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Growing Use of Renewables for Electricity Generation Globally to Boost Market Growth
Since the last two decades, the global level of greenhouse emissions has witnessed a notable hike. Decarbonization is emerging as a major concern for the energy industry, which is giving rise to the growing usage of renewables for generating electricity. The growth in worldwide renewable electricity generation is assessed to offer ample growth opportunities to the market in the near future.
However, high initial costs of power-to-gas systems is expected to operate as key restraint to the growth of the global power-to-gas market over the forecast period.
Research Nester published a report titled“Power-to-Gas Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global power-to-gas market in terms of market segmentation by technology, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global power-to-gas market is estimated to occupy a large amount of revenue by recording a CAGR of ~10% during the forecast period, i.e., 2022 – 2030, owing to the growing utilization of renewables for generation of electricity, and integrated management of power-to-gas technology across the globe. Apart from these, rising emissions of greenhouse gases, decline in CAPEX costs for electrolysis processes, and increasing industrial and household use of energy are also expected to drive market growth in the forthcoming years.
The market is segmented by technology and end user. Based on technology, the electrolysis segment is predicted to observe the highest growth during the forecast period on the back of growing solar and wind energy generation, and ability of this process to offer dynamic operations. Additionally, by end user, the utilities segment is projected to gather the largest share over the forecast period ascribing to the rising initiatives in the sector to effectively produce hydrogen by the integration of intermittent renewable power sources worldwide.
Geographically, the global power-to-gas market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Europe is evaluated to grab the largest share in the market during the forecast period attributing to the growing number of power-to-gas plants, and high manufacture of electric automobiles in the region. The Europe Environment Agency recorded that 550,000 units of electric cars were registered in Europe in 2019, up from 300,000 units in 2018, representing a rise of 2 percent to 3.5 percent of the total car registrations in the time period. Moreover, Asia Pacific is predicted to register modest market growth over the forecast period in view of the provision of government incentives such as special benefits in new car registrations in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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This report also provides the existing competitive scenario of some of the key players of the global power-to-gas market which includes company profiling of Sunfire GmbH, ENTSOG AISBL, GRT Gaz SA, Siemens AG, Man Energy Solutions SE, Electrochaea GmbH, McPhy Energy S.A., Alliander N.V., DNV GL, E.ON SE, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global power-to-gas market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
The Final Report will cover the impact analysis of COVID-19 on this industry
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