Wilmington, Delaware, United States, March 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global green ammonia market stood at approximately US$ 0.0486 Bn in 2022 and is projected to expand at a CAGR of 76.3% from 2023 to 2031.
The worldwide focus of the chemical industry on producing ammonia utilizing renewable energy sources could be ascribed to initiatives by governments to lower the carbon footprint of end-use industries such as transportation and agriculture. Green ammonia has generated massive interest among industry players due to the need for a clean energy source to power ships and vehicles. About 176 million tons of ammonia are produced per year, and they contribute significantly to global CO2 production.
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Recent market trends indicate that infrastructure for ammonia production, storage, and transportation is already established. Presence of robust infrastructure is likely to positively influence green ammonia market development. Strides made in the generation of wind and solar power in several countries are likely to bolster market growth as green ammonia can be used to store intermittent renewable energy. Governments are focusing on increasing the share of renewable energies in the electricity grid. Expansion of the renewable energy sector would therefore propel the green ammonia market development.
Extensive R&D to develop new catalysts, membranes, and cost-effective electrolyzers is expected to augment the green ammonia market size in the near future. An example is the increase in installations of electrolyzers in ammonia plants in countries such as the U.S. and in European countries. Ammonia is easier and more cost-effective than liquid hydrogen to store and transport.
Key Findings of Study
- High Demand for Environment-friendly Transportation to Drive Production of Green Ammonia: Globally, governments and industries are working concertedly to decarbonize the transportation sector. A major part of the initiatives centers on the adoption of cost-effective, environmental-friendly fuels. Surge in demand for renewable marine fuels in the shipping industry has bolstered the market prospects of green ammonia. Government’ focus on promoting clean fuels is poised to boost the green ammonia market. The market study observed that solid oxide electrolysis is expected to be a preferred method to produce green ammonia. Solid oxide electrolysis cells have also gained traction among green ammonia producers due to their high energy conversion efficiencies.
- Rapid Adoption of Sustainable Agriculture Fertilizers: Abundant demand for fertilizer in the agriculture sector globally is a key factor likely to drive the need for sustainable fertilizers. High utilization of nitrogen-based fertilizers is projected to boost the market value. Usage of ammonia as a refrigerant is also likely to accelerate the green ammonia industry development.
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Key Drivers
- Surge in demand for agriculture fertilizers globally is anticipated to propel the green ammonia market. Ammonia producers strive to accelerate the decarbonization of the agriculture sector and, hence, are likely to spend significantly on projects that would enable the farming sector to switch to green ammonia.
- Growing popularity of low-carbon liquid fuels in the transportation sector is expected to fuel the green ammonia market. Governments are offering policy support to promote hydrogen-based fuels, including ammonia. Rise in demand for alternative marine fuels is likely to bolster production of green ammonia.
Regional Growth Dynamics
- The market in Asia Pacific is projected to account for a major share from 2023 to 2031. India, China, and the Middle East are anticipated to be lucrative markets. China is expected to offer significant revenue to companies in Asia Pacific, as China is a globally prominent producer of ammonia. Surge in demand for agriculture fertilizers is likely to positively influence the green ammonia industry. Presence of large-scale ammonia production plants in several economies in Asia is expected to bolster market development in Asia Pacific.
- The market in North America is highly lucrative. Several government-supported green ammonia projects are likely to boost the market size in the region in the next few years. Sizable production of wind power and rise in bio-fuel projects in the U.S. are expected to strengthen the market in North America.
Competition Landscape
A few large-scale vendors control majority stake in the green ammonia industry, which results in high degree of consolidation of the landscape. Prominent companies strive to expand their presence in new geographies. They are expanding their product portfolio as well. These companies are also spending on R&D activities to launch innovative products.
Key players operating in the green ammonia market are Yara International, Siemens Energy, thyssenkrupp, Haldor Topsoe, Greenko, ACME Group, CF Industries, ITM Power, Jakson Green, and Hyphen Hydrogen.
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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
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
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