The MRFR analysis reports predict that the Green Ammonia Market is expected to increase from USD 0.5 billion in 2023 to USD 39.9 billion by 2032, at a compound annual growth rate (CAGR) of 73.50% between 2023 and 2032. Many important market factors have contributed to the market’s growth over the forecast period, including an increase in green hydrogen projects, increased investment in the hydrogen-based economy, and rising demand for green ammonia in the agriculture and power generation sectors.
Growing agricultural productivity, particularly in Asia and Africa, is driving up worldwide fertiliser consumption. According to the Food and Agriculture Organisation, global fertiliser usage increased 5.4% year on year from 2021 to 2022, with more increases expected in the future. However, the increased use of chemical pesticides and fertilisers has resulted in decreasing soil quality, prompting the development of sustainable agriculture solutions. To address this need, chemical manufacturers are shifting to more environmentally friendly and sustainable products, such as green ammonia. As a result of this trend, green ammonia sales are expected to skyrocket.
Due to the pressure on the shipping industry to minimise carbon emissions, green ammonia is the ideal solution because it has a lower volumetric energy density than other fuels, making storage viable. Furthermore, favourable rules and regulations governing low-carbon emissions, as well as rising fuel demand from the maritime industry, are boosting market expansion.
By 2040, renewable ammonia is predicted to be a commodity chemical. This is because various governments are intensifying their efforts to reduce or eliminate carbon emissions. During the projection period, the product is expected to become a valuable commodity for moving renewable energy across borders. Furthermore, increasing demand for green ammonia in a variety of end-use industries such as fertiliser, power production, refrigeration transportation, and others is likely to drive industry growth. Furthermore, rising demand for green ammonia in industrial feedstock goods such as pharmaceuticals is likely to drive market expansion.
Furthermore, because fertilisers, such as ammonia, are required in the green ammonia manufacturing process, an increase in fertiliser demand is predicted to result in a considerable increase in ammonia usage. At first, only a small number of clients may be able to afford the increased price of green ammonia. However, when this sustainable choice obtains market traction, more customers may begin to use it. Long-term, this would result in widespread use of green ammonia in the industrial and fertiliser markets, fueling the global green ammonia market CAGR.
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Leading market players are extensively spending in R&D to increase their product ranges, which will help the green ammonia market grow even more. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. To grow and thrive in a more competitive and increasing market environment, the green ammonia business must provide cost-effective products.
Key Companies identified in the green ammonia market include
Siemens AG, NEL ASA, ThyssenKrupp, ITM Power, CF Industries Holdings, Inc., Ballard Power Systems, AMMPower Corp, FUELPOSITIVE Corporation, Haldor Topsoe, Uniper, Hyport Duqm, Enapter, Starfire Energy, Engie, BASF SE, Yara International, Hiringa Energy, Queensland Nitrates Pty Ltd.
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Market Highlights
Green ammonia is made from hydrogen produced by water electrolysis using alternative energy, and it is developing as a possible energy carrier for a range of applications as the cost of creating renewable energy falls dramatically. Ammonia is mostly used as a fertiliser in agriculture, a field whose environmental impact is being scrutinised. Green Ammonia manufacturing is becoming more popular as the need for entirely renewable and carbon-free processes grows.
The number of green hydrogen projects is growing as more nations focus their investments on the development of a hydrogen-based economy. The potential for longer-term reuse of carbon-free hydrogen in the production of green ammonia is anticipated to grow as a result of investments in hydrogen infrastructure. Additionally, the move towards zero-carbon through decarbonization is anticipated to spur the use of green ammonia, which is anticipated to promote the growth of the global green ammonia market.
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Segmentation
The global green ammonia market is segmented on the basis of technology, application, and region.
By technology, the green ammonia market is segmented into Alkaline Water Electrolysis, Proton Exchange Membrane Electrolysis and Solid Oxide Electrolysis. Of these, the proton exchange membrane electrolysis segment held dominant share in the market revenue and is expected to be dominant over the forecast period.
By applications, the green ammonia market is segmented into Power Generation, Transportation, and Industrial Feedstocks. Of these, the transportation segment held largest share in the market revenue and is expected to continue over the forecast period.
By region, the green ammonia market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
This market will be dominated by the North American green ammonia market. This growth is attributed to the area’s adoption of electric vehicles and increased R&D for hydrogen generation. Furthermore, market growth is being supported by government help, increased investor participation, and the practicality of the technology in the area.
From 2023 to 2032, Europe’s Green Ammonia Market is predicted to develop at the quickest CAGR. The product is in high demand in Spain and Germany due to the rising use of technological advancements. With the industry growing more concentrated, Europe is home to a plethora of ammonia production facilities and presents a brisk opportunity for manufacturers.
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Furthermore, the German green ammonia market had the highest market share, while the Spanish green ammonia market was the fastest expanding in the European region.
The Asia Pacific green ammonia market is the second-largest in the world. This is due to government policies and activities aimed at reducing carbon emissions and promoting renewable energy. For example, the Indian government has granted subsidies to encourage the use of electric vehicles throughout the country. Furthermore, China’s green ammonia market had the greatest market share, while India’s green ammonia market was the fastest expanding in the Asia-Pacific region.
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