DUBAI, United Arab Emirates, Feb. 07, 2022 (GLOBE NEWSWIRE) -- According to a recent green ammonia market report by Future Market Insights (FMI), the green ammonia market is anticipated to advance at a phenomenal rate of 90% over the forecast period 2022-2032. At the regional level, the green ammonia market share has a small number of manufacturers.
| Attributes | Details | |
| Green Ammonia Market CAGR (2022 – 2032) | 90% | |
| Green Ammonia Market (2032) | US$ 54.3 Bn | |
| Green Ammonia Market Attraction | Rapid urbanization and demand from agriculture sector to keep Asia Pacific market attractive | |
The study on green ammonia market finds that the solar and wind energy have advanced at a higher pace than other renewable energy, thanks to rising investment and reduced power generation costs. The switch to renewables, productivity, and automation, and per the Global Renewables Outlook 2020, will drive socioeconomic development. As a consequence, rising green ammonia production and underlying storage requirements will push the green ammonia market forward.
Request for Report Sample - https://www.futuremarketinsights.com/reports/sample/rep-gb-14256
The capital-intensive nature of green ammonia plants is a major hindrance to the market's advancement. General ammonia manufacturers will not be able to move from traditional ammonia production to green ammonia production unless the cost of renewable energy and electrolyzers drops further, hampering green ammonia market growth.
The marine industry is undergoing a major transformation. The maritime industry is under pressure to reduce emissions by switching to cleaner energy sources, which is likely to be a pathway for green ammonia producers to capture more revenue.
The green ammonia market is segmented on the basis of technology into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. Amongst these green ammonia technology segments, the solid oxide electrolysis segment is anticipated to hold the largest market revenue of USD 496.38 Mn by the end of 2028, up from USD 7.89 Mn in 2019.
The main problem with the adoption of green ammonia is a lack of awareness among chemical manufacturers. For the green ammonia production process, the largest chemical companies in China, Japan, and Russia continue to use natural gas steam methanation technology. With increased knowledge of electrolysis technology and lower costs of renewable energy generation, the market for green ammonia is likely to rise throughout the forecast period.
“The secret to meeting the dual concerns of growth and environment-friendliness of the twenty-first century is green ammonia. By switching to renewable electricity to make ammonia, CO2 emission of about 40 million tonnes of CO2 can be curbed in Europe alone and over 360 million tonnes worldwide. As a result, the green ammonia market prospect is high and lucrative.”, says FMI analyst.
KEY TAKEWAYS:
- By the end of 2028, the European green ammonia market is expected to have the largest market share and generate revenue of US$ 558.03 million, up from US$ 7.49 million in 2019, thanks to an estimated CAGR of 65.37% over the forecast period.
- The Netherlands is likely to have the largest market revenue of US$ 227.12 million in 2028, while Germany's market is expected to grow at the fastest rate of 86.35% over the forecast period.
- In 2028, Asia Pacific is expected to hold the second-largest market share, with revenue potential of US$ 190.69 million.
- As per the green ammonia market trends during the forecast period, the alkaline water electrolysis segment in the Netherlands is expected to grow at the highest rate of 57.2%.
- In Europe, the solid oxide electrolysis segment is expected to generate the most revenue in 2028, with US$ 323.67 million, up from US$ 4.51 million in 2019.
Speak to our Research Expert: https://www.futuremarketinsights.com/ask-question/rep-gb-14256
Comparative View of Adjacent Green Ammonia Market
| Attributes | Green Ammonia Market | Green Hydrogen Market | Ammonia Market | |||||
| CAGR (2022-2032) | 90% | 60% | 5.5% | |||||
| Market Value (2026) | US$ 1.3 Bn | US$ 2.5 Bn | US$ 100 Bn | |||||
| Growth Factor | Rising adoption of carbon-free fuels to shift gaze to green ammonia. | Scramble towards green hydrogen to achieve 0% emission goals to drive positive market growth. | Growing demand from agriculture industry to translate into high sales. | |||||
| Opportunity | Awareness about renewable energy generation to support growth. | Europe to remain a key green hydrogen market. | Increasing adoption in refrigeration and cooling systems. | |||||
| Key Trends | Asia Pacific to remain expansion haven. | Government is extending hands to support production of green hydrogen. | Rise in the sales of ammonia for drug and vaccine development to offer opportunities. | |||||
Request Special Price@ https://www.futuremarketinsights.com/request-special-price/rep-gb-14256
Competitive Landscape:
Several globally established green ammonia companies, including Siemens (Germany), NEL Hydrogen (Norway), ThyssenKrupp (Germany), ITM Power (UK), and McPhy Energy (France), lead the green ammonia market.
- MAN Energy Solutions, a mechanical engineering firm, announced plans to build an ammonia-fueled two-stroke engine for the marine industry in late 2019, and is in talks with Siemens for green ammonia supply.
- Equinor ASA, Norway's state-owned oil firm, inked a deal with Eidesvik Offshore in January 2020 to modify its Viking Energy supply vessel so that it may travel long distances using carbon-free renewable ammonia.
MISC Berhad of Malaysia, Samsung Heavy Industries of South Korea, Lloyd's Register of the United Kingdom, and MAN Energy Solutions of Germany announced a project to build an ammonia-fueled tanker in the next three to four years in January 2020.
Explore FMI’s Extensive ongoing Coverage on Oil and Gas Domain
Asia Pacific Biochar Market: The Asia Pacific biochar market is expected to witness significant contribution to the global biochar market, by registering a robust growth of nearly 10% by 2020.
APAC Waste Heat Recovery Systems Market: Waste heat recovery is the process of capturing and reusing heat from streams of high energy content generated during various refining processes in industrial sectors.
Asia-Pacific Underground Coal Gasification Market: At the time when natural gas prices witnessing fluctuation and coal resources are depleting, the world is witnessing a significant gap between demand and supply of energy.
Surface Mining Market: Surface mining refers to the mining technique where the overlying layer of soil and rock is removed, followed by the recovery or excavation of the underlying minerals.
Latin America Wind Turbine Market: Wind energy contributed to 4% of the total global electricity usage in 2013.
Coal Bed Methane Market: From the estimated global coal bed methane reserve of about 4,000 Tcf to 5,000 Tcf, about 20% to 25% is recoverable.
Enhanced Oil Recovery Market: The term ‘enhanced oil recovery’ (EOR) refers to the technology used to extract crude oil that cannot be extracted through conventional technologies from oil reservoirs.
ASEAN Energy Storage Devices Market: Rise in the energy demand and depleting fossil fuels is pushing the market towards non-conventional sources of energy. Energy demand is expected to increase by 70% between 2012 and 2035.
Energy Harvesting Market: The global energy harvesting market is projected to record a CAGR of 7.5% from 2022-2032.
Fuel Cell Market: The global fuel cell market is garnering strength and is predicted to move at an impressive CAGR of 25.2% during 2022-2032.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/
Report: https://www.futuremarketinsights.com/reports/green-ammonia-market
Press Release Source: https://www.futuremarketinsights.com/press-release/green-ammonia-market
