Due to factors like rising market share of renewable energy in power generation, policies supporting technology in hydrogen production, and increased use of CNG and hydrogen in the transportation sector, the global power-to-gas market is anticipated to have significant expansion in the future years. The world's increasing demand for energy cannot be met by the finite resources found in fossil fuel deposits. As a result, there is a growing need for technological ingenuity to meet the rising need for energy. The global power-to-gas market is thus anticipated to grow over the course of the forecast period as a result of this growing movement toward renewable energy sources. The idea of a carbon footprint has raised producers' and consumers' awareness of the amount of carbon dioxide emitted and its effects on the environment. The emphasis on carbon footprint is increasing, which is driving up demand for ecologically friendly items. As a result, there is a growing need for power-to-gas technology to cut down on carbon dioxide emissions globally. Thus, over the course of the forecast period, this is anticipated to fuel expansion in the global power-to-gas market.
Coherent Market Insights projects that with a projected compound annual growth rate (CAGR) of 12.2% from 2023 to 2030, the size of the worldwide Power-To-Gas Market was estimated at US$ 30.27 billion in 2022.
Top Companies in the Power-to-Gas Industry:
1. Aquahydrex, Inc.
The company was started in 2012 and is based in Louisville, Colorado, United States. The company Aquahydrex creates and markets low-cost hydrogen generation methods. AquaHydrex was specifically designed to offer a perfect foundation for creating green hydrogen. A fresh investment round for AquaHydrex was opened in January 2023 with the participation of AP Ventures and Aramco Ventures.
2. MAN Energy Solutions
The company was founded in 2010 and is located in Augsburg, Germany. The company manufactures large-bore gas and diesel engines as well as turbomachinery for stationary, rail, and marine applications, including turbochargers and systems for locomotives and ships. MAN Energy Solutions announced in July 2023 that it will provide compressor trains for Air Products' air-separation unit as part of a new facility for the production of hydrogen and blue ammonia.
3. Electrochaea GmbH
The business was started in 2010 and is based in Munich, Germany. The business creates an innovative and commercially feasible solution for grid balancing, utility-scale energy storage, and carbon recycling.Known as power-to-gas, this innovative grid-scale energy storage technology is being developed by Electrochaea, a cleantech startup.
4. ITM Power PLC
The company was founded in 2001 and is based in Sheffield, United Kingdom. It develops, produces, and incorporates proton exchange membrane (PEM)-based electrolysers to create green hydrogen from tap water and renewable electricity. The sale of a 1.4MW electrolyser to Sumitomo Corporation in March 2021 represented the company's first deployment in Japan.
5. Hydrogenics Corporation
The company was started in 1995 and is located in Mississauga, Canada. The company is a developer and producer of fuel cell and hydrogen generating devices based on water electrolysis and proton-exchange membrane (PEM) technology. The Corporation creates, develops, and produces hydrogen fuel cell and storage systems.
6. Hitachi Zosen Corporation
The company was founded in 1881 and is based in Osaka, Japan. It makes waste treatment facilities, industrial facilities, industrial machinery, tunnel boring equipment, steel mill machinery, steel structures, construction equipment, and power plants. Hitachi Zosen introduced a solid-state battery in March 2021 that it claimed to be the highest of its kind in the world. It had a 1000mAh capacity.
7. EXYTRON GmbH
The company is based in Augsburg, Germany. From this point on until the patent application stage, EXYTRON developed the energy supply system. The company that produces, develops, and sells energy storage-based energy supply systems.
Definition: The Power-to-Gas (P2G) technique converts surplus renewable energy into hydrogen gas via PEM electrolysis. In this approach, hydrogen can take the place of natural gas, reducing greenhouse gas emissions and the demand for high-carbon fuels.
