IMARC Group

Power-to-gas Market Growth, Trends, Share, and Forecast 2024-2032

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The latest report by IMARC Group, titled “Power-to-gas Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“. offers a comprehensive analysis of the industry, which comprises insights on the global power-to-gas market growth. The global market size reached US$ 39.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 92.9 Million by 2032, exhibiting a growth rate (CAGR) of 9.78% during 2024-2032. Power-to-gas (P2G) is a process that involves converting electrical energy into chemical energy through gas production. It depends on the electrolysis process to produce hydrogen gas, which can be employed as a final energy carrier or converted into synthesis gas, electricity, methane, liquid fuels, or chemicals in the second stage. It helps convert renewable energy into natural gas and store it in the existing infrastructure. In addition, it allows for the long-term storage of energy by converting it into other easily storable energy carriers while lowering the load on the electricity grid through controlled operations. As a result, power to gas is widely employed in commercial, utility, and residential sectors across the globe. Request Your Sample Report Now: https://www.imarcgroup.com/power-to-gas-market/requestsample Power-to-gas Market Trends and Drivers: The market is primarily driven by the rising demand for renewable hydrogen energy sources to reduce carbon emissions. In addition, rapid urbanization, the growing population, and the increasing use of fuel-cell electric vehicles (FCEVs) requiring high-purity hydrogen fuel are contributing to the market growth. In line with this, the escalating demand for hydrogen as a clean fuel in railways, light vehicles, and marine applications to lower greenhouse gas (GHG) emissions is accelerating the product adoption rate. Moreover, the technological advancements in hydrogen production and hydrogen engine technology along with the increasing demand for P2G technology to transport green hydrogen using existing gas transmission infrastructure represents another major growth-inducing factor. Besides this, the increasing application of P2G technology, as it offers higher power storage capacity and longer discharge times and enables the transformation of surplus power from wind farms are creating a positive market outlook. Report Segmentation: The report has segmented the market into the following categories: Technology Insights: Capacity Insights: Use Case Insights: Application Insights: Market Breakup by Region: Competitive Landscape with Key Player: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization. About Us IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise. Contact Us IMARC Group Email: sales@imarcgroup.com USA: +1-631-791-1145 | Asia: +91-120-433-0800 Address: 134 N 4th St. Brooklyn, NY 11249, USA Follow us on Twitter: @imarcglobal