Chicago, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The global Green Ammonia Market size is expected to grow from USD 0.3 billion in 2024 to USD 6.2 billion by 2030, at a CAGR of 66.0% according to a new report by MarketsandMarkets™. Green ammonia may be produced using renewable energy sources such as wind and solar power. This integration promotes the use of excess renewable energy, which would otherwise be limited, and converts it into a reliable and transportable source of energy. This ability to store and transmit renewable energy minimizes intermittency while increasing system stability. The chemical, fertilizer, and industrial industries are under growing pressure to adopt sustainable practices and reduce their carbon footprint. Green ammonia is a possible option for these companies to produce green chemicals and fertilizers that fulfill sustainability and regulatory requirements.
Furthermore, technical advances in electrolysis, particularly in PEM (Proton Exchange Membrane) and alkaline water electrolysis, have boosted the efficiency and reduced the costs of producing green hydrogen, a critical precursor of green ammonia.
The green ammonia market is being driven by demand from green chemical makers and the power-generating industry. Similarly, the global push for sustainable and low-carbon solutions will also propel the market growth.
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Green Ammonia Market Scope:
| Report Coverage | Details |
| Market Size | USD 6.2 billion by 2030 |
| Growth Rate | 66.0% of CAGR |
| Largest Market | Europe |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Green Ammonia Market technology, by capacity, by end-use, and region. |
| Geographies Covered | Europe, Asia Pacific, North America, and Rest of the World. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increasing focus on building hydrogen-based economy |
| Key Market Drivers | Need to store renewable energy for longer term |
Power generation is expected to be the fastest-growing segment in the green ammonia market
The combination of green ammonia production with renewable energy sources such as wind and solar power helps to repurpose excess electricity that would otherwise be wasted. This integration encourages the use of renewables and aids in the transition to a more sustainable energy system. Governments are establishing regulations, subsidies, and incentives to encourage green ammonia production and use. These governmental initiatives encourage investment in green ammonia projects, which drives market growth. Countries with substantial renewable energy resources are investing in green ammonia production for export. Green ammonia may be transported and exchanged internationally, creating economic possibilities for producing nations while also helping to the global energy revolution.
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Green Ammonia Market Dynamics:
Drivers:
- Need to store renewable energy for longer term
- Regulatory policies and incentives to reduce GHG emissions
- Increased need for eco-friendly fertilizers
Restraints:
- High initial setup costs
Opportunities:
- Potential of ammonia as maritime fuel
- Increasing focus on building hydrogen-based economy
- Plans to achieve net-zero and electrolyzers target
Challenges:
- Lack of information about green ammonia among chemical manufacturers
- Low level of technology readiness for use of ammonia as zero-carbon fertilizer, fuel, and energy storage
Europe is expected to be the largest region in the Green Ammonia Industry
To minimize carbon emissions, Europe has implemented rigorous rules and set ambitious climate targets. The European Green Deal intends to make the EU climate-neutral by 2050, including considerable investments in renewable energy and green technology. Subsidies, tax breaks, and grants for green ammonia projects all help to drive market expansion. Europe is home to renowned research organizations and firms pioneering breakthrough green ammonia technology. Continuous innovation and technical improvements in electrolysis, ammonia synthesis, and energy storage are increasing the efficiency and cost-effectiveness of green ammonia manufacturing. In addition to this, the growing public knowledge and support for sustainable energy and climate action is boosting demand for green ammonia. The general public and stakeholders are campaigning for greener energy options, encouraging businesses and governments to incorporate green ammonia into their sustainability initiatives.
Key Market Players:
Some of the major players in the Green Ammonia Companies are Siemens Energy (Germany), ACME Group (India), Iberdrola, S.A. (Spain), ThyssenKrupp AG (Germany), Nel ASA (Norway), and Yara (Norway).
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