According to SNS Insider’s research, the green ammonia market is poised for a dynamic evolution, playing a pivotal role in the global transition towards a greener and more sustainable energy landscape
Pune, Dec. 07, 2023 (GLOBE NEWSWIRE) — The Green Ammonia Market, as per the SNS Insider report, exhibited a valuation of USD 150.9 million in 2022 and is anticipated to reach USD 74.74 billion by 2030, experiencing a remarkable CAGR of 117.2% throughout the forecast period spanning 2023 to 2030.
Market Overview
Green ammonia, in essence, is ammonia produced using renewable energy, particularly through the process of electrolysis. Unlike traditional ammonia production, which heavily relies on fossil fuels, green ammonia harnesses the power of clean energy sources such as wind, solar, or hydropower. The synthesis involves the separation of water into hydrogen and oxygen, followed by the combination of hydrogen with nitrogen to create ammonia. This sustainable production method significntly reduces carbon emissions and environmental impact.
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Market Analysis
The increasing emphasis on environmental sustainability and the urgency to combat climate change have led governments and industries to seek cleaner alternatives. Green ammonia, with its minimal environmental impact, has emerged as a frontrunner in sustainable practices, driving its demand globally. The growing capacity and efficiency of renewable energy sources, such as solar and wind power, play a pivotal role in the rise of green ammonia. As the world transitions towards a renewable energy-dominated landscape, the synergy between renewable energy and green ammonia production becomes a compelling driver for green ammonia market growth. Stringent regulations and the implementation of carbon pricing mechanisms are pushing industries to explore low-carbon alternatives. Green ammonia, being a sustainable and low-carbon option, stands to beneft from these regulatory frameworks, driving increased adoption across sectors. Ongoing advancements in technology, particularly in electrolysis and ammonia synthesis processes, contribute to cost reductions in green ammonia production. As the cost competitiveness of green ammonia improves, it becomes a more attractive option for industries seeking sustainable solutions.