Product ID: SQMIG15B2034
Report ID:
SQMIG15B2034 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
88 |
Figures:
76
Green Ammonia Market size was valued at USD 0.07 billion in 2019 and is poised to grow from USD 0.12 billion in 2023 to USD 17.9 billion by 2031, growing at a CAGR of 72.9% in the forecast period (2024-2031).
Green ammonia production refers to the use of entirely renewable resources and a carbon-free manufacturing method to produce ammonia. In order to minimise greenhouse emissions, which is crucial for achieving zero-emission goals, green ammonia is manufactured by the electrochemical Haber-Bosch process using renewable energy. With regard to using it to produce energy, the power generating industry has a very large market potential due to the difficulties experienced by fossil fuel power generation, such as revenues, installations, capital expenditures, and significant carbon emissions.
Global market is still in the development phases. As government regulations and public awareness about carbon dioxide emissions and the maintenance of the atmosphere's health grow, it appears that more research and development efforts are being directed toward the production of green ammonia. It may also have a significant impact by reducing the world's dependency on fossil fuels and assisting in the reduction of greenhouse gas emissions. By electrolyzing water to produce hydrogen, which is powered by renewable sources including solar, wind, and hydroelectric power, green ammonia is produced. Green ammonium is useful in several fields, including agriculture, energy storage, and the ocean.
US Green Ammonia Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG15B2034