New York, United States , April 10, 2024 (GLOBE NEWSWIRE) -- The Global Green Ammonia Market Size to Grow from USD 0.28 Billion in 2023 to USD 60.45 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 71.1% during the forecast period.
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Green ammonia is produced by the combination of hydrogen from water and nitrogen from the atmosphere. Gas turbines, internal combustion engines, generator sets, industrial furnaces, and fuel cells can all use this multipurpose fuel. It is especially helpful for transportation by sea. Green ammonia, also known as renewable ammonia, is a type of ammonia that is produced using renewable energy sources and is marketed as a pollutant-free, environmentally friendly substitute with a wide range of potential applications in business and other sectors. Furthermore, for instance, in December 2023, Uniper and First Ammonia announced the day before at the US-German Hydrogen Conference in Berlin that they would be working together to supply Uniper with green ammonia as part of an international program to lower greenhouse gas emissions for ammonia consumers. This carbon-free ammonia will help Uniper accelerate the energy transition for its customers, Germany, and the wider European market. However, The cost of green ammonia is 1.5 times higher than that of ammonia facilities that run on natural gas. If general ammonia producers cannot afford to switch from producing traditional ammonia to producing green ammonia until the cost of electrolyzers and renewable energy generation drops even more, the market's growth will be hindered.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Green Ammonia Market Size, Share, and COVID-19 Impact Analysis, By Technology (Alkaline Water Electrolysis, Proton Exchange Membrane, Solid Oxide Electrolysis), By End User (Power Generation, Transportation, Fertilizer), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The proton exchange membrane segment dominates the market with the largest revenue share over the anticipation timeframe.
On the basis of technology, the global green ammonia market is segmented into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. Among these, the proton exchange membrane segment is dominating the market with the largest revenue share over the anticipation timeframe. Government incentives for clean, green energy production, as well as increased research and development on fuel cell technologies, can boost product demand even further. Proton exchange membrane technology helps producers convert the chemical compound into green ammonia by efficiently decarbonizing it in response to consumer pressure for manufacturers to use more environmentally friendly production methods.
The transportation segment is witnessing significant CAGR growth over the anticipation timeframe.
On the basis of the end user, the global green ammonia market is segmented into power generation, transportation, and fertilizer. Among these, the transportation segment is witnessing significant growth over the anticipation timeframe. Problems like environmental preservation and carbon emissions, which are becoming more and more urgent, are gaining attention worldwide. The product's rising popularity in the transportation industry can be attributed to these problems. The product is feasible because it requires less storage volume than other fuels and is liquid at room temperature.
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Europe dominates the market with the largest market share over the anticipation timeframe.
Europe is dominating the market with the largest market share over the anticipation timeframe. Germany held the largest market share in the European green ammonia market, while Spain's market experienced the fastest growth. Due to the growing demand for fuel cell vehicles, the European market is seeing an increase in the production of green fuel and green electricity for small-scale applications in rural areas.
Asia Pacific is expected to grow the fastest during the anticipation timeframe. The Indian government has extended subsidies there to encourage the use of electric vehicles. Furthermore, in the Asia-Pacific region, the Indian market was growing at the fastest rate, and China's green ammonia market held the largest market share.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major market key players in the global green ammonia market are Nel Hydrogen, Haldor Topsoe, MAN Energy Solutions, ThyssenKrupp AG, ITM Power PLC, Hydrogenics, Green Hydrogen Systems, McPhy Energy, EXYTRON, AquaHydrex, Enapter, BASF SE, Starfire Energy, Queensland Nitrates Pty Ltd, Hiringa Energy, Siemens Energy, Electrochaea, Yara International, ENGIE, Uniper, and Others.
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Key Market Developments
- In April 2023, The Leipzig-based gas company VNG and the fertilizer and chemical company Yara Clean Ammonia (Yara), both owned by Yara International ASA, plan to work closely together in the clean ammonia space and actively support the ambitious implementation plans outlined in the German Hydrogen Strategy.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Green Ammonia Market based on the below-mentioned segments:
Green Ammonia Market, Technology Analysis
- Alkaline Water Electrolysis
- Proton Exchange Membrane
- Solid Oxide Electrolysis
Green Ammonia Market, End User Analysis
- Power Generation
- Transportation
- Fertilizer
Green Ammonia Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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