DUBLIN, September 23, 2021--(BUSINESS WIRE)--The "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, By Country, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
Europe Power-to-X market is expected to grow at an impressive rate during the forecast period, 2022-2026
The rise in awareness among consumers regarding the adverse effects of conventional sources of energy and their harmful contribution to the environment is leading the way for the need to generate and store renewable sources of energy. The renewable source of energy is eco-friendly energy and is considered a reliable source of energy.
The Paris Agreement goals emphasizing the increased share of renewable sources in the future energy generation is expected to fuel the demand for the energy storage systems in the forecast period.
Growing demand for energy from prominent industries for heat, transport, and energy generation purpose requires the transformation of energy from one phase to another usable form is accelerating the demand for the Power-to-X technology.
There is high demand for hydrogen and hydrogen-based products in mobility applications and re-electrification in the combined heat and power plants. The growing demand for hydrogen in industries such as in refineries or for steel production is expected to boost the Power-to-X market growth in the next five years.
The transportation segment is expected to account for major market share in the forecast period, 2022-2026 owing to the rise in the demand for eco-friendly vehicles with lower carbon emissions into the environment.
The rise in the production and sales of electric vehicles in the region which uses rechargeable batteries is the driving factor for the growth of this segment. Also, heavy duty trucking, long-haul shipping, and intercontinental aviation cannot directly convert the electricity are accelerating the demand for the Power-to-X market in the next five years.
Major companies are developing advanced technologies to stay competitive in the market. Other competitive strategies include mergers & acquisitions.
The major players operating in the Europe Power-to-X market include
Heat Smart Orkney
Underground Sun Conversion
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Europe Power-to-X Market, By Application:
Seasonal Energy Storage
Europe Power-to-X Market, By End User:
Europe Power-to-X Market, By Type:
Europe Power-to-X Market, By Country:
For more information about this report visit https://www.researchandmarkets.com/r/uriknc
View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005624/en/
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