Green Ammonia Market Size, Industry Share and Forecast, 2023-2030

Posted 2024-03-27 11:23:51

Green Ammonia Market

The global green ammonia market is expected to grow from its estimated value of USD 548.12 million in 2022 to USD 16,547.23 million by the end of 2030, according to a report released by Zion Market Research. Over the course of the projection period, the market is anticipated to expand at a CAGR of 53.10%. The study examines the factors driving and impeding the growth of the global green ammonia market as well as their effects on demand over the projected timeframe. Additionally, it will support exploration and navigation of the emerging potential in the green ammonia market sector.

Global Green Ammonia Market: Overview

All that ammonia is is a strong gas that is widely used to make fertilizers for agriculture. The process of creating ammonia that is entirely renewable and carbon-free is known as "green ammonia production." Wind, water, and air are the renewable resources used to produce green ammonia.

Green Ammonia Market

Global Green Ammonia Market: Growth Factors

The market for green ammonia is expanding significantly on a global scale. The global market is expanding primarily due to factors like the growing need for green ammonia due to industrial dependency, growing environmental concerns about greenhouse gas emissions, and a growing preference for renewable sources over fossil fuels. Ammonia has the potential to be a chemical energy transporter as well as a fuel. The main benefit of ammonia is that it emits no carbon dioxide when utilized as fuel. Additionally, if sustainable energy is employed to power the ammonia production process, its green credentials can also be enhanced.

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These elements, together with the expanding usage of ammonia in agriculture due to its negative environmental effects, are driving the expansion of the global market for green ammonia. Additionally, there is an increase in governmental funding and framework as well as investments to satisfy the growing need for green ammonia in order to reduce emissions from energy-intensive sectors, decarbonize food, and enable a green hydrogen economy.This is also making an equal contribution to the expansion of the world market. Additionally, some of the major factors driving the expansion of the green ammonia business include the rise in the number of small-scale green ammonia plants, the rise in green hydrogen projects, and the rise in the consumption of green ammonia from the power generation industry.

Moreover, throughout the course of the forecast period, there may be plenty of prospects for the expansion of the global green ammonia market due to the advancement of technological solutions for the creation of ammonia engines suitable for maritime usage. The high cost of green energy sources and the regulatory requirements for lower carbon emissions, however, are the things that could prevent the worldwide green ammonia market from expanding. Nearly all industries worldwide were badly impacted by the COVID-19 epidemic. Due to stringent lockdowns enforced by multiple governments, major ammonia-producing nations had to temporarily suspend their manufacturing operations. Additionally, transportation restrictions have an impact on the global green ammonia market. Still, a rebound in the market is anticipated.

Global Green Ammonia Market: Segmentation

Markets for green ammonia worldwide are divided into two segments according to end-user, geography, technology, application, and purity type. The exceptional purity and low purity segments of the global green ammonia market are based on the type of purity. Solid oxide electrolysis (SOE), proton exchange membrane (PEM), and alkaline water electrolysis (AWE) are the three technological categories used to classify the global market. The global market is divided into four segments based on the application: hydrogen carrier, energy storage, fertilizer, and zero-carbon fuel. Transportation, industrial feedstock, and power generation comprise the end-user segment.

Global Green Ammonia Market: Regional Analysis

For the duration of the projection, Europe is anticipated to control the world market for green ammonia. The market is expanding due to several primary factors, including as the growing focus on carbon emission reduction, the high demand for eco-friendly products, and the growing government support for the increased use of green ammonia in various end-use sectors. In the global market for green ammonia, North America is anticipated to maintain its second-place ranking. The need for green ammonia in a variety of end-use sectors is being driven by factors such increased worries about rising carbon emissions in the United States. Over the projection period, Asia Pacific is expected to witness significant expansion in the global market for green ammonia. High ammonia demand in quickly growing end-use sectors combined.

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