Wilmington, Delaware, United States, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global green ammonia market was projected to attain US$ 48.6 million in 2022. It is anticipated to garner a 76.3% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 8.1 billion by 2031.
Renewable hydrogen is created by water electrolysis with the use of renewable power, and this process yields renewable ammonia. Nitrogen that has been extracted from the air is used to transform this hydrogen into ammonia. Since this process doesn't release carbon dioxide, it is sustainable for use in a variety of contexts.
There is considerable interest in "green ammonia" production due to the high energy intensity and large greenhouse gas emissions of traditional ammonia manufacturing methods. Green ammonia has a large potential to be produced by renewable energy, according to a paper published by the International Renewable Energy Agency (IRENA). According to the analysis, more than 90% of the energy required to create ammonia might come from renewable sources by 2050.
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Key Findings of the Market Report
- There is an increasing need for fertilizers due to the expansion of agricultural output, especially in Asia and Africa.
- Sustainable agriculture methods are required because of the reduction in soil quality caused by the extensive use of chemical pesticides and fertilizers.
- To meet this need, chemical manufacturers are transitioning to environmentally friendly and sustainable goods like green ammonia.
- In the upcoming years, it is anticipated that this trend would greatly increase sales of green ammonia.
- Since ammonia is a necessary component of fertilizers used in the green ammonia manufacturing process, there will probably be a significant rise in ammonia consumption as fertilizer demand rises.
Market Trends for Green Ammonia
- Green ammonia is being produced using a variety of processes, including proton exchange membrane electrolysis and alkaline water electrolysis. Solid oxide electrolysis (SOE) is thought to be the most effective of them all. Solid oxide electrolysis cells (SOECs) may reach high conversion efficiencies and can operate at high temperatures, usually between 700°C and 900°C.
- About 30 GJ are usually needed for every ton of ammonia produced using high-temperature electrolysis, more especially solid oxide electrolysis, which produces renewable ammonia.
- In the long run, this energy consumption should drop to 26 GJ per ton, yielding an energy conversion efficiency of around 60% to 70%. Greater heat integration throughout the process and more effective hydrogen ammonia synthesis account for the reduced energy usage as compared to low-temperature electrolysis.
Global Market for Green Ammonia: Regional Outlook
- During the projected period, Asia Pacific is expected to account for the majority of the global demand for green ammonia. Due to their high levels of industrial activity, huge number of operational plants, and ongoing development projects, China, the Middle East, and India are predicted to be important markets in the next few years.
- In 2022, North America continued to hold a sizable portion of the green ammonia market. This may be attributable mostly to increased investment in bio-oil initiatives in the United States.
- South Africa, Brazil, and Australia have become significant markets. These nations and areas are making significant investments in green ammonia as a substitute renewable fuel and chemical feedstock.
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Global Green Ammonia Market: Key Players
Key corporations are making substantial investments in extensive research and development endeavors, mainly with the aim of producing eco-friendly merchandise.
A number of prominent entities are strategically cooperating and adhering to the green ammonia market trends in order to expedite product innovation and broaden their company segments in both regional and global marketplaces. The following companies are well-known participants in the global green ammonia market:
- Yara International
- Siemens Energy
- MAN Energy Solutions
- thyssenkrupp
- Haldor Topsoe
- Greenko
- ACME Group
- CF Industries
- Jakson Green
- Hyphen Hydrogen
- ITM Power
- Nel Hydrogen Solutions
- Others
Key developments by the players in this market are:
- On February 02, 2023, Hyphen Hydrogen Energy signed a Memorandum of Understanding (MoU) for its 1 million mt/year green ammonia plant under development in Namibia with Approtium, a hydrogen producer located in South Korea, and another large chemical business.
- Greenko and Uniper, located in Germany, inked a contract on October 25, 2022, for the supply of 250,000 tons of green ammonia. In order to meet the increasing need for low carbon energy in India, Singapore, and throughout the world, Greenko is the first firm established in India to begin exporting in 2025. Together, the two companies will investigate potential for renewable energy and green ammonia.
Global Green Ammonia Market Segmentation
Technology
- Solid Oxide Electrolysis
- Proton Exchange Membrane Electrolysis
- Alkaline Water Electrolysis
End Use
- Fertilizer
- Power Generation
- Transportation
- Refrigeration
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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