NEW YORK, Oct. 22, 2023 /PRNewswire/ — The global green ammonia market size is estimated to grow by USD 1,008.31 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 90.05% during the forecast period. Moreover, the growth momentum will accelerate. Technavio has extensively analyzed 15 major vendors, including AquaHydrex Inc., BASF SE, CF Industries Holdings Inc., Cummins Inc., Enapter Srl, ENGIE SA, Fertiglobe plc, Greenfield Nitrogen LLC, Haldor Topsoes Alle1, Hiringa Energy Ltd., ITM Power plc, Maire Tecnimont SpA, MAN Energy Solutions SE, McPhy Energy SA, Nel ASA, Siemens AG, Starfire Energy, thyssenkrupp AG, Uniper SE, and Yara International ASA. The introduction of green ammonia is notably driving the green ammonia market growth, although factors such as the high cost of green hydrogen may impede the market growth. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
Tehnavio has announced its latest market research report titled Global Green Ammonia Market
Global Green Ammonia Market – Market Dynamics
Key factor driving market growth
The introduction of green ammonia is notably driving the green ammonia market growth.
Green ammonia production drives the market as it does not emit greenhouse gases and therefore does not increase carbon dioxide emissions.
A proof-of-concept plant in Harwell, Oxfordshire has allowed it to achieve this by using electricity, water and air to produce ammonia with zero CO2 emissions.
In general, ammonia is produced by the Haber process, which involves the conversion of hydrogen and nitrogen under a high temperature (752 degrees F to 842 degrees F) using an iron catalyst.
Currently, the production of ammonia by the Haber process accounts for 1.6% of global carbon dioxide emissions. Thus, the production of green ammonia using electricity, water, and air can reduce carbon emissions.
The growing demand for carbon emissio-free fuels will surge the demand for green ammonia, which, in turn, will boost the growth of the market during the forecast period.
