Green Ammonia Market to Register CAGR of 39.16% until 2032
Increasing Demand for Renewable Energy is the major
growth driver of the Global Green Ammonia Market.
According to TechSci Research report, “Green Ammonia
Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the Global Green Ammonia Market stood at USD4.07 million
in 2022 and is expected to register a CAGR of 39.16% during the forecast period. Green ammonia production is the process of making ammonia which is
completely renewable and carbon-free. It is also considered a zero-carbon fuel
and it can be burnt in an engine or used in a fuel cell to produce electricity
and is also used as a green hydrogen carrier.
Green ammonia is gaining
acceptance to reduce fossil fuel needs and environmental effects. Deploying
sustainable and renewable power sources has the potential to meet net zero
emission targets in conjunction with continued demand growth from the energy
industry. With zero carbon emissions, renewable long-term storage quality and
multiple capabilities such as transportation fuel, pathways to hydrogen
production and renewable energy storage, its demand is expected to bolster.
Today, the world is
shifting towards cleaner forms of energy and walking away from traditional
fossil fuels. Green ammonia is evolving as one of the cleanest forms of energy,
which holds an essential place in the ammonia industry. Green ammonia is majorly
considered by the maritime industry to facilitate the shipping sector’s target
of reducing CO2 emissions by 2050.
Norway’s Yara
International ASA has signed an agreement to create a Scandinavian network of
bunker terminals to supply ships with zero carbon ammonia as a marine fuel. The
company will produce green ammonia from renewable electricity accessible for
the shipping industry in the Scandinavian region by 2024, which is also when
the first ships with ammonia-fueled engines are anticipated to enter the market.
In 2023, Topsoe has been
selected by Beijing-based Mintal Hydrogen to offer its proprietary technology
for a green ammonia plant in China. The 390,000 t/y plant, located in Baotou,
Inner Mongolia, will be the first of its type in China, as well as Topsoe’s
first power-to-X project in the country.
Browse over 106 market data Figures spread through 193 Pages and an in-depth TOC on "Global Green Ammonia Market.”
The Global Green Ammonia
Market segmentation is based on production method, end-use, regional
distribution, and competitive landscape.
Based on production
method, the market is further fragmented into Alkaline Water Electrolysis, Proton Exchange Membrane
and Solid Oxide Electrolysis.
Alkaline
Water Electrolysis segment
dominated the market in 2022 with an overall market share of around 60.85%. This can be
ascribed to the low cost and easy availability of alkaline water electrolysers.
Based on End Use the market is further
divided into Power Generation, Transportation, Fertilizers & others. Power
Generation segment dominated the market in 2022 on account of the wide use of
green ammonia to achieve the set target for zero carbon emissions.
Some of the major companies
operating in the Global Green Ammonia Market include:
- Yara international ASA
- Haldor Topsoe Holding A/S
- Maire Technimont
- Thyssenkrup AG
- Siemens Energy AG
- BASF SE
- ACME Group
- Fertiglobe plc
- NEL Hydrogen AS
- ITM Power plc.
- Green Hydrogen Systems A/S
- Greenfield Nitrogen LLC
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“The companies already operating in the Green
Ammonia market should focus on the alkaline water electrolysis in Europe as the market is highly competitive. Alkaline
water electrolysis is the cheapest option available for the production of green
ammonia and Europe is the fastest growing region for the green ammonia market,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based Global management consulting firm.
Green Ammonia Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2022-2032F, Segmented By Production Method
(Alkaline Water Electrolysis, Proton Exchange Membrane, and Solid Oxide Electrolysis),
By End Use (Power Generation, Transportation, Fertilizers, Others), By Region,” has evaluated the future growth potential of Global
Green Ammonia Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide innovative 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 Global Green Ammonia Market.
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