SAN FRANCISCO, Aug. 8, 2023 /PRNewswire/ -- The global power-to-X market size is expected to reach USD 645.3 million by 2030, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 10.6% from 2023 to 2030. Power-to-X (P2X) technologies enable the integration of renewable energy sources, such as wind and solar, into sectors traditionally reliant on fossil fuels. This trend is expected to accelerate as countries increase their renewable energy capacity and reduce their dependence on fossil fuels. Simultaneously, the increasing deployment of renewable energy sources, such as wind and solar, provides a reliable and abundant source of electricity for power-to-X processes. As renewable energy costs continue to decline, the economic viability of power-to-X technologies improves.
Key Industry Insights & Findings from the report:
- The power-to-H2 segment led the market in 2022 accounting for over 40% of the global revenue owing to its capacity to integrate more renewable energy into these sectors, fostering the transition towards a low-carbon economy
- The transportation segment held the largest revenue share of over 35% in 2022. Power-to-X technologies enable the production of low-carbon or carbon-neutral energy carriers, such as hydrogen or synthetic fuels, from renewable sources. Using these energy carriers, greenhouse gas emissions can be significantly reduced
- The potential of power-to-X technologies in emerging transportation trends, such as hydrogen fuel cell vehicles, synthetic fuel, electric vehicles (EVs), and in shipping & aviation, with low carbon emissions, is immense
- These technologies enable the integration of different industrial sectors within the energy system, fostering sector coupling. Excess electricity from renewable sources can be used to produce energy carriers, such as hydrogen, synthetic natural gas, or even synthetic liquid fuels, through power-to-gas or power-to-liquid processes
- Europe held the largest revenue share of over 40% in 2022. As R&D efforts continue, the costs associated with PtX systems are expected to decline, making them more competitive and attractive for the European market
Read full market research report for more latest insights, "Power-to-X Market Size, Share & Trends Analysis Report By Technology (Power-to-H2, Power-to-Methanol), By End-use (Agriculture, Manufacturing), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Power-to-X Market Growth & Trends
An increasing number of industries across various sectors have recognized the potential of green hydrogen, which is generated via power-to-X processes. Green hydrogen, produced by utilizing renewable energy sources splitting water into hydrogen and oxygen, offers many applications and benefits. As the world struggles with the urgent need to mitigate climate change and reduce carbon emissions, green hydrogen has emerged as a critical solution in the transition toward a sustainable and decarbonized future. Green hydrogen presents a viable alternative, as it can be used in fuel cell electric vehicles (FCEVs) to power cars, trucks, and even trains, emitting only water vapor as a byproduct.
Power-to-X processes have emerged as game-changers in producing synthetic fuels, chemicals, and materials supporting the ongoing efforts to mitigate climate change, reduce carbon emissions, and foster the adoption of carbon-neutral alternatives. The COVID-19 pandemic created various challenges and uncertainties, affecting the market dynamics and growth trajectory of power-to-X technologies. However, it has also presented opportunities for innovation and resilience in the crisis. A notable impact of the COVID-19 pandemic on the industry has been the disruption of supply chains. Travel restrictions, lockdown measures, and reduced economic activity have affected the availability and transportation of essential components and materials required for power-to-X processes.
This disruption has led to delays in project development and deployment, as well as increased costs and logistical challenges. COVID-19 has also demonstrated the importance of resilience, sustainability, and accelerating energy transition. Governments and international bodies have recognized the opportunity to align economic recovery efforts with clean energy investments and decarbonization goals. As part of stimulus packages and recovery plans, many countries have announced increased commitments to renewable energy and green technologies, including power-to-X solutions. This focus on sustainable recovery could significantly boost the power-to-X industry in the long term.
Power-to-X Market Report Scope
Report Attribute | Details |
Market size value in 2023 | USD 318.0 million |
Revenue forecast in 2030 | USD 645.3 million |
Growth rate | CAGR of 10.6% from 2023 to 2030 |
Base year for estimation | 2022 |
Historical data | 2017 - 2021 |
Forecast period | 2023 - 2030 |
Power-to-X Market Segmentation
Grand View Research has segmented the global power-to-X market based on technology, end-use, and region:
Power-to-X Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Power-to-H2
- Power-to-CO/Syngas/Formic Acid
- Power-to-NH3
- Power-to-Methane
- Power-to-Methanol
- Power-to-H2O2
Power-to-X Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Transportation
- Agriculture
- Manufacturing
- Industry
- Residential
- Others
Power-to-X Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East And Africa (MEA)
- KSA
- UAE
- South Africa
List of Key Players in the Power-to-X Market
- Air Liquide
- Linde
- Siemens Energy
- Mitsubishi Hitachi Power Systems
- HPEM2GAS
- Thyssenkrupp
- IRENA
- Neles (Valmet Oyj)
- Weidmüller
- Copenhagen Infrastructure Partners
- Alfa Laval
Check out more market research studies published by Grand View Research:
- Power Strip Market - The global power strip market size is expected to reach USD 15.7 billion by 2028, expanding at a CAGR of 5.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. With the rise in disposable income, there has been a surge in the demand for electrical equipment with advanced technology, which is the major factor driving the market growth. The need for power quality protection equipment is becoming essential as the use of electronic equipment is increasing in the residential sector, corporations, and manufacturing facilities.
- Portable Lithium Power Station Market - The global portable lithium power station market size is expected to reach USD 282.0 million by 2028, according to a new study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 13.2% from 2021 to 2028. With the improvement in battery technology, coupled with the increasing demand for portable power packs from the consumer electronics sector for powering notebooks, mobiles, tablets, and other smart devices, the demand for portable lithium power stations is anticipated to grow over the forecast period. Additionally, the rising demand for portable lithium power stations in a variety of application areas, including automotive, off-grid, and emergency power, is expected to create significant opportunities for the vendors operating in the market over the forecast period.
- Space-based Solar Power Market - The global space-based solar power market size is expected to reach USD 1,053.8 million by 2030, growing at a CAGR of 9.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expanding due to increased investment in sustainable power generation and the adoption of rigorous government rules against pollution. On the contrary, R&D aimed at lowering the cost of solar space missions through improved technologies is expected to offer attractive growth prospects for key players in the global industry during the forecast period. For instance, in December 2021, Northrop Grumman, an American multinational aerospace and defense technology company, partnered with the Air Force Research Laboratory (AFRL) to develop and test hardware for space-based solar power experiments. Researchers and engineers intend to refine the technology and address potential challenges or limitations by conducting these tests and experiments.
Browse through Grand View Research's Next Generation Technologies Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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