Green Ammonia Market Growth

The term "green ammonia" is gaining prominence within the ammonia industry and shipping communities, driven by global initiatives to decrease carbon emissions.

NEW CASTLE, DELAWARE, UNITED STATES, October 17, 2023 /EINPresswire.com/ -- Rise in public concern and government regulations related to carbon emissions and the protection of environmental health drive the growth of the global green ammonia market. Region-wise, the market in Europe is likely to dominate in terms of revenue and Asia-Pacific is expected to achieve the fastest CAGR during the forecast period. By technology, the alkaline water electrolysis segment would dominate the market in terms of revenue through 2031.

According to the report published by Allied Market Research, the global green ammonia market generated $0.02 billion in 2021, and is estimated to reach $6.5 billion by 2031, witnessing a CAGR of 80.1% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/17820

𝐆𝐫𝐞𝐞𝐧 𝐀𝐦𝐦𝐨𝐧𝐢𝐚 𝐌𝐚𝐫𝐤𝐞𝐭

The term "green ammonia" is gaining prominence within the ammonia industry and shipping communities, driven by global initiatives to decrease carbon emissions in the coming years. Green ammonia has applications in various sectors, including agriculture and chemical industries, with the primary goal of reducing carbon footprints. It also plays a crucial role in decarbonizing the power and transportation sectors. This versatile substance can be utilized in transportation modes such as heavy goods vehicles, trains, aviation, and shipping to advance cleaner and more sustainable energy solutions.

The alkaline water electrolysis segment held the largest share in 2021, accounting for more than three-fifths of the global green ammonia market and would dominate the market in terms of revenue through 2031. However, the solid oxide electrolysis segment is estimated to witness the fastest CAGR of 81.3% during the forecast period. The report also offers an analysis of the proton exchange membrane segment.

Green ammonia has the potential to serve as a crucial energy carrier within the power sector. It is a raw material in the manufacturing of a wide range of products such as pharmaceuticals, dyes, explosives, synthetic fibers, and nitric acid. Green ammonia is manufactured by various processes namely solid oxide electrolysis, alkaline water electrolysis, and proton exchange membrane.

The power generation segment held the largest share of nearly two-fifths of the global green ammonia market in 2021 and is expected to maintain a prominent growth during the forecast period. However, the others segment is expected to exhibit the highest CAGR of 81.2% in 2031. The report also studies the transportation and industrial feedstock segments.

Through the utilization of renewable energy sources, green ammonia is manufactured using locally available resources, effectively diminishing the current susceptibility to price fluctuations in fossil fuels, which is required in conventional ammonia production. It is an important raw material in the production of fertilizers as it serves as a rich source of nitrogen required for the development of plants. Green ammonia offers the advantage of being able to seamlessly replace grey ammonia in fertilizer plants without the need for any alterations to the current infrastructure.

The market in Asia-Pacific is likely to show the fastest CAGR of 81.1% during the forecast period. However, Europe was the largest market in 2021, accounting for nearly two-fifths of the global green ammonia market and is likely to maintain its dominance during the forecasted timeframe. The other regions studied in the report include North America and LAMEA.

Due to the low carbon footprint, its adoption becomes pivotal in mitigating emissions within industries categorized as "hard to abate," which presently rely on conventional ammonia produced from carbon-intensive natural gas. The substitution of traditional ammonia with green ammonia not only reduces reliance on fossil fuels but also leads to a notable decrease in greenhouse gas emissions, making it a substantial contributor to efforts aimed at mitigating climate change.

Leading players of the global green ammonia market analyzed in the research 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, and Queensland Nitrates Pty. Ltd.

𝐖𝐚𝐧𝐭 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐆𝐫𝐚𝐩𝐡𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬' 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: https://www.alliedmarketresearch.com/green-ammonia-market/purchase-options

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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