Europe Power-to-X Market to grow at promising rate through 2026
Ongoing research and development activities and growing energy requirements are expected to drive the demand for Europe Power-to-X Market in the forecast period.
According to TechSci Research report, “Europe Power-to-X Market By Application (Decentralized Production, Seasonal Energy Storage, Decarbonization, Grid Stability) By End User (Transportation, Agriculture, Manufacturing, Industry, Residential, Others) By Type (Power-to-gas, Power-to-heat, Power-to-Ammonia, Energy Storage, Others), By Country, Competition, Forecast & Opportunities, 2026”, The Europe Power-to-X market is expected to grow at a steady rate during the forecast period. The Power-to-X technology is used to produce hydrogen through the electrolysis of water and utilizes renewable electricity for the production process. The produced hydrogen can be used as the final energy carrier or can be transformed to produce methane, liquid fuels, chemicals, electricity, and synthetic gas. Power-to-X technologies are in high demand as they convert renewable sources of energy into fuels and chemicals for better storage and transportation. Power-to-X technology provides a low-capital intensive decarbonization pathway to produce chemicals and green fuels. Adoption of Power-to-X technology aid in the integration of the renewable source of energy with the energy-consuming sectors such as manufacturing, transportation, and agriculture which require a high amount of energy for production. Energy can be used directly for many applications such as electric vehicles and they require transformation for better storage and can be used efficiently. The rise in environmental concerns regarding greenhouse gas emissions is creating the need for renewable sources of energy production such as wind energy, solar energy which are expected to play a crucial role in energy generation and operation in the next five years. Power-to-X technologies also use carbon-based structures to make them more compatible for the large-scale production process and the transportation process. Carbon dioxide is used in the production of methanol and methane and the Power-to-X technology can be used in the future for the production of jet fuel, gasoline, and diesel which is expected to reduce the burden from fossil fuels for energy generation. Power-to-X technology allows the storage of renewable energy and at the same time utilizes carbon dioxide, which is adversely affecting the environment, thereby Europe Power-to-X market is expected to witness significant growth in the predicted period.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities of Europe imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. The manufacturing units were temporarily shut down and the workers moved back to their native places which led to the shortage of workers at the manufacturing units. Disruption in the supply chain was observed due to the restrictions on the import and export activities which negatively affected the Power-to-X market growth. The demand forms the end-user industries also subsided owing to the lockdown closure which further impacted the Power-to-X market growth. However, post COVID-19 period, the market is expected to pick up the pace eventually.
High costs involved in the production process and may restrain the growth of the Europe Power-to-X market in the forecast period.
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Europe Power-to-X market can be segmented into application, end user, type, regional distribution, and company. Based on type, the market can be divided into Power-to-gas, Power-to-heat, Power-to-Ammonia, energy storage, and others. Power-to-heat is the electricity produced from renewable sources of energy to produce heat with heat pumps or large electric boilers. The thermal storage of energy can be done for any amount of time and can be utilized to address the seasonal variability in supply and demand. This type of system can be used in the region where there is extreme heat and cold seasons and the heat produced during the summer season could be utilized in the winter season. The Power-to-gas system uses the carbon dioxide in the electrolysis plants to break down into water and hydrogen which can use as energy or can be stored for further use.
Carbon2Chem, FH2R, HPEM2GAS, Heat Smart Orkney, Jupiter 1000, Power-to-Flex, REFHYNE, Underground Sun Conversion and others are the leading players operating in Europe Power-to-X market. Power-to-X service providers are increasingly focusing on developing high-tech products Europe. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“Growing environmental concerns and the need to produce more energy to cater to the growing needs of the rising population are expected to drive the growth of the Europe Power-to-X market. Supportive government policies in form of tax rebates and reimbursement promoting the production of renewable energy resources are leading to the significant reduction in the production of the renewable force which further brings down the overall cost of energy storage and transportation with the use of Power-to-X technology. Rapid technological advancements in Europe coupled with the need to achieve the net-zero emission target is expected to propel the Europe Power-to-X market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Power-to-X Market By Application (Decentralized Production, Seasonal Energy Storage, Decarbonization, Grid Stability) By End User (Transportation, Agriculture, Manufacturing, Industry, Residential, Others) By Type (Power-to-gas, Power-to-heat, Power-to-Ammonia, Energy Storage, Others), By Country, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of Europe Power-to-X market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Europe Power-to-X market.
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