea, Japan, China, and the UK have all developed hydrogen roadmaps. In the UK, the Commission for Climate Change (CCC) indicates that there is a requirement of power between 6 and 17GW of electrolysis to achieve its target of net-zero by 2050.
Europe Is Expected to dominant the Power-To-Gas Market.
The massive development of renewable electricity production is underway in some European countries like Denmark and Germany and is expected to a larger extent in Europe during the forecast period. High capacities of power production which are from intermittent sources are expected to drive low spot prices of electricity. It also offers an opportunity for the development of flexible electro-intensive processes. In Europe, the technical validation of power-to-gas has witnessed at the pilot scale, thanks to the series of projects, combined with targets for renewable electricity integration in Europe. The European energy system is undergoing a major transition to reduce carbon emissions. The political RES integration and carbon reduction targets are expected to increase the demand for the power-to-gas technology requirements. The region has put some of the world's highest environmental standards and ambitious climate policies to shape a sustainable future in the power-to-gas market. A climate change and reducing greenhouse gas emissions through efficient renewable energy systems are at the top of the agenda for the maintenance of environment pollution.
Prominent projects in the power to Gas market
In 2018, the hydrogen generation and fuel cell firm Hydrogenics and Enbridge Gas Distribution have started their operation of the 2.5-MW Markham Energy Storage Facility in Canada to deliver regulation services to the regional electricity system operator.
In 2018, The HyDeploy project, which was funded by Ofgem and led by Cadent and Northern Gas Networks have performed trial to establish the potential for blending up to 20% hydrogen into the normal gas supply to reduce carbon dioxide emissions. It will run a live trial of blended gas on part of the University of Keele gas network to determine the level of hydrogen.
Ambitious Future Power-to-Gas Projects
The German transmission grid operator Amprion GmbH and European pipeline owner Open Grid Europe has announced a 100-MW electrolysis plant along with dedicated hydrogen. The companies are expected the projected cost of around €150 million and they want to successfully implement this technology for the German economy on an industrial scale. If the project receives necessary approvals, it could begin operations by 2023.
The industrial hydrogen producer H2V has contracted GE Power’s Grid Solutions business for the turnkey supply of two 225 kV/30 kV substations to feed the first 100-MW H2V Industry production units In Europe. The two projects are expected to feature 26 electrolyzers supplied by HydrogenPro and produce an average of 14,000 tonnes of hydrogen per year. The first unit is expected to be scheduled online in 2021.
Many major players operated in the power-to-gas market includes Hydrogenics, ITM Power, and Electrochaea GmbH are focusing on signing contracts and agreements with end-users and installation of power-to-gas projects to reduce carbon emissions For instance, in 2018, ITM Power installed a 100MW power-to-gas energy storage project that helped the organization to use the hydrogen as a fuel and makes a significant contribution towards decarbonization of the electricity and gas networks across Europe.
The objective of the report is to present a comprehensive analysis of the Global Power-To-Gas Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Power-To-Gas Market dynamics, structure by analyzing the market segments and projects the Global Power-To-Gas Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Power-To-Gas Market make the report investor’s guide.
Scope of the Global Power-To-Gas Market
Global Power-To-Gas Market, By Technology
Global Power-To-Gas Market, By Capacity
• Less than 100 kW
• 100–999 kW
• 1000 kW and Above
Global Power-To-Gas Market, By End User
Global Power-To-Gas Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Power-To-Gas Market
• ITM Power
• McPhy Energy
• MAN Energy Solutions
• Power-to-gas Hungary
• Fuelcell Energy
• Nel Hydrogen
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