According to a new report published by UnivDatos Markets Insights, the Power-to-X Market is expected to grow at a CAGR of 18% from 2022-2028. The analysis has been segmented Product Type (Power-to-H2, Power-to-CO/Syngas/Formic Acid, Power-to-NH3, Power-to-Methane, Power-to-Methanol, and Power-to-H2O2); End-Use (Transportation, Agriculture, Manufacturing, Industry, Residential, and Others); Region/Country.

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The Power-to-X market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Power-to-X market. The Power-to-X market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Power-to-X market at the global and regional levels.

Market Overview

Power-to-X technology enables the conversion of electricity into hydrogen, other fuels and even chemicals, which could help solve the dilemma of storing renewable energy. The key technology is electrolysis, where hydrogen is produced from CO2 and water using electricity by splitting water molecules. Using electricity from renewable sources, such as wind or solar energy, the technology can be used to produce hydrogen. Power-to-X makes it possible to completely convert to renewable energy with minimal changes to existing transportation, heating, and industrial infrastructure. And by using industrial CO2 emissions as raw material, power-to-x technologies can help turn the current problem with GHG emissions into a solution.

Moreover, Power-to-X is essential in achieving a carbon neutral society that meets an increasing demand for energy. Also, governments from all over the world have put in place a variety of laws and rules that demand a decrease in carbon emissions from different enterprises. In addition, new technologies are now being deployed at scale across sectors to decarbonise society, limit global warming and combat climate change is creating opportunities for the power-to-X market.

Air Liquide, Copenhagen Infrastructure Partners, MAN Energy Solutions, FH2R, Thyssenkrupp, IRENA, Neles, Underground Sun Conversion, Linde, Mitsubishi Hitachi Power Systems.

COVID-19 Impact

During Coronavirus Pandemic in 2020, the Power-to-X market was also impacted. It is mainly owing to the shutdown of the manufacturing industry and restriction by the government to maintain social distancing that has halted the production of green hydrogen fuel cell in which turn had disrupted the market growth of the Power-to-X market.

The global Power-to-X market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·        Based on the product type, the power-to-X market is segmented into Power-to-H2, Power-to-CO/Syngas/Formic Acid, Power-to-NH3, Power-to-Methane, Power-to-Methanol, and Power-to-H2O2. The power to hydrogen segment caters substantial share of the market. Power can be converted via electrolysis into hydrogen, which can be used directly or in combination with other elements for production of fuels or chemicals. As Hydrogen advantages include eliminating emissions to improve regional air quality while reducing greenhouse gas emissions. Therefore, government across the globe is investing in green hydrogen projects with key players in the market. For instance: In December 2021, NTPC Ltd, India’s integrated energy company has awarded project of ‘Standalone Fuel-Cell based Micro-grid with hydrogen production using electrolyser’ at NTPC Simhadri.

·        Based on end-use, the power-to-X market is bifurcated into transportation, agriculture, manufacturing, industry, residential, and others. The transportation segment caters considerable share of the market. Increasing demand for eco-friendly vehicle that reduce the carbon footprints is escalating. In addition, green hydrogen can be used as fuel for fuel cells and hydrogen engines, to produce industrial feedstock and to produce sustainable e-fuels for marine, aviation, agriculture, mining and data center power. Therefore, key automobiles market players are making strategies to adopt power-to-X in transportation in the near future. For instance: In 2022, The Rolls-Royce business unit Power Systems and SOWITEC, a specialist in renewable energy projects, have agreed to cooperate with the aim of providing power-to-X projects with a total electrolysis capacity of up to 500 megawatts by 2028.

Power-to-X Market Geographical Segmentation Includes:

·        North America (United States, Canada, and Rest of North America)

·        Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·        Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·        Rest of the World

Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the growing industrialization, urbanization and support for renewable energy in the region is anticipated to escalate the market size of power-to-x. In addition, China is dominating the market of green hydrogen and accounts for one-third of the total world production which in turn resulted in accentuate the market size of power-to-x technology.

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The major players targeting the market include

·        Air Liquide

·        Copenhagen Infrastructure Partners

·        MAN Energy Solutions

·        FH2R

·        Thyssenkrupp

·        IRENA

·        Neles

·        Underground Sun Conversion

·        Linde

·        Mitsubishi Hitachi Power Systems

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Power-to-X market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Power-to-X market?

• Which factors are influencing the Power-to-X market over the forecast period?

• What are the global challenges, threats, and risks in the Power-to-X market?

• Which factors are propelling and restraining the Power-to-X market?

• What are the demanding global regions of the Power-to-X market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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