The Green Ammonia market is expected to witness explosive growth in the coming years. Worldwide concerns about climate change and decarbonisation goals are driving the adoption of cleaner energy sources.
New York, Dec. 14, 2023 (GLOBE NEWSWIRE) — In 2023, the global market for green ammonia reached a valuation of $97.8 million and is projected to witness substantial growth, aiming to reach $4,517.6 million by 2030. This expansion is anticipated at a remarkable compound annual growth rate (CAGR) of 72.9% from 2023 to 2030.
Green ammonia is synonymous with the production of environmentally friendly and carbon-free ammonia. It involves harnessing energy from renewable sources such as solar, wind, and hydropower, which is then directed into an electrolyzer. The electrolyzer extracts hydrogen from water, and an air separation unit separates nitrogen from the air. The resulting hydrogen and nitrogen undergo a reaction at elevated temperatures and pressures to produce ammonia. The growinginvestment in renewable energy projects and a decline in the cost of power generation are expected to be key drivers for the green ammonia market.
Currently in its nascent stages, the green ammonia industry is witnessing increased focus on research and development efforts, anticipated to escalate due to growing public awareness and government regulations addressing carbon dioxide emissions and environmental conservation.
Green ammonia has the potential to significantly reduce global dependence on fossil fuels and contribute to lowering greenhouse gas emissions. Generated through the electrolysis of water using renewable energy sources such as solar, wind, and hydropower, green ammonia finds applications across various industries, including agriculture, energy storage, and maritime activities.
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Market Scope:
Report Coverage
Details
Market Revenue 2023
US$97.8 Mn
Projected Market Value (2030)
US$4,517.6 Mn
Global Market Growth Rate (CAGR 2023 to 2030)
72.9%
Forecast Period
2023-2030
No. of Pages
157 Pages
Market Segmentation
By Production Process Location, By End Use, By Region
Regions Covered
North America, Europe, East Asia, South ,Asia & Oceania, Latin America, Middle East & Africa
Key Companies Profiled
CF Industries Holdings, Inc, BASF SE, Yara, International ASA, Maire Tecnimont S.p.A., ACME Group, Fertiglobe plc, NEL Hydrogen
Green Ammonia Market Dynamics
Growth Drivers:
In the upcoming years, a substantial shift toward zero-carbon practices, driven by stringent pollution regulations and a focus on zero-emission goals, is expected to propel the use of green ammonia. By 2032, the green ammonia industry is forecasted to represent 3 to 4 percent of the total ammonia market. The fertilizer end-user segment is also projected to witness a growth rate of approximately 75.4% between 2023 and 2032, driven by a preference for green ammonia in fertilizer prduction.
