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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