Pune, India, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global green ammonia market update 2023 forecasts global green ammonia market size, share and growth from 2023 to 2030. It’s also discusses key growth and restraining factors that are impacting the growth of projections for forecast period.
The global green ammonia market size is set to gain momentum from emerging regulations and directions regarding the carbon emission of industries and taking up green ammonia production as an alternative for carbon. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Green Ammonia Market, 2023-2030.”
Industry Developments-
April 2020- The UK government assigned a project to ITM Energy in order to supply renewable hydrogen by using electrolyzers of 100 MW.
December 2019- H2 energy AS, Greenstat AS and Akershus Energi Infrastruktur AS, and Nel Fuel AS got into a combined venture, as equal shareholders in orders to provide green hydrogen to Norway.
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Drivers & Restraints-
Government Focusing on Low Carbon Emission and Using Greenhouse Emission as Its Alternative to Drive Market
Green ammonia is an electrochemical Haber-Bosch process. Governments and other companies across the globe are emerging regulations and directions regarding the carbon emission of industries. The regulations imposed by government and organizations to reduce greenhouse emission for the generation of power to be the market driver in forthcoming time.
Ammonia production costs more than that of carbon which turns out as higher capital cost at the initial stage for the production of ammonia, which may put a limit on green ammonia market growth.
COVID-19 Impact-
Pandemic Turned Out as a Restraint in Growth by Shortage of Raw Material
COVID-19 closed all the businesses as soon as the World Health Organization (WHO) announced national emergency worldwide. Thus, closed markets resulted in disruption of supply and demand of the product. Industries that seem essential were allowed to work and that excludes the market of green ammonia. The lockdown disturbed raw material supply and resulted in downfall of the demand and market.
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Report Coverage-
The report covers an overview of market analysis, major competitors, factors that would drive market growth and factors hindering market growth are also included in the report. Varied segments and its details are depicted in the report for better understanding of the attributes. Regional analysis is taken up in order to describe the dominant region in the global market. An in-depth research is done to gain insights of the market and its growth in upcoming time. Market dynamics like regional analysis, growth, and trends are discussed.
Green Ammonia Market Segmentations-
In terms of technology, the market is divided into alkaline water electrolysis (AWE), proton exchange membrane (PEM), and solid oxide electrolysis (SOE).
Based on end-user, the market is segmented into power generation, transportation, and industrial feedstock.
Regionally, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Insights-
Most Projects Functional in Germany to Push Europe in Gaining Highest Market Share
The maximum growth of green ammonia market share is expected to be witnessed by Europe backed by the most projects being functional in Germany and Netherlands. The market expands due to government initiatives and policies in favor of market growth that raises the production need of green hydrogen to gain its energy transition goals and managing energy-intensive markets to upgrade business climates.
The Netherlands is another rapidly growing country for the market of green ammonia backed by the national hydrogen program launch according to the climate agreement, which has a goal to complete 4GW of installed electrolyzer capacity by the end of 2030.
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Competitive Landscape-
Government Projects with Industry to Assist Key Players in Improving Market Growth
The key competitors are striving to gain projects by different governments to provide solutions of green hydrogen that would produce renewable hydrogen. Companies are striving hard to get joint ventures to expand their market. Significant players are also focused on acquiring mergers, and collaborators to grow in the global market. Major players Adopted and implemented new technology to boost market growth.
List of Players Operating in the Green Ammonia Market are as follows:
- BASF (Germany)
- Siemens (Germany)
- Yara International (Norway)
- Green Hydrogen Systems (Denmark)
- ITM Power (U.K.)
- EXYTRON GmbH (Germany)
- MAN Energy Solutions (Germany)
- Haldor Topsoe A/S (Denmark)
- Aquahydrex Inc (U.S.)
- Starfire Energy (U.S.)
- Electrochaea (Germany)
- ThyssenKrupp (Germany)
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Green Ammonia Market Segmentation:
By Technology:
- Alkaline Water Electrolysis (AWE)
- Proton Exchange Membrane (PEM)
- Solid Oxide Electrolysis (SOE)
By End-user:
- Power generation
- Transportation
- Industrial Feedstock
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