Power-To-Gas Market Updates

Power-To-Gas Market size was valued at USD 39.22 Million in 2023 and is poised to grow from USD 43.63 Million in 2024 to USD 102.31 Million by 2032, growing at a CAGR of 11.24% during the forecast period (2025-2032).

The power-to-gas industry is characterized by fierce competition among leading energy companies, innovative startups and technology providers, are trying to capture this rapidly growing segment. This segment has allowed companies in this market to participate in the renewable energy ecosystem. Leading players such as Siemens Energy, Hydrogenics (part of Cummins Inc.), ThyssenKrupp and McPhee Energy dominate the market with their combination of advanced electro cooking technologies and P2G solutions. For example, Siemens Energy partnered with Uniper of Germany to develop large green hydrogen production facilities, a critical step toward decarbonizing power generation and industrial processes. 'Hydrogenics', 'ITM Power', 'McPhy Energy', 'Fuelcell Energy', 'Nel Hydrogen', 'ThyssenKrupp', 'Electrochaea', 'Carbotech', 'Power-to-gas Hungary', 'Aquahydrex', 'Ineratec', 'Exytron', 'GreenHydrogen', 'Hitachi Zosen Inova Etogas', 'Siemens', 'MAN Energy Solutions', 'Uniper', 'Micropyros', 'Socalgas'

Transition to Renewable Energy

Communication and Industrial Decarbonization: The integration of P2G into industrial decarbonization efforts is emerging as a key market trend. High-carbon industries such as steel, chemicals and cement are increasingly adopting P2G solutions to replace fossil fuels with hydrogen. This shift not only reduces greenhouse gas emissions but makes P2G a cornerstone to reach technically identical goals.

North America dominates the market and supplies most of the power generation gas (P2G). North America is leading a robust renewable energy cycle, with wind and solar power expanding rapidly. This creates more renewable electricity that can be used for P2G systems, supporting the region’s transition to sustainable energy solutions. In the U.S., initiatives such as the Department of Energy's Hydrogen Program and partnerships between utilities and renewable energy developers are promoting P2G projects. For instance, the Advanced Clean Energy Storage project in California aims to demonstrate large-scale renewable hydrogen production through electrolysis.