Market Size of Europe Power to Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Power to Gas Market Analysis
The Europe Power to Gas market is expected to register a CAGR of more than 2% during the forecast period of 2022-2027. Due to the COVID-19 pandemic, the sector witnessed a significant negative impact, as market is in its nascent stages and persistent lockdowns hampered the development. While still the market is in a nascent stage, power-to-gas (PtG) technology is one of the few viable options for energy storage solutions. Converting excess renewable energy into methane and hydrogen allows storing high amount of energy for a long time in the existing gas infrastructures. Further, rising carbon dioxide emission concerns and efforts to decarbonise the energy system would aid the Europe Power to Gas market. However, intense competition from battery energy storage system would be a major restraint to the market.
- Power-to-Hydrogen is the most popular method to convert electricity to gas and hydrogen is a clean fuel which is preferred over methane.
- The promotion of hydrogen based energy in emerging markets to create oppurtunities as it is a clean energy sources which would aid the market.
- Germany is one of the major countries in European power to gas market as hydrogen consumption by various sector such as fertilizers and chemical industries.
