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Green Ammonia Market Size & Share to Surpass $14.5 Billion by 2030 | Vantage Market Research

WASHINGTON, March 29, 2023 (GLOBE NEWSWIRE) -- Global Green Ammonia Market is valued at USD 0.28 Billion in 2022 and is projected to reach a value of USD 14.5 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 75.3% over the forecast period 2023-2030.

Market Overview

Green Ammonia is projected to rise as society moves toward zero carbon through carbon reduction. Strict environmental regulations and a focus on zero-emission goals have increased the need for Green Ammonia. Green Ammonia is becoming more popular in the transport sector as a sea and ocean fuel due to its zero emission of greenhouse gases and sulfur content, which is projected to support the growth of the Green Ammonia business.

We forecast that the alkaline water electrolysis category in Green Ammonia market sales will account for more than 64% of total sales by 2028. Alkaline water electrolysis technology is also quite popular because it requires few resources. Technological progress in the sector is regarded as one of the main drivers of market expansion. To improve performance and reduce costs at the system, cell, and stack levels, technology vendors are continually increasing their R&D activities.

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Market Dynamics

Demand for long-term renewable energy storage to Support Market Expansion
The output of renewable electricity frequently exceeds that of fossil fuels in terms of expanding total capacity. According to the Global Sustainable Power and Energy Association, the demand for renewable energy is expected to surpass that of other alternative energy sources in the next years. But by the end of 2020, global electricity production had increased to 289 Gigawatt. With a 12.11 percentage point higher contribution, hydroelectricity was the highest contributor to the global total. The remaining energy from offshore wind was distributed equally. In addition, there were 501 Megawatts of wave energy, 128 Gigawatts of biofuel, and 15 Gigawatts of hydroelectricity.

Growing Consumer Need for Eco-Friendly Fertilizers to Drive the Market Growth
Pesticides and artificial fertilizers are widely used, and as a result, soil quality has significantly declined throughout the world. The market for organic fertilizers is rapidly growing as interest in agricultural production techniques that reduce risk and carbon pollution rises. As a result, chemical manufacturers are compelled to transition to renewable and eco-friendly products like Green Ammonia. As a result, Green Ammonia revenues will be predicted to exceed the projects due to the rising need for environmentally friendly nutrients to minimize potential negative impacts and contaminants.

Top Players in the Global Green Ammonia Market

  • ACME Group (Gurugram, India)
  • Air Products Inc. (Allentown, U.S.)
  • Aker Clean Hydrogen (Norway)
  • AquaHydrex (U.S.)
  • Ballance Agri-Nutrients (Mount Maunganu, New Zealand)
  • BASF SE (Germany)
  • CF Industries Holdings Inc. (U.S.)
  • Dyno Nobel (U.S.)
  • Electrochaea (Germany)
  • Enaex Energy (Las Condes, Chile)
  • Enapter (Italy)
  • Eneus Energy Limited (U.S.)
  • ENGIE (France)
  • EXYTRON (Germany)
  • Green Hydrogen Systems (Denmark)
  • Greenfield Nitrogen LLC (U.S.)
  • H2U Technologies Inc. (U.S.)
  • Haldor Topsoe (Denmark)
  • Hiringa Energy (New Zealand)
  • Hydrogenics (Canada)
  • ITM Power (UK)
  • Maire Tecnimont S.p.A.
  • MAN Energy Solutions (Germany)
  • McPhy Energy (France)
  • Nel Hydrogen (Norway)
  • Origin Energy Limited (Australia)
  • Queensland Nitrates Pty Ltd (Australia)
  • Siemens Energy (Germany)
  • Starfire Energy (U.S.)
  • ThyssenKrupp AG (Germany)
  • Uniper (Germany)

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Top Trends in Global Green Ammonia Market

  • One trend that Vantage Market Research (VMR) expects to see in the Green Ammonia industry is the growing uses in many industries. Ammonia, the second most widely manufactured material in the world, is mostly utilized as a fertilizer in agriculture. In addition, with developing advanced technologies and improvements, Green Ammonia can be used in various scenarios in addition to its dominant utilization in the fertilizer industry.
  • Another trend that VMR predicts will continue in the Green Ammonia industry is Using ammonia as a marine fuel. Because ships use a lot of petroleum and expensive fuel, the transportation industry currently accounts for 3% of global greenhouse gas emissions. The primary type of bunker fuel for ships is heavy petroleum oils, which are created as a by-product of the distillation of petroleum. Toxic SOx is released into the environment when this fuel with a high sulfur content is used in a vessel's motor.

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Top Report Findings

  • Based on the Technologies, the Alkaline Water Electrolysis category controls most of the Green Ammonia market's revenue. The most popular, dependable, and traditional electrolysis technique is water reverse-osmosis recombination. A liquid, alkaline solution comprising sodium or potassium serves as the cathode. It is a very recent economic development.
  • Based on the End Users, most of the Green Ammonia market's revenue is controlled by the power generation category. Green Ammonia is a better-for-you form of ammonia gas produced from renewable resources. Electrolytes could convert excess renewable energy generated in remote areas into fuel ammonium, which can be used as a renewable fuel for electricity generation. The use of renewable energy sources is expanding globally. This may result from increased government measures to support agriculture that produces no carbon emissions, as well as the growing adoption of Green Ammonia for use in environmentally friendly fertilizers.

Recent Developments in the Global Green Ammonia Market

  • August 2021- In order to electrify and decarbonize the Heroya ammonia factory and create a new industry for the Norwegian economy, the companies Yara Worldwide Aker Fresh Hydrogen, Stat kraft AS, and ASA founded a new firm called HEGRA.
  • March 2021- Solar energy producer ACME Company from India signed a contract with Tatweer of Oman  to open a Green Ammonia production facility in Duqm, Oman.

Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Green Ammonia Market Forecast Report (2023-2030).

Alkaline water electrolysis Category in Green Ammonia Market to Generate Over half the Total Revenue among the segment Device Types
For better understanding, based on the Device Types, the Green Ammonia market is divided into Alkaline Water Electrolysis, Proton Exchange Membrane and Solid Oxide Electrolysis.

During the forecast period, the market for Green Ammonia is anticipated to experience the highest CAGR for the Alkaline Water Electrolysis category. An established and reliable method of electrolysis is alkaline water electrolysis. Utilizing renewable energy to make hydrogen is one of the simplest processes. Although this technology is economical, the alkaline water electrolysis market will experience consistent growth during the projected period due to rising R&D work on other technologies. Alkaline water electrolysis technology is also in high demand because it requires fewer resources. Technological innovation in the sector is regarded as one of the main drivers of market expansion.

On the other hand, the Solid Oxide Electrolysis category is anticipated to grow significantly. This is because people are becoming more aware of the benefits of this system, which has an electric efficacy of above 90% and large current concentrations at low voltages. Desirable government incentives for the generation of green and clean energy and enhanced R&D on fuel cell technologies can also boost product demand.

Europe Region in Green Ammonia Market to Generate over half the Global Revenue
Europe dominates the market throughout the projection period. Because of an increase in hydrogen-powered fuel technologies and the government's tries to implant hydrogen fuel in both commercial and residential markets, the state's Green Ammonia industry is predicted to experience growth. The execution of severe legislation, the growing use of environmental fertilizers, the sizable presence of significant Green Ammonia industrial businesses, intriguing technology sources, and the sizeable existence of Green Ammonia in the sector are all having an impact.

The Asia Pacific region holds the second largest share of the market. The demand for greener ammonia in the country is expected to increase throughout the forecasted timeline due to growing investments in environmentally friendly hydrocarbons, the growing importance of Green Ammonia as a source of hydrogen, and growing emphasis on the development of green technologies once more for power and transportation.

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Global Green Ammonia Market Segmentation

By Technologyies

  • Alkaline Water Electrolysis
  • Proton Exchange Membrane
  • Solid Oxide Electrolysis

By End Users

  • Transportation
  • Power Generation
  • Industrial Feedstock

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Scope of the Report:    

Report Attributes Details
Market Size in 2022 USD 0.28 Billion
Revenue Forecast by 2030 USD 14.5 Billion
CAGR 75.3% from 2023 to 2030
Base Year 2022
Forecast Year 2023 to 2030
Key Players ACME Group, Air Products Inc., Aker Clean Hydrogen, AquaHydrex, Ballance Agri-Nutrients, BASF SE, CF Industries Holdings Inc., Dyno Nobel, Electrochaea, Enaex Energy, Enapter, Eneus Energy Limited, ENGIE, EXYTRON, Green Hydrogen Systems, Greenfield Nitrogen LLC, H2U Technologies Inc., Haldor Topsoe, Hiringa Energy, Hydrogenics, ITM Power, Maire Tecnimont S.P.A., MAN Energy Solutions, McPhy Energy, Nel Hydrogen, Origin Energy Limited, Queensland Nitrates Pty Ltd, Siemens Energy, Starfire Energy, ThyssenKrupp AG, Uniper
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Key Questions Answered in the Green Ammonia Market Report are:

  • What is green ammonia, and how is it produced?
  • What are the various applications of green ammonia?
  • What are the market trends and drivers of the green ammonia market?
  • What are the challenges faced by the green ammonia market?
  • What are the regulatory frameworks affecting the green ammonia market?
  • Who are the key players in the green ammonia market, and what are their market shares?
  • What is the market size and growth potential of the green ammonia market?
  • What are the regional dynamics of the green ammonia market?
  • What are the future prospects and opportunities for the green ammonia market?

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