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The global Green Ammonia Market is projected to reach USD 48.56 billion by 2031, at a CAGR of 78.8%, from USD 0.26 billion in 2022.
The green ammonia market is expected to continue to grow in the coming years due to the increasing concerns about climate change, the need of reduce greenhouse gas emissions and integration of renewable energy.
A new and exciting force in the world of energy and sustainability is green ammonia. This environmentally beneficial material is produced using a process that substitutes clean, renewable energy sources like wind, solar, or hydropower for conventional ammonia production techniques, which mostly rely on fossil fuels. Green ammonia, sometimes referred to as sustainable or carbon-free ammonia, is made by electrolyzing water to separate the hydrogen and nitrogen atoms. This hydrogen is a crucial part of the shift to a low-carbon economy since it is mixed with nitrogen to generate ammonia without releasing carbon dioxide. As countries and businesses look for more environmentally friendly ways to lower their carbon impact, the green ammonia industry is expanding. It can be used as a green chemical feedstock and energy carrier for products including industrial chemicals, fertilizers, energy storage, and fuel for vehicles. Green ammonia is a vital component in the effort to reduce greenhouse gas emissions and achieve decarbonization because of its adaptability and capacity for large-scale production. The global shift towards a more sustainable and ecologically conscious future is anticipated to greatly benefit from the green ammonia industry, which is likely to rise significantly as governments and corporations demonstrate their commitment to cleaner energy alternatives.
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Recent Development
In October 2023, India’s Green Ammonia Project to See Investment from GIC by late 2025, Green hopes to export 5 million tons of the fuel annually to Germany, Japan, and Singapore.
In October 2023, Petronas of Malaysia will invest $1.6 billion in green ammonia from India. New Delhi’s aspirations to export energy will be bolstered by an investment by Malaysian state-owned energy major Petronas in an Indian green ammonia business.
Market Dynamics
According to application, the green ammonia market’s largest sector is power generation. Green ammonia has the potential to revolutionize the power generation sector. It can be utilized as a carbon-free energy carrier to store excess renewable energy and produce electricity on demand through ammonia-based fuel cells. This application addresses the intermittent nature of renewable energy sources and provides grid stability. According to technology, the alkaline water electrolysis segment leads the green ammonia market. Alkaline electrolysis has been a traditional method for hydrogen production and is now adapted for green ammonia synthesis. It utilizes an alkaline electrolyte solution to facilitate the splitting of water into hydrogen and oxygen. This technology is cost-effective and is often chosen for large-scale green ammonia production due to its scalability and established track record.
The growing need for sustainable energy solutions and the goal of lowering carbon emissions have spurred major changes in the green ammonia market in recent years. Green ammonia has garnered popularity as a possible carbon-free fuel and energy carrier. It is created using electrolysis powered by renewable energy and the Haber-Bosch process. Growing interest from sectors such as transportation, agriculture, and energy storage, which see green ammonia as a flexible and environmentally beneficial solution, is one of the major factors driving this market. The development and application of green ammonia technology is also being supported by policies and initiatives being implemented by governments and international organizations, which is driving the market forward even more. Cost containment, technological developments, and scalability issues continue to be important factors affecting the market’s growth trajectory. The global demand for environmentally friendly substitutes for conventional ammonia manufacturing is anticipated to drive further development and expansion of the green ammonia market.
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Regional Analysis
The green ammonia market in Europe is expected to lead globally. In terms of sustainability and attempts to mitigate climate change, Europe has led the way. Green ammonia is a wonderful fit for the ambitious ambitions the European Union has set for itself to become carbon neutral by 2050. Green ammonia production can be facilitated by the region’s current and growing renewable energy infrastructure, which includes solar and wind power. This clean and dependable energy source is a big plus. In addition, European countries have been pushing for the development of green ammonia research and development, as well as encouraging regulations and incentives to boost production.
These policies include carbon pricing schemes and subsidies for renewable energy projects, all of which contribute to the economic feasibility of green ammonia. Given its many uses as a low-carbon feedstock, energy storage medium, and carbon-free energy carrier, green ammonia is becoming more and more in demand as a sustainable solution, especially in light of Europe’s commitment to decarbonizing a number of sectors, including transportation, agriculture, and industrial processes. The European Green Deal, trade alliances, and international cooperation all help the region’s standing in the world market for green ammonia. Europe will probably set the standard for the rest of the globe by implementing sustainable practices and technology, which will position it as a leader in the development and expansion of the global green ammonia market.
The report “Green Ammonia Market Size, Share & Trends Analysis Report by Technology (Proton Exchange Membrane, Alkaline Water Electrolysis, Solid Oxide Electrolysis), by Application (Transportation, Power Generation, Industrial Feedstock, Others), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023 – 2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/
Further key findings from the report suggest:
Econ Market Research has segmented the global green ammonia market based on technology, application, and region:
Green Ammonia Market by Technology Outlook (Revenue, USD Billion, 2023-2031)
Green Ammonia Market by Application Outlook (Revenue, USD Billion, 2023-2031)
Green Ammonia Market Regional Outlook (Revenue, USD Billion, 2023-2031)
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