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The Global Green Ammonia Market is projected to grow at a CAGR of 54% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the high demand for alternative fuel to regular ocean fuel in the maritime industry, catering to the requirement for green ammonia owing to its negligible sulfur content & zero greenhouse gas emissions capabilities. Besides, substantial investments by the governments & private associations entwined with the fast-falling cost of producing renewable power are further boosting the industry for green ammonia.
The same aspect is also generating growth opportunities for the leading players to increase their production & distribution capacities and cater to the burgeoning demands worldwide. Moreover, the advent of cutting-edge technologies along with a sustainable source of energy in the extraction of hydrogen for free ammonia production is another aspect bolstering the market growth across locations.
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Furthermore, backed by the benefits of green ammonia, players across different industries shall seek ways to utilize green ammonia. These perks include its easy storage in bulk as a liquid, making it an ideal chemical store for renewable energy, leading the overall market toward an upward growth trajectory, further states the research report, “Global Green Ammonia Market Analysis, 2022.”
Power Generation to Remain a Prominent Contributor to the Market Growth
Based on End-User, Power Generation is anticipated to make a substantial contribution to the Global Green Ammonia Market during the forecast period. This growth is set to be driven by the exponentially rising energy consumption across the world, entwined with the growing focus of the governments of different countries worldwide on supplying energy across rural regions, propelling the demand for a set-up of a large-scale renewable energy source deployment.
The same aspect is also boosting the need for clean energy resources like green ammonia for power generation that can address the challenges like carbon emission & environmental degradation. It is also generating lucrative opportunities for leading players to increase their production & distribution capacities for green ammonia and cater to the burgeoning demands of power generation across locations.
Stringent Clean Resource Norms in Europe Promulgating the Market Expansion through 2027
On the geographical front, Europe is anticipated to dominate the Global Green Ammonia Market with the largest share during the forecast period. This dominance attributes to the presence of stringent regulations set by the governments of different countries to address environmental challenges and bring cleaner solutions, like green ammonia, across diverse industrial applications. It, in turn, is demonstrating an extensive adoption of green hydrogen & a widespread utilization of Ammonia, particularly across countries like Germany & the Netherlands.
Besides, the utility of ammonia as a hydrogen carrier makes it more suitable for storage & transportation in the international trade of carbon-free energy across Europe, which adds up as another area of opportunity to replace regular ammonia with green ammonia and further expand the market across Europe through 2027.
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The leading players in the Global Green Ammonia Market are Siemens AG, ThyssenKrupp AG, Nel ASA, GreenHydrogen ApS, Enapter S.r.l., Starfire Energy Inc., Engie SA, Yara International, Wesfarmers Chemicals, and Energy & Fertilisers Ltd., among others.
Key Questions Answered in the Research Report
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