Rising Power-To-Gas Market: Green Hydrogen and Energy Storage Solutions Driving Growth
Key Ideas
- The global power-to-gas market is projected to reach USD 91.97 Million by 2031, growing at a CAGR of 11.24% driven by the increasing demand for green hydrogen and energy storage solutions.
- The growth is propelled by the utilization of renewable energy for power generation, integrated management of power-to-gas technology, and the potential usage of hydrogen in mobility and as a natural gas substitute.
- Electrolysis technology dominates the market due to its efficiency and environmental benefits, with rising public awareness of greenhouse emissions further boosting its demand. R&D investments in energy-efficient technologies are also contributing to its growth.
- The necessity for efficient energy storage solutions to address intermittent renewable energy sources is fueling market expansion, with an emphasis on carbon neutrality and development of electrolysis technologies.
SkyQuest Technology Consulting Pvt. Ltd. projects a significant growth in the global power-to-gas market, expecting it to rise from USD 39.22 Million in 2023 to USD 91.97 Million by 2031, with a CAGR of 11.24% during the forecast period (2024-2031). This growth is attributed to various factors such as the increasing use of renewable energy resources for power generation, the growing importance of integrated power-to-gas technology, and the rising demand for green hydrogen across different sectors to reduce carbon emissions. Moreover, the potential applications of hydrogen in mobility solutions and as an alternative to natural gas are providing substantial opportunities for market expansion. The need for efficient energy storage solutions to manage intermittent renewable energy sources is also contributing to the market's growth trajectory. The electrolysis segment, which is a key technology in power-to-gas systems, is witnessing significant growth due to its efficiency, widespread availability, and environmental benefits. Public awareness about greenhouse gas emissions and the shift towards carbon-neutral technologies are further driving the demand for electrolysis. Additionally, investments in research and development activities focused on energy-efficient technologies are playing a crucial role in advancing electrolysis technologies and promoting energy storage. The report highlights the importance of addressing greenhouse emissions and the expansion of hydrogen infrastructure as key market opportunities, while emphasizing the role of technological advancements in promoting the adoption of electrolysis-based processes.
Topics
Utilities
Renewable Energy
Technology
Energy Storage
Global
Electrolysis
Market Growth
Greenhouse Emissions
R&D
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