Global Green Ammonia Market

Green Ammonia Market Size, Share, Growth Analysis, By Technology(Alkaline Water Electrolysis, Proton Exchange Membrane and Solid Oxide Electrolysis), By End Use(Power Generation, Transportation, Fertilizer, Refrigeration and others), By Sales Channel(Direct sale and Indirect sale) - Industry Forecast 2024-2031

Report ID: SQMIG15B2034 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 88 | Figures: 76

Green Ammonia Market Insights

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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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 Market is dominated by few prominent players. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Key players include Siemens, NEL Hydrogen, ThyssenKrupp, ITM Power, and McPhy Energy among others. Due to the anticipated increased demand for the product in the near future, the producers are concentrating on increasing their manufacturing capacity. 'Siemens AG', 'Yara International ASA', 'Nel Hydrogen', 'Air Liquide SA', 'Mitsubishi Heavy Industries Ltd.', 'Engie SA', 'thyssenkrupp AG', 'Green Ammonia Solutions', 'AFC Energy Plc', 'MAN Energy Solutions', 'Haldor Topsoe A/S', 'Siemens Energy AG', 'Ørsted A/S', 'Hydrogenics Corporation', 'Toshiba Energy Systems & Solutions Corporation', 'Black & Veatch Holding Company', 'ITM Power Plc', 'McPhy Energy SA', 'Kawasaki Heavy Industries Ltd.', 'Exelon Corporation'

Globally, the quality of soil has significantly declined as a result of widespread use of chemical fertilisers and pesticides. Need for organic fertilisers is developing quickly in response to the growing demand for sustainable agricultural practises that reduce risk generation and carbon emissions. Important agrochemical producers are being compelled by this to change their preference for green and sustainable goods like green ammonia. Thus, increased demand for environmentally friendly fertilisers to lessen environmental risks and pollution is anticipated to drive up green ammonia sales throughout the forecast period.

Currently, the shipping industry is responsible for 3% of the world's greenhouse gas emissions, mostly because ships utilise a lot of diesel and high-sulfur fuel. Heavy fuel oil, which is produced as a byproduct of crude oil distillation, is the primary kind of bunker oil used by ships. When this oil with a high sulphur concentration is used in a ship's engine, toxic SOx are released into the atmosphere. By combining creative ship designs and ammonia as an alternative fuel, the International Maritime Organization (IMO's) 2050 emission reduction targets can be met. The highest hydrogen transporter with the highest energy density is ammonia. As a result, it can supply energy to ships. By 2050, ammonia may account for 25% of the fuel mix used in ships, according to the IMO.

North America region dominated the Green Ammonia Market in 2021. Rising R&D for hydrogen generation and the uptake of electric vehicles in the region are credited with this rise. Government backing, increasing investor investments, and the viability of the technology in the region are further factors boosting market growth. The U.S. market is being impacted by the sizeable presence of major production businesses and important technology suppliers, the adoption of strict laws, and the rising trend of employing green fertilisers. Similarly, it is anticipated that during the forecast period, increasing investments in green hydrogen, rising prominence of green ammonia as a hydrogen carrier, and increasing focus on the development of renewable fuels for the transportation and power generation sectors will drive demand for green ammonia in the nation.

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Global Green Ammonia Market

Product ID: SQMIG15B2034