With the emergence and long-term Impact of COVID-19, Global Power-to-X Market to reach USD 655.56 Million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Power-to-X Market is poised to raise up to USD 655.56 Million by 2030. Power-to-X is a set of technologies that convert surplus electricity into various forms of energy, such as gases, liquids, or heat, for storage and later use. These technologies are mainly used when renewable energy supply fluctuates or falls short of demand. This technology is in demand due to its ability to cater to a wide range of industries and its potential to reduce CO2 emissions, which contribute to climate change.
The increasing demand for green energy has also led to a surge in demand for green ammonia as a more organic alternative to chemically processed ammonia. However, the lack of awareness about e-fuels and e-fertilizers can slow down the market. Supply chain disruptions can also affect the conversion process and market negatively, and the high cost of carrying out research and development can limit the adoption.
Geographically, the global Power-to-X market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is projected to have the largest revenue market share during the forecast period due to rising continuous innovation in Power-to-X products, growing demand for functional meals, and rising awareness of the benefits of fiber for health are the main major factors responsible for the region’s domination.
In terms of sales, Asia Pacific is the most lucrative and fastest developing region for Power-to-X due to r increased consumer expenditure on health items and shifting attitudes among customers regarding digestive health. Additionally, the demand for Power-to-X is being boosted by the rising need for low-sugar goods and the increased demand for nutraceutical items in the region.
The global Power-to-X market is highly competitive owing to the presence of several key market players such as Air Liquide, Linde, Mitsubishi Power, Ceres Power, Air Products & Chemicals, Inc., International Renewable Energy Agency (IRENA), Neles (Valmet Oyj), and others.
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Key findings of the study suggest:
- Global Power-to-X Market is anticipated to grow with a healthy growth rate of more than 10.6% over the forecast period 2023-2030.
- In the Technology segment, Power-to-H2 emerged out as the leading market segment in 2022.
- In the End Use segment, Transportation emerged out as the leading market segment 2022.
- Europe is anticipated to drive regional growth Owing to rising continuous innovation in Power-to-X products, and active government participation in the market place.
- Asia-Pacific is expected to grow at higher rate followed by Europe during 2022-2030.
Bizwit Research & Consulting has considered following segments for the study:
Technology:
- Power-to-H2
- Power-to-CO
- Power-to-NH3
- Power-to-Methane
- Power-to-Methanol
- Power-to-H202
End Use:
- Transportation
- Agriculture
- Manufacturing
- Industry
- Residential
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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