Market Leaders:
The global power-to-gas market is expected to grow from an estimated USD 26 million in 2019 to USD 42 million by 2024, at a CAGR of 10.1% during the forecast period. The growth of this market is driven by the effective utilization of renewable energy resources and integrated management of power and gas networks. In recent years, the increase in the capacity of renewable energy together with the need for reducing carbon emissions has led to the development of new technologies like power-to-gas, which could be used for the efficient use of the renewable energy produced. The prices of renewable energy resources are decreasing because of technological changes and mass production.
The global power-to-gas market is dominated by a few major players that have an extensive regional presence. The leading players in the power-to-gas market are Hydrogenics (Canada), ITM Power (UK), McPhy Energy (France), Siemens (Germany), MAN Energy Solutions (Germany), Nel Hydrogen (Norway). Electrochaea, thyssenkrupp, Exytron, GreenHydrogen, Hitachi Zosen Inova ETOGAS, Ineratec, SoCalGas, Uniper, MicroPyros, Carbotech, Power-to-Gas Hungary, AquaHydrex, Fuel Cell Energy, and Avacon are some of the other key players in the market.
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The major strategies adopted by the players include contracts & agreements, new product developments, partnerships & collaborations, mergers & acquisitions, and joint ventures. Contracts & agreements were the most commonly adopted strategy from May 2015 to August 2019.
Hydrogenics is one of the leading global providers of hydrogen generation, energy storage, and fuel cell products, which are based on water electrolysis and Proton-Exchange Membrane (PEM) technologies. The company primarily operates in 2 business segments, namely, on-site generation and power systems. It offers power-to-gas technology through the on-site generation business segment. Hydrogenics has business synergies with global energy utilities such as Uniper and entered into a joint venture with Enbridge to commercialize power-to-gas technology. The company’s on-site generation business segment is predominantly based in Oevel, Belgium. In power-to-gas offerings, the company specializes in modular PEM stack electrolyzer, which is the most power-dense unit in the world and is ideally suited for large-scale, multi-megawatt energy storage applications. The company has installed over 16 MW of power-to-gas capacity plants across 12 reference sites in Europe, Asia, and North America. To further enhance its capabilities, Hydrogenics has increased its spending on R&D, primarily for multi-megawatt energy storage projects, specifically for the power-to-gas facility. The company is increased capital expenditure on a 2.5 MW power-to-gas joint venture with Enbridge. In addition, the company is also investing significantly in the construction of hydrogen fueling stations. Hydrogenics has a global presence with manufacturing plants in Canada and Belgium, supported by satellite facilities in Germany and the US, and operational offices in Russia and Indonesia. In July 2018 Hydrogenics was awarded a contract by IESO to build a multi-megawatt power-to-gas facility in Ontario. This 2.5 MW facility has been designed and built on a 5 MW scalable platform, which features the company’s next-generation PEM electrolyzer technology and has the highest power density and the smallest footprint of any such system in the world.
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Another major player in the segment is ITM Power (UK). ITM Power is one of the leading manufacturers of integrated hydrogen energy solutions for grid balancing, energy storage, and production of green hydrogen for transport, renewable heat, and chemicals. The company operates through 4 major business segments, namely, power-to-gas, renewable chemistry, refueling, and others. ITM Power has been holding a unique position as one of the key enablers of power-to-gas technology after having supplied the world’s first PEM power-to-gas electrolyzer in 2014, having injected hydrogen into the German gas distribution network for over 3 years (Thüga power-to-gas plant). ITM collaborated with 13 companies of the Thüga Group that have combined their expertise and capital in this project platform to jointly invest in the development of power-to-gas storage technology. In 2018, the company also received a grant to undertake a multi-megawatt power-to-gas feasibility study that focused on assessing the potential for power-to-gas systems for energy storage and hydrogen fuel in the Massachusetts region in the US. ITM Power collaborated with Holyoke Gas and Electric (HG&E), a local gas and electricity utility for carrying out this feasibility study. ITM Power implemented various projects across countries in the North American and European regions. Also, the company was benefitted from the funding of EU bodies, which has helped accelerate research activity as well as the infrastructure development. For instance, in 2012, the company received a grant of USD 1.7 million to develop the supply chains for PEM electrolyzer components. The company has 2 main sites in Sheffield, UK. In July 2019, ITM Power partnered with Mitsui & Co., Chiyoda Corporation, and BC Hydro in a techno-economic feasibility 300 MW study for the large-scale centralized production of renewable hydrogen in the Province of British Columbia.
