New York (US), May 10, 2023 (GLOBE NEWSWIRE) -- Green Ammonia Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Green Ammonia Market Research Report Information By Gasifier Technology, By Gasifier Application, and By Region –Market Forecast Till 2032”, The green ammonia market is projected to grow from USD 0.5 billion in 2023 to USD 39.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 73.50% during the forecast period (2023 - 2032).
Market Scope
In a procedure known as ammonia synthesis, nitrogen and hydrogen may be combined to create ammonia. Green ammonia is produced when this process is finished with zero carbon emissions and renewable energy sources including wind, solar, hydropower, and geothermal energy. Green ammonia is created by electrolyzing water to get hydrogen, and it is driven by renewable energy sources including sun, wind, and hydropower. Several industries, including agricultural, energy storage, and marine, can benefit from the usage of green ammonia.
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Competitive Dynamics:
Key Companies in the green ammonia market 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
- Queensland Nitrates Pty Ltd
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 39.9 billion |
| CAGR | 73.50% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazi |
| Key Market Dynamics | Increasing Use of Energy-Efficient Technologies |
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Market USP:
Market Drivers
Many important market factors, such as an increase in green hydrogen projects, increased investment in the hydrogen-based economy, and rising demand for green ammonia in the agricultural and power generation sectors, have contributed to the market's growth throughout the forecast period. However, the quality of soil has worsened due to the increased use of chemical pesticides and fertilizers, prompting the creation of sustainable agricultural alternatives. Chemical producers are switching to sustainable and eco-friendly products, including green ammonia, to fulfill this need. This trend is expected to cause a significant growth in green ammonia sales. Additionally, a growth in the demand for fertilisers is anticipated to lead to a considerable increase in the use of ammonia since fertilisers, such as ammonia, are a necessary part of the green ammonia manufacturing process. Only a small number of clients may initially be able to afford green ammonia's higher price. More people may begin to use it, though, as this environmentally friendly alternative obtains more foothold in the market. Long term, this would lead to widespread usage of green ammonia in the fertilizer and industrial industries, which would support the growth of the green ammonia market CAGR worldwide.
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Market Limitations
Analysis of COVID-19: In 2020, the spread of COVID-19 had a detrimental effect on the world market for green ammonia. Downstream businesses are being significantly impacted by the severe restrictions and statewide lockdowns enforced by government authorities to stop the spread of the deadly illness. Supply networks throughout the world have been badly impacted. However, during the COVID era, agribusiness continued to have a high need for fertilizers. Demand for green ammonia is anticipated to rise in the near future as the market slowly begins to reopen as a result of rising demand from the shipping sector. Additionally, activities to produce green hydrogen are probably going to enhance demand for green ammonia in the Middle East, Africa, and Europe areas, which will further expand the market in the upcoming years.
Marketing division
By Technology
The market was controlled by the sector of proton exchange membrane electrolysis. This is because more people are becoming aware of the advantages of this technology, which has enormous current densities at low voltages and an electric efficiency of over 90%. Government policies that are supportive of the production of green and clean energy as well as improved fuel cell technology R&D can help increase product demand.
By Application
The largest revenue generating segment is the transportation category. Its significant portion can be attributed to the global fuel energy crisis, which has spurred the need for green fuel. Conventional sources are being replaced by renewable ones, such as green ammonia and others. These sources provide gasoline that is safe for the environment, efficient, and clean. Environmental protection and carbon emissions are topics that are receiving attention on a global scale.
Geographic Analysis:
This market will be dominated by the green ammonia market in North America. This growth is attributed to the region's adoption of electric cars as well as increasing research and development for hydrogen generation. Government support, an increase in investor interest, and the practicality of the technology are other factors driving market development.
In 2021, Europe held a sizable portion of the market. The demand for green ammonia is driven by rising environmental consciousness and the establishment of strict environmental legislation. The market expansion is supported by an increase in the deployment of fuel cell projects as a result of a rise in consumer preference for using sustainable energy sources. The product is in great demand in Spain and Germany as a result of the growing usage of technological advancements. Europe is home to several ammonia manufacturing facilities and has a tremendous potential for businesses as the sector becomes increasingly concentrated there. Additionally, the European green ammonia market in Germany had the biggest market share, while the market in Spain had the quickest rate of expansion. In the area, green ammonia has been used more frequently in the agriculture, transportation, and power generating industries. In the upcoming years, market expansion will also be aided by favorable government initiatives, an increasing shift toward sustainable energy sources to satisfy the expanding demand for energy, and attempts to fulfill energy objectives. As the nations in the area transition away from fossil fuels and adopt cleaner transportation fuels, there has been an increase in application in the transportation sector. Rising industrialisation, increasing research and development spending on cleaner energy sources, and expanding application sectors all contribute to the region's market expansion.
The second-largest market share belongs to the Asia Pacific green ammonia market. This is the outcome of government initiatives and plans aimed at reducing carbon emissions and advancing renewable energy. For instance, in order to promote the use of electric vehicles there, the Indian government has granted incentives. In addition, the Indian green ammonia market had the quickest rate of growth in the Asia-Pacific region, while China's green ammonia market had the greatest market share.
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