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IMARC Group's report titled "Power-to-gas Market by Technology (Electrolysis, Methanation), Capacity (Less Than 100 kW, 100–999 kW, 1000 kW and Above), Use Case (Wind, Solar, Biomass), Application (Residential, Commercial, Utility), and Region 2024-2032". The global power-to-gas market size reached US$ 39.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 92.9 Million by 2032, exhibiting a growth rate (CAGR) of 9.78% during 2024-2032.
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Factors Affecting the Growth of the Power-To-Gas Industry:
As renewable energy sources like wind and solar is becoming more prevalent, their intermittent nature creates challenges for grid operators in maintaining grid stability and balancing supply and demand. Power-to-gas technologies provide a means to store excess renewable electricity during periods of high generation and supply it during periods of low generation, thereby smoothing out fluctuations and stabilizing the grid. Unlike many other forms of energy storage, power-to-gas can store energy over longer durations, making it suitable for seasonal storage needs. This is crucial for areas with seasonal variations in renewable energy production, such as regions with high solar production in summer and low production in winter.
Innovations in electrolysis technology, which is used to split water into hydrogen and oxygen, have led to increased efficiency and reduced energy consumption. Higher efficiency electrolyzers translate to lower costs of producing hydrogen from renewable electricity, making power-to-gas systems more economically viable. Technological advancements in methanation processes, where hydrogen is combined with carbon dioxide to produce synthetic methane (natural gas substitute), are improving efficiency and lowering the costs of synthetic methane production. This makes synthetic methane a competitive option for energy storage and distribution.
Renewable energy sources like wind and solar are intermittent, meaning their output fluctuates based on weather conditions. Power-to-gas technologies offer a way to store excess electricity generated during periods of high renewable energy production, such as sunny or windy days, for use during periods of low generation, thereby smoothing out supply fluctuations. Integrating large amounts of intermittent renewable energy into the grid can pose challenges to grid stability and reliability. Power-to-gas systems act as flexible energy storage solutions that can be deployed quickly to balance supply and demand, helping to stabilize the grid and ensure a reliable electricity supply.
Explore full report with table of contents: https://www.imarcgroup.com/power-to-gas-market
Leading Companies Operating in the Global Power-To-Gas Industry:
Power-To-Gas Market Report Segmentation:
By Technology:
Electrolysis represents the largest segment as it is the primary method for producing hydrogen in power-to-gas systems, leveraging advancements in efficiency and scalability to lead the market.
By Capacity:
1000 kW and above account for the majority of the market share due to economies of scale and their ability to provide substantial energy storage and grid stabilization capabilities in power-to-gas applications.
By Use Case:
Solar exhibits a clear dominance in the market owing to its intermittent nature aligns well with the storage capabilities of power-to-gas, making it a prominent choice for integrating renewable energy sources into the grid.
By Application:
Utility holds the biggest market share. Utilities leverage power-to-gas technologies to stabilize the grid, manage peak demand, and integrate renewable energy sources effectively, driving their significant market presence.
Regional Insights:
Europe enjoys the leading position in the market on account of its robust policy support, strong investments in renewable energy infrastructure, and ambitious decarbonization goals position it as the frontrunner in adopting and deploying power-to-gas technologies.
Global Power-To-Gas Market Trends:
The increasing integration of renewable energy sources is driving the demand for energy storage solutions like power-to-gas to manage intermittency and enhance grid stability. Continued innovations in electrolysis and methanation technologies improve efficiency, reduce costs, and expand the scalability of power-to-gas systems. Government incentives, subsidies, and regulations promoting renewable energy integration and decarbonization bolster market growth for power-to-gas technologies. Power-to-gas enables sector coupling by converting renewable electricity into hydrogen or synthetic methane for applications in transportation, industry, and heating, thereby supporting broader decarbonization efforts.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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