Power-to-Gas Market Size

Power-to-Gas Market size was valued at USD 36.68 billion in 2023 and is set to cross USD 129.66 billion by 2036, registering more than 10.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of Power-to-Gas is evaluated at USD 39.67 billion. Increase in emissions of greenhouse gases across the globe, and rising industrial and household usage of energy are expected to drive significant market growth in the forthcoming years. Furthermore, reduction in capital expenditure (CAPEX) costs for electrolysis process, and escalating number of initiatives to decline carbon foot print around the world are crucial factors projected to offer ample opportunities to the market in the near future.

Along with these, the growth of the market can be attributed to the growing utilization of renewable energy resources for electricity generation, and integrated management of power-to-gas technology. According to the International Energy Agency, the share of wind energy in world electricity generation increased up to 6.7 percent in 2021, up from 5.9 percent and 5.3 percent in 2020 and 2019 respectively.