Green Ammonia Market Specific Opportunities and Trends Affecting the Growth and Forecast, 2031
11-24-2023 08:24 AM CET | Business, Economy, Finances, Banking & Insurance
Press release from: Allied Market Research (AMR)
AMR
AMR
According to a recent report by Allied Market Research, the global green ammonia market is on the rise, generating $0.02 billion in 2021 and expected to reach a whopping $6.5 billion by 2031. With a remarkable Compound Annual Growth Rate (CAGR) of 80.1% from 2022 to 2031, the market is witnessing significant growth. The report delves into changing market trends, key investment areas, value chains, regional landscapes, and the competitive scenario.
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The report highlights the drivers, opportunities, and restraints influencing the market. The rise in public concern and government regulations related to carbon emissions and enironmental health are driving factors, while the demand for green ammonia as a maritime fuel presents opportunities. However, the high initial capital requirements for green ammonia plant infrastructure pose a challenge.
The COVID-19 pandemic initially hampered market growth due to strict restrictions and lockdowns, impacting downstream industries and global supply chains. However, as markets reopened, the demand for green ammonia, especially in the shipping industry, gradually increased. The report also predicts a surge in green ammonia demand in the Middle East, Africa, and Europe regions due to green hydrogen production initiatives.
The market segmentation is detailed, covering technology, application, and region. The alkaline water electrolysis segment dominated in 2021, accounting for over three-fifths of the market share and expected to maintain its lead through 2031. Meanwhile, the solid oxide electrolysis segment is projected to witness the fastest CAGR of 81.3% during the foecast period.
In terms of application, power generation held the largest share in 2021, comprising nearly two-fifths of the market. It is expected to maintain growth, although the “others” segment is anticipated to exhibit the highest CAGR of 81.2% in 2031. The report also analyzes transportation and industrial feedstock segments.
Geographically, the Asia-Pacific region is expected to show the fastest CAGR of 81.1% during the forecast period. However, Europe was the largest market in 2021, accounting for nearly two-fifths of the global green ammonia market and is likely to maintain its dominance.
The report profiles key players in the global green ammonia market, including Siemens AG, NEL ASA, ThyssenKrupp, ITM Power, CF Industries Holdings, Inc., Ballard Power Systems, AMMPower Corp, FuelPositive Corporation, Haldor Topsoe, Uniper, and others. These players have adopted various strategies such as expansion, new product launches, and partnerships to strengthen their market position.
For those interested in more statistical data, graphs, and insights, the full report can be accessed here @ https://www.alliedmarketresearch.com/green-ammonia-market-A17400
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading he organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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