Power-to-gas Market Size, Share, Industry Growth Analysis 2032

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:

• Renewable Energy Integration:

Increasing integration of renewable energy sources is one of the key factors driving the market growth. As the world moves towards a more sustainable and green energy landscape, there is an increasing adoption of wind, solar, and other renewable resources. The intermittency of renewable energy sources poses a challenge in maintaining a stable power supply. Power-to-Gas technology effectively addresses this issue. This technology allows the surplus electricity generated during peak renewable energy production periods to be converted into hydrogen or synthetic natural gas. This stored energy can be used during periods of low renewable generation, providing grid stability and ensuring continuous power supply. This capability is essential to maintain the reliability of the energy grid and support the wider adoption of renewable energy sources.

• Carbon Emission Reduction:

There is an urgent need to reduce carbon emissions. Governments, industries and environmental organizations around the world are committed to addressing climate change and reducing greenhouse gas emissions. Power-to-Gas technology plays a pivotal role in this effort by enabling the production of green hydrogen and synthetic natural gas. Green hydrogen is produced by electrolyzing water using surplus renewable electricity and is a clean and sustainable alternative to fossil fuel-derived hydrogen. It can be used as a carbon-neutral energy source in a variety of sectors, including transportation, industry and power generation. Replacing traditional fossil fuels with green hydrogen significantly reduces carbon emissions and contributes to a more sustainable energy future.

• Energy Storage Solutions:

The growing demand for efficient energy storage solutions is positively impacting the market outlook. Energy storage plays a key role in maintaining grid stability, managing energy supply-demand imbalances, and ensuring reliable power supply. Power-to-Gas technology offers a versatile and effective means of energy storage. Hydrogen produced by Power-to-Gas acts as an excellent energy carrier and storage medium. Hydrogen can be stored for long periods without significant losses, making it a valuable asset for grid operators and utilities. During times of excess electricity generation, such as sunny or windy days, the surplus energy can be converted into hydrogen and effectively stored for later use.

Leading Companies Operating in the Global Power-To-Gas Industry:

• Electrochaea GmbH
• Exytron GmbH
• Hitachi Zosen Inova AG (Hitachi Zosen Corporation),
• Ineratec GmbH
• ITM Power plc
• McPhy Energy SAS
• MicroPyros BioEnerTec GmbH
• Nel ASA
• Power-to-Gas Hungary Kft
• Uniper SE

Power-To-Gas Market Report Segmentation:

By Technology:

• Electrolysis
• Methanation

Electrolysis represents the largest segment as it is widely employed for various laboratory operations.

By Capacity:

• Less Than 100 kW
• 100–999 kW
• 1000 kW and Above

1000kW and above exhibits a clear dominance in the market. They are used for addressing the energy challenges of large-scale industrial operations, grid stabilization, and the transition to cleaner energy sources.

By Use Case:

• Wind
• Solar
• Biomass

Solar holds the biggest segment, owing to its widespread availability and efficiency.

By Application:

• Residential
• Commercial
• Utility

Utility accounts for the majority of the market share due to its critical role in ensuring the reliable supply of electricity to consumers.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Europe’s dominance in the power-to-gas market is attributed to investment in diversifying energy production and rising focus on reducing the carbon footprint of industries.

Global Power-To-Gas Market Trends:

In the energy sector, the trend towards decentralization continues, fueling market growth. Traditional centralized generation and distribution systems are being replaced by more decentralized and distributed energy resources. This change is driven by factors such as rooftop solar panels, small-scale wind turbines, and the increasing adoption of microgrids.

Power-to-gas technology fits seamlessly into this distributed energy environment. It enables distributed energy resources, such as residential solar panels, to convert excess electricity locally into hydrogen or synthetic natural gas. This decentralization allows individual consumers and businesses to store and manage energy more efficiently. It also reduces strain on centralized grids during peak demand periods, making the grid more resilient overall.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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