Jersey City, NJ, April 18, 2023 (GLOBE NEWSWIRE) -- The Gobal Green Ammonia Market is estimated to reach over USD 29.23 billion by 2031, exhibiting a CAGR of 71.41% during the forecast period.
It is anticipated that renewable ammonia will become a common chemical during the forecast period. This results from increased efforts by numerous governments to achieve low or no carbon emissions. The product will likely become a top commodity for moving renewable energy between regions during the projection period. Also, the industry is anticipated to increase due to the rising demand for green ammonia in several end-use sectors, including fertilizer, power production, transportation, and others. In addition, rising demand for green ammonia in medicinal and industrial feedstock goods is anticipated to drive market expansion.
The COVID-19 epidemic had an impact on the world market. Lockdown laws were implemented worldwide and had an impact on the market. Several circumstances impacted the market, including restricted trading operations, travel restrictions, and a labor shortage. The global industry has experienced operational difficulties and the closure of manufacturing operations. Due to increased applications, environmental concerns, and favorable government regulations, the market is anticipated to develop significantly throughout the forecast period.
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Recent Developments:
- In May 2022, According to LSB Industries, Inc., it has agreements with ThyssenKrupp Uhde USA, LLC and Bloom Energy to build a project that will create about 30,000 metric tonnes of green or zero-carbon ammonia annually at LSB's facility in Pryor, Oklahoma.
List of Prominent Players in the Green Ammonia Market:
- Siemens Energy
- Thyssenkrupp Ag
- Man Energy Solutions
- Nel Asa
- ITM Power
- Mcphy Energy S.A.
- Enapter S.R.L.
- Green Hydrogen Systems
- Fuelpositive Corporation
- Stamicarbon
- Hydrogenics
- Hygenco
- Electrochaea
- Starfire Energy
- Exytron
- Aquahydrex
- Yara International
- BASF SE
- Engie
- Uniper SE
- Queensland Nitrates
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Green Ammonia Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 234.19 Mn |
| Revenue forecast in 2031 | USD 29.23 Bn |
| Growth rate CAGR | CAGR of 71.41 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Tons) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Technology And End-Use Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Throughout the time of forecasting, there is predicted to be a significant increase in the global market for green ammonia. The demand for green ammonia is rising as there are more environmental concerns and a preference for renewable energy sources. The market's expansion is accelerated by the implementation of stringent environmental rules and actions made by governments throughout the world to reduce their reliance on fossil fuels. The demand for green ammonia is also increased by the increase in fertilizers used to increase agricultural production and achieve higher-quality crops.
Challenges:
Globally, governments are putting policies into place to cut greenhouse gas emissions. There is increasing consumer demand for low-carbon goods like green ammonia. Recent years have seen a substantial reduction in the expenditure of renewable energy sources such as wind and solar energy. This has improved the economic viability of producing green ammonia with renewable energy.
Regional Trends:
North America consumes the greenest ammonia for transportation, power generation, and agriculture. The demand for food expanded as the country's population grew, which in turn fueled the agriculture industry. That increased regional usage of green ammonia even further. One of the essential industries in the United States is agriculture. The expansion of the American agriculture sector is being driven by the rising demand for corn, cereals, and other corn-based products on a global scale. There were more than 2 million farms in existence as of 2021. There are around 895 million acres of farmland in the country, with average farm sizes hovering around 445 acres.
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Segmentation of Green Ammonia Market-
By Technology-
- Alkaline Water Electrolysis
- Proton Exchange Membrane
- Solid Oxide Electrolysis
By End-Use Application-
- Power Generation
- Transportation
- Industrial Feedstocks
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The 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 Middle East and Africa
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