CHICAGO, July 12,
2024 /PRNewswire/ -- Green Ammonia Market in
terms of revenue was estimated to be worth $0.3 billion in 2024 and is poised to reach
$6.2 billion by 2030, growing at a
CAGR of 66.0% from 2024 to 2030 according to a new report by
MarketsandMarkets™.
Green ammonia may be produced using renewable energy sources
such as wind and solar power. This integration promotes the use of
excess renewable energy, which would otherwise be limited, and
converts it into a reliable and transportable source of energy.
This ability to store and transmit renewable energy minimizes
intermittency while increasing system stability. The chemical,
fertilizer, and industrial industries are under growing pressure to
adopt sustainable practices and reduce their carbon footprint.
Green ammonia is a possible option for these companies to produce
green chemicals and fertilizers that fulfill sustainability and
regulatory requirements.
Furthermore, technical advances in electrolysis, particularly in
PEM (Proton Exchange Membrane) and alkaline water electrolysis,
have boosted the efficiency and reduced the costs of producing
green hydrogen, a critical precursor of green ammonia.
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Browse in-depth TOC on "Green Ammonia
Market"
223 - Tables
51 - Figures
250 -
Pages
Green Ammonia Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$0.3 billion
|
Estimated Value by
2030
|
$6.2 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 66.0%
|
Market Size Available
for
|
2019–2030
|
Forecast
Period
|
2024–2030
|
Forecast
Units
|
Value (USD
billion) and Volume (Million
Tons)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Green Ammonia Market by
technology, by capacity, by end-use, and region.
|
Geographies
Covered
|
Europe, Asia Pacific,
North America, and Rest of the World
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Potential of ammonia as
a marine fuel
|
Key Market
Drivers
|
Rising agricultural
productivity has led to an increase in the need for environmentally
friendly fertilizers.
|
Solid Oxide Electrolysis, by technology, is expected to be
the fastest-growing segment during the forecast period.
Solid oxide electrolysis cells (SOECs) operate at high
temperatures, often between 700 and 1,000°C, allowing for greater
electrical efficiency than conventional electrolysis methods. The
high working temperature lowers the energy required for
electrolysis, making SOE more efficient and cost-effective in the
long term. SOECs may include waste heat from industrial operations
and other high-temperature sources. This integration increases
total system efficiency and decreases the amount of energy required
for hydrogen generation, making SOE a more appealing alternative
for green ammonia production. SOE technique uses less power per
unit of hydrogen generated than low-temperature electrolysis
methods because it is more efficient. This reduction in power use
results in lower operational expenses, especially in areas with
high electricity rates.
Power generation, by End-use applications, is expected to be
the fastest-growing segment during the forecast period.
The combination of green ammonia production with renewable
energy sources such as wind and solar power helps to repurpose
excess electricity that would otherwise be wasted. This integration
encourages the use of renewables and aids in the transition to a
more sustainable energy system. Governments are establishing
regulations, subsidies, and incentives to encourage green ammonia
production and use. These governmental initiatives encourage
investment in green ammonia projects, which drives market growth.
Countries with substantial renewable energy resources are investing
in green ammonia production for export. Green ammonia may be
transported and exchanged internationally, creating economic
possibilities for producing nations while also helping to the
global energy revolution.
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Europe is expected to be the
largest region during the forecast period.
To minimize carbon emissions, Europe has implemented rigorous rules and set
ambitious climate targets. The European Green Deal intends to make
the EU climate-neutral by 2050, including considerable investments
in renewable energy and green technology. Subsidies, tax breaks,
and grants for green ammonia projects all help to drive market
expansion. Europe is home to
renowned research organizations and firms pioneering breakthrough
green ammonia technology. Continuous innovation and technical
improvements in electrolysis, ammonia synthesis, and energy storage
are increasing the efficiency and cost-effectiveness of green
ammonia manufacturing. In addition to this, the growing public
knowledge and support for sustainable energy and climate action is
boosting demand for green ammonia. The general public and
stakeholders are campaigning for greener energy options,
encouraging businesses and governments to incorporate green ammonia
into their sustainability initiatives.
Key Players
Some of the major players in the Green Ammonia Market are
Siemens Energy (Germany), ACME
Group (India), Iberdrola, S.A.
(Spain), ThyssenKrupp AG
(Germany), Nel ASA (Norway), and Yara (Norway) among others. The major strategies
adopted by these players include new product launches,
acquisitions, contracts, agreements, partnerships, joint ventures,
collaborations, investments, and expansions.
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Related Reports:
Green Hydrogen Market by Technology (Alkaline and PEM),
Renewable source (Wind, Solar), End-use Industry (Mobility, Power,
Chemical, Industrial, Grid Injection), and Region (North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2030
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Get access to the latest updates on Green Ammonia
Companies and Green Ammonia Industry Growth
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