by Power-to-gas is a technology that allows for the storage of renewable energy in the natural gas grid or transportation fuels through the conversion of water and carbon dioxide into synthetic natural gas osr liquid fuels. This energy storage technology serves as a bridge between the power and gas sectors, enabling the storage of excess electricity from intermittent renewable sources such as solar and wind power for use beyond the point of generation.
The global Power-to-Gas Market is estimated to be valued at US$ 33.96 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for renewable energy storage solutions is projected to boost the power-to-gas market over the forecast period. Power-to-gas technology provides a viable solution for storing surplus renewable energy produced during times when demand is low. With increasing penetration of renewable energy sources with intermittent generation patterns like solar and wind energy, the need for large-scale and long-term energy storage technologies is growing. Power-to-gas helps bridge the supply-demand gap through storage of excess renewable energy in the form of hydrogen or methane. This stored energy can then be used on demand, thereby improving the flexibility and reliability of renewable energy sources.
SWOT Analysis
Strength: The power-to-gas technology enables storage of excess renewable energy which can otherwise go waste. It helps in balancing the demand and supply of energy.
Weakness: High capital cost is involved in setting up power-to-gas plants. Technology is still in developing phase and needs support through policies and incentives.
Opportunity: Increasing share of renewable sources in overall energy mix offers huge growth opportunities for power-to-gas market. Favorable government policies and initiatives to promote renewable sources will drive the adoption.
Threats: Fluctuating feed-in-tariffs and subsidies can impact the power-to-gas projects. Longevity and durability issues related to storage facilities are challenges.
Key Takeaways
The Global Power-To-Gas Market Size is expected to witness high growth over the forecast period supported by favorable policies and initiatives for renewable energy adoption. The market size is projected to reach US$ 33.96 Bn in 2023 and expected to grow at a CAGR of around 12% during 2023-2030 time period.
Regional analysis – Europe currently dominates the global power-to-gas market due to strong support through regulatory push for decarbonization. Germany is the leading country owing to supportive policies. The Asia Pacific region is expected to offer lucrative growth opportunities during the forecast period led by rising renewable installations in China and India.
Key players – Key players operating in the power-to-gas market are Kimberly-Clark Corporation, Essity AB, Georgia-Pacific LLC, Asia Pulp and Paper Group, Procter & Gamble Co., Sofidel Group, CMPC Tissue S.A., WEPA Hygieneprodukte GmbH, Metsä Group, Cascades Inc. The companies are focusing on strategic collaborations and developing large-scale projects to strengthen industry foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
