Market Overview:
The power-to-gas technology involves the conversion of surplus renewable electric power into hydrogen or methane gas via electrolysis. The process utilizes excess electricity from renewable sources such as wind and solar to produce hydrogen by splitting water through electrolysis. The produced hydrogen can then be stored and transported through existing natural gas infrastructure for use in transport, heating, industry and power generation. The technology enables large-scale and long-term storage of renewable energy which can help balancing energy demand and supply and increasing grid flexibility.
Key Takeaways
The global Power-to-Gas Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing shift towards renewable sources of energy for power generation . Europe dominates currently with over 90% share led by strong government support for hydrogen economy in Germany, France and Netherlands. Major automakers are investing in developing hydrogen fuel cell vehicles creating opportunities for green hydrogen production via power-to-gas routes.
