The growing demand for renewable sources of energy and increasing consumption of hydrogen in the transportation sector are driving the demand of the market.
— Emergen Research
The growth of this market can be attributed to the increasing demand for electricity owing to rapid urbanization. Both the transportation and industrial sector has increasingly adopted renewable sources of energy. Moreover, the increasing preferences of the industrial segment towards cleaner sources of energy in order to reduce their dependency on fossil fuel-based power generation and be more energy efficient in the future is expected to drive the demand of the system over the forecast period.
The recent reduction in the prices of the renewable sources of energy is a key contributing factor behind the increasing demand of the system. Increasing government initiatives to reduce the carbon emission levels and increase the adoption of renewable energy resources will offer lucrative opportunities to the market players.
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As well as new entrants in the Power to Gas market. It focuses on the recent mergers & acquisitions, joint ventures, collaborations, partnerships, licensing agreements, brand promotions, and product launches, among others.
Key participants include ITM Power, Hydrogenics, Siemens, Nel Hydrogen, McPhy Energy, MAN Energy Solutions, Carbotech, SoCalGas, Uniper, and ThyssenKrupp, among others.
One of the report’s central components is the broad Power to Gas market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report.
The electrolysis segment is forecasted to grow with the fastest CAGR of 10.3% over the forecast period and accounted for the largest market share in 2019. The growing consumption of hydrogen in the transportation sector due to its higher efficiency and lower emission levels properties has resulted in the growth of the segment.
The Industrial segment is expected to register significant growth over the forecast period due to their increasing initiatives of utilizing cleaner sources of energy in order to be energy efficient in the future.
Europe region accounted for the largest market share of the Power to gas market in 2019 and is expected to be the fastest-growing region over the forecast period. The growth of the region is mainly due to the presence of the key market players like ITM Power, Siemens, McPhy Energy, and many others.
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The global Power to Gas market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Power to Gas sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Emergen Research has segmented the global Power to Gas Market on the basis of Technology, End-User, and region:
Technology Outlook (Revenue, USD Million; 2017-2027)
Methanation (Power-to- methane)
Electrolysis (Power-to- Hydrogen)
End-user Outlook (Revenue, USD Million; 2017-2027)
Regional Bifurcation of the Power to Gas Market Includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Power to Gas market?
What are the key product types and applications of the Power to Gas industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
What is the competitive landscape of the Power to Gas market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
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Article originally published on www.einpresswire.com as Power to Gas Market Revenue, Statistics, Industry Growth and Demand Analysis Research Report by 2027
originally published at Energy Archives - Social Gov
This news story originally appeared at Energy Archives - Social Gov on 30 June 2022