Power-to-X Market: Global Industry Analysis and Forecast (2024-2030)

  • Power-to-X Market size was valued at USD 275 Mn. in 2023 and the total Power-to-X Market size is expected to grow at a CAGR of 11% from 2024 to 2030, reaching nearly USD 571 Mn. by 2030.

  • Format : PDF | Report ID : SMR_2108

Power-to-X Market Overview

Power-to-X (also known as PtX or P2X) is a collective term for conversion technologies that turn electricity into carbon-neutral synthetic fuels, such as hydrogen, synthetic natural gas, liquid fuels, or chemicals. Power-to-X tech enables storage of excessive renewable power and lowers the cost of financing decarbonization through offering a way of creating sustainable chemicals and fuels. For example, solar and wind derived renewable power that is not put to use effectively can be employed in driving technologies for splitting water into hydrogen.

 

Power-to-X technology and associated products can be introduced and this can help integrate power solutions that come from renewable sources in sectors that heavily rely on energy such as transportation, agriculture, chemicals, and manufacturing hence reducing the need for fossil fuels that cannot be renewed.

 

The global power-to-X market grows because of the greater need for renewable energy sources to minimize the impact of global warming and control carbon dioxide emissions. In addition, the search for energy independence and its safety necessitates the development of energy storage systems, including power-to-X, which will guarantee a reliable supply and diminish potential hazards related to power, hence speeding up the growth of the market.

 

Power-to-X technologies become highly efficient and cost-effective with enhanced advancements in electrolysis and other conversion processes rendering them attractive for wider use thereby accelerating their market growth. Additionally, market growth is also being fueled by supportive government policies through incentives and regulatory frameworks, as well as the increasing interest among sectors such as transportation and industrial processes in decarbonizing.

Power-to-X Market

 

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Power-to-X Market Dynamics

The rise in energy demand has been steady ever since the population started exploding and industrialization followed. Therefore, there’s been a depletion of fossil fuels whose impact has been detrimental to the environment. Currently, environmental issues on greenhouse gas emission are pushing world economies to switch to sustainable & fossil free energy sources gradually. In order to achieve their decarbonization and greenhouse-gas control objectives, some countries are shunning the use of fossil fuels but the renewable energy generation is still insufficient to meet the massive demand for energy.

 

For instance, the BP Statistical Review of World Energy states that fossil fuels meet ~80% of the global primary energy demand. Also, fossil fuels are non-renewable and are bound to deplete over time due to unrestricted and excessive mining. Hence, the need to develop alternatives to improve recycling of waste heat and efficiency of converting energy arises urgently. Therefore, this development would boost further acceptance of renewable energies. However, for this transition to succeed, significant issues related to renewable energy storage have to be addressed, thus presenting a rewarding opportunity for the growth of power-to-X technologies.

 

The Power-to-X Market is expected to be obstructed by a lack of knowledge regarding e-fuels and e-fertilizers. When there is damage in the supply chain, the conversion process is lengthy and this negatively affects the market. Additionally, the high costs that come with supporting research and development activities serve as a barrier to the adoption of power-to-x technology. Still, it remains that this technology is in its infancy, so a lot can be done to solve these issues, improving it or needing to move more towards an entirely sustainable system

 

The growing need for eco-friendly chemicals and biofuels is one area where the Power to X market has some real potential, this is primarily due to the efforts made internationally to cut down on carbon dioxide gases and fight against climatic alterations. Power-to-X technologies can provide an effective answer to industrial processes or sources of energy that are acyanogen, notably those linked with steelmaking, airplane making and shipping by producing clean hydrogen, e-fuels, etc., enabling decarbonization efforts by both governments.

 

Besides, power to x technologies integration could also make energy security better for all people who need something better done about this important thing or matters involving it (power to X also helps to reduce reliance on fossil fuels available elsewhere instead of where they are needed most). This makes sense especially in areas like Africa where there is little oil but plenty of sun. And as such it adds more locally based economies into an equation already marked by general trends towards independence as well as safety in terms of power.

 

Power-to-X Market Segment Analysis:

Based on Technology, In the power-to-H2 sector, the upsurge in demand for green hydrogen as an all-purpose fuel and industrial feedstock is driving it plus the rising need for incorporation of renewable energy sources. The increment of the power-to-CO/syngas/formic acid segment derives impetus from its possibility of facilitation of carbon-neutral synthesis of important chemicals and fuels in line with the objectives of sustainability.

 

The power-to-NH3 segment is being driven by the necessity for ammonia that is critical in the manufacture of fertilizers and therefore becomes inevitable that power-to-X provides an alternative path for producing ammonia using renewal energy sources. While power-to-methane's segment is growing due to its capabilities in ensuring there are mechanisms of storing excess renewable power which are then injected into already existing infrastructure projects on natural gases. The role of methanol as both a fuel and chemical feedstock is underlined by its use in the power-to-methanol segment.

 

Furthermore, the growth of the power-to-H2O2 sector is due to the high demand for hydrogen peroxide in different industries as well as power-to-X technologies which are environmentally friendly in nature.

Power-to-X Market1

Power-to-X Market Regional Insights:

The Europe Power-to-X market dominated by the European region has its significance in terms of being able to contribute majorly towards revenue generation. The region has been an emerging giant in the world power to X global market given that it is one of the leading centers for industrialization and urbanization globally. It is a technology hub continually producing a wide range of products that are mostly dependent on Power-to-X. The need for Power-to-X in transportation and domestic use among others cannot be underestimated. As such, the production scale across different industries within this area which creates significant demand for Power-to-X only strengthens their position as leaders in this field.

 

Additionally, the aim of the UK to improve its offshore wind power generating capacities is combined with specific geographic and network boundaries that help in realizing how excess renewable energy from time to time can be taken up, when want is low. Power-to-X can reshape it, making low carbon fuels, and goods that may serve for domestic use or get exported to markets across the globe resulting in the decarbonization of present future markets requirements for alternative choices. This unlocks the potential. This unlocking necessitates understanding the constraints that revolve around linking the hydrogen supply and demand and also the necessary financial incentives or support to build this emerging market.

 

However, the transportation sector is increasing its energy demand in North America making the as most populous country dependent on carbon-based fossil fuel. This requires converting and transmitting power. In the United States, a new rural energy program has been introduced that involves the integration of agricultural products, which also earn at least 50% of their income from farm-related activities. This is about power generation within an enclosed cycle of electric and hydrogen systems.

Power-to-X Market2

Power-to-X Market Competitive Landscape

  • January 2023, HPEM2GAS gained attention as a promising solution for producing carbon-neutral fuels, with several pilot projects showcasing its potential.

 

  • January 2023, Air Liquide announced strategic investments in hydrogen production infrastructure, positioning itself as a key player in the hydrogen economy.

 

  • March 2023, Man Energy Solutions have launched the program to limit the CO2 footprint by converting renewable electricity into synthetic gas or hydrogen, creating power for industrial, mobility, and heating applications.

 

Power-to-X Market Scope

Power-to-X Market

Market Size in 2023

USD 275 Mn.

Market Size in 2030

USD 571 Mn.

CAGR (2024-2030)

11 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

   Segments

By Technology  

  • Power-to-H2
  • Power-to-CO/Syngas/Formic Acid
  • Power-to-NH3
  • Power-to-Methane
  • Power-to-Methanol
  • Power-to-H2O2

By End Use

  • Transportation
  • Agriculture
  • Manufacturing
  • Industry
  • Residential
  • Others

Regional Scope

North America- United States, Canada, and Mexico

Europe – United Kingdom, France, Germany, Italy, Spain, Sweden, Russia, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Power-to-X Market Key Players

  • IRENA
  • Underground Sun Conversion
  • Weidmuller, USA
  • Copenhagen Infrastructure Partners
  • McPhy Energy S.A.
  • MAN Energy Solutions
  • Linde
  • Mitsubishi Hitachi Power Systems
  • Ceres Power
  • HPEM2GAS
  • Toshiba Energy Systems & Solutions Corporation
  • Thyssenkrupp
  • Valmet (Finland)
  • Siemens (Germany)
  • Alfa Laval
  • Air Liquide
  • Air Products & Chemicals
  • Ballard Power Systems
  • Power-to-Flex
  • Jupiter 1000 (Canada)
  • XX Ltd


Frequently Asked Questions

The rise in energy demand has been steady ever since the population started exploding and industrialization are the growth drivers for the Power-to-X Market.

1.    Power-to-X Market: Research Methodology 
2.    Power-to-X Market: Executive Summary
3.    Power-to-X Market: Competitive Landscape
4.    Potential Areas for Investment

4.1. Stellar Competition Matrix
4.2. Competitive Landscape
4.3. Key Players Benchmarking
4.4. Market Structure
4.4.1.    Market Leaders 
4.4.2.    Market Followers
4.4.3.    Emerging Players

4.5. Consolidation of the Market
5.    Power-to-X Market: Dynamics
5.1. Drivers
5.2. Restraints
5.3. Opportunities
5.4. Challenges
5.5. Market Trends by Region
5.5.1.    North America
5.5.2.    Europe
5.5.3.    Asia Pacific
5.5.4.    Middle East and Africa
5.5.5.    South America

5.6. Market Drivers by Region
5.6.1.    North America
5.6.2.    Europe
5.6.3.    Asia Pacific
5.6.4.    Middle East and Africa
5.6.5.    South America

5.7. Market Restraints
5.8. Market Opportunities
5.9. Market Challenges
5.10. PORTER’s Five Forces Analysis
5.11. PESTLE Analysis
5.12. Strategies for New Entrants to Penetrate the Market
5.13. Analysis of Government Schemes and Initiatives for the Satellite Propulsion System Industry
5.14. Regulatory Landscape by Region
5.14.1.    North America
5.14.2.    Europe
5.14.3.    Asia Pacific
5.14.4.    Middle East and Africa
5.14.5.    South America

5.15. Power-to-X Market Size and Forecast by Segments (by Value Units)
5.15.1.    Power-to-X Market Size and Forecast, by Technology (2023-2030)
5.15.1.1.    Power-to-H2
5.15.1.2.    Power-to-CO/Syngas/Formic Acid
5.15.1.3.    Power-to-NH3
5.15.1.4.    Power-to-Methane
5.15.1.5.    Power-to-Methanol
5.15.1.6.    Power-to-H2O2
5.15.2.    Power-to-X Market Size and Forecast, by End Use (2023-2030)
5.15.2.1.    Transportation
5.15.2.2.    Agriculture
5.15.2.3.    Manufacturing
5.15.2.4.    Industry
5.15.2.5.    Residential
5.15.2.6.    Others 
5.15.3.    Power-to-X Market Size and Forecast, by region (2023-2030)
5.15.3.1.    North America
5.15.3.2.    Europe
5.15.3.3.    Asia Pacific
5.15.3.4.    Middle East and Africa
5.15.3.5.    South America

6.    North America Power-to-X Market Size and Forecast (by value Units)
6.1. North America Power-to-X Market Size and Forecast, by Technology (2023-2030)
6.1.1.    Power-to-H2
6.1.2.    Power-to-CO/Syngas/Formic Acid
6.1.3.    Power-to-NH3
6.1.4.    Power-to-Methane
6.1.5.    Power-to-Methanol
6.1.6.    Power-to-H2O2 

6.2. North America Power-to-X Market Size and Forecast, by End Use (2023-2030)
6.2.1.    Transportation
6.2.2.    Agriculture
6.2.3.    Manufacturing
6.2.4.    Industry
6.2.5.    Residential
6.2.6.    Others 

6.3. North America Power-to-X Market Size and Forecast, by Country (2023-2030)
6.3.1.    United States
6.3.2.    Canada
6.3.3.    Mexico

7.    Europe Power-to-X Market Size and Forecast (by Value Units)
7.1. Europe Power-to-X Market Size and Forecast, by Technology (2023-2030)
7.1.1.    Power-to-H2
7.1.2.    Power-to-CO/Syngas/Formic Acid
7.1.3.    Power-to-NH3
7.1.4.    Power-to-Methane
7.1.5.    Power-to-Methanol
7.1.6.    Power-to-H2O2 

7.2. Europe Power-to-X Market Size and Forecast, by End Use (2023-2030)
7.2.1.    Transportation
7.2.2.    Agriculture
7.2.3.    Manufacturing
7.2.4.    Industry
7.2.5.    Residential
7.2.6.    Others 

7.3. Europe Power-to-X Market Size and Forecast, by Country (2023-2030)
7.3.1.    UK
7.3.2.    France
7.3.3.    Germany
7.3.4.    Italy
7.3.5.    Spain
7.3.6.    Sweden
7.3.7.    Russia
7.3.8.    Rest of Europe

8.    Asia Pacific Power-to-X Market Size and Forecast (by Value Units)
8.1. Asia Pacific Power-to-X Market Size and Forecast, by Technology (2023-2030)
8.1.1.    Power-to-H2
8.1.2.    Power-to-CO/Syngas/Formic Acid
8.1.3.    Power-to-NH3
8.1.4.    Power-to-Methane
8.1.5.    Power-to-Methanol
8.1.6.    Power-to-H2O2 

8.2. Asia Pacific Power-to-X Market Size and Forecast, by End Use (2023-2030)
8.2.1.    Transportation
8.2.2.    Agriculture
8.2.3.    Manufacturing
8.2.4.    Industry
8.2.5.    Residential
8.2.6.    Others 

8.3. Asia Pacific Power-to-X Market Size and Forecast, by Country (2023-2030)
8.3.1.    China
8.3.2.    S Korea
8.3.3.    Japan
8.3.4.    India
8.3.5.    Australia
8.3.6.    ASEAN
8.3.7.    Rest of Asia Pacific

9.    Middle East and Africa Power-to-X Market Size and Forecast (by Value Units)
9.1. Middle East and Africa Power-to-X Market Size and Forecast, by Technology (2023-2030)
9.1.1.    Power-to-H2
9.1.2.    Power-to-CO/Syngas/Formic Acid
9.1.3.    Power-to-NH3
9.1.4.    Power-to-Methane
9.1.5.    Power-to-Methanol
9.1.6.    Power-to-H2O2 

9.2. Middle East and Africa Pool Tables Market Size and Forecast, by End Use (2023-2030)
9.2.1.    Transportation
9.2.2.    Agriculture
9.2.3.    Manufacturing
9.2.4.    Industry
9.2.5.    Residential
9.2.6.    Others 

9.3. Middle East and Africa Power-to-X Market Size and Forecast, by Country (2023-2030)
9.3.1.    South Africa
9.3.2.    GCC
9.3.3.    Egypt
9.3.4.    Rest of ME&A

10.    South America Power-to-X Market Size and Forecast (by Value Units)
10.1. South America Power-to-X Market Size and Forecast, by Technology (2023-2030)
10.1.1.    Power-to-H2
10.1.2.    Power-to-CO/Syngas/Formic Acid
10.1.3.    Power-to-NH3
10.1.4.    Power-to-Methane
10.1.5.    Power-to-Methanol
10.1.6.    Power-to-H2O2 

10.2. South America Power-to-X Market Size and Forecast, by End Use (2023-2030)
10.2.1.    Transportation
10.2.2.    Agriculture
10.2.3.    Manufacturing
10.2.4.    Industry
10.2.5.    Residential
10.2.6.    Others 

10.3. South America Power-to-X Market Size and Forecast, by Country (2023-2030)
10.3.1.    Brazil
10.3.2.    Argentina
10.3.3.    Rest of South America

11.    Company Profile: Key players
11.1. IRENA
11.1.1.    Company Overview
11.1.2.    Financial Overview
11.1.3.    Business Portfolio
11.1.4.    SWOT Analysis
11.1.5.    Business Strategy 
11.1.6.    Recent Developments

11.2. Underground Sun Conversion
11.3. Weidmuller, USA
11.4. Copenhagen Infrastructure Partners
11.5. McPhy Energy S.A.
11.6. MAN Energy Solutions
11.7. Linde
11.8. Mitsubishi Hitachi Power Systems
11.9. Ceres Power
11.10. HPEM2GAS
11.11. Toshiba Energy Systems & Solutions Corporation
11.12. Thyssenkrupp
11.13. Valmet (Finland)
11.14. Siemens (Germany)
11.15. Alfa Laval
11.16. Air Liquide
11.17. Air Products & Chemicals
11.18. Ballard Power Systems
11.19. Power-to-Flex
11.20. Jupiter 1000 (Canada)
11.21. XX Ltd
12.    Key Findings
13.    Industry Recommendation

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