Increasing Demand for Renewable Energy is the major growth driver of the Global Green Ammonia Market. According to TechSci Research report, “Green Ammonia Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the Global Green Ammonia Market stood at USD4.07 million in 2022 and is expected to register a CAGR of 39.16% during the forecast period.
The Important Elements of the Green Ammonia Market
Green ammonia production is the process of making ammonia which is completely renewable and carbon-free. It is also considered a zero-carbon fuel and it can be burnt in an engine or used in a fuel cell to produce electricity and is also used as a green hydrogen carrier.
Green ammonia is gaining acceptance to reduce fossil fuel needs and environmental effects. Deploying sustainable and renewable power sources has the potential to meet net zero emission targets in conjunction with continued demand growth from the energy industry. With zero carbon emissions, renewable long-term storage quality, and multiple capabilities such as transportation fuel, pathways to hydrogen production, and renewable energy storage, its demand is expected to bolster.
Today, the world is shifting towards cleaner forms of energy and walking away from traditional fossil fuels. Green ammonia is evolving as one of the cleanest forms of energy, which holds an essential place in the ammonia industry. Green ammonia is majorly considered by the maritime industry to facilitate the shipping sector’s target of reducing CO2 emissions by 2050.
Norway’s Yara International ASA has signed an agreement to create a Scandinavian network of bunker terminals to supply ships with zero-carbon ammonia as a marine fuel. The company will produce green ammonia from renewable electricity accessible to the shipping industry in the Scandinavian region by 2024, which is also when the first ships with ammonia-fueled engines are anticipated to enter the market.
In 2023, Topsoe has been selected by Beijing-based Mintal Hydrogen to offer its proprietary technology for a green ammonia plant in China. The 390,000 t/y plants, located in Baotou, Inner Mongolia, will be the first of its type in China, as well as Topsoe’s first power-to-X project in the country.
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The Global Green Ammonia Market segmentation is based on the production method, end-use, regional distribution, and competitive landscape.
Based on the production method, the market is further fragmented into Alkaline Water Electrolysis, Proton Exchange Membrane, and Solid Oxide Electrolysis. The Alkaline Water Electrolysis segment dominated the market in 2022 with an overall market share of around 60.85%. This can be ascribed to the low cost and easy availability of alkaline water electrolyzers.
Based on End Use the market is further divided into Power Generation, Transportation, Fertilizers & others. The power generation segment dominated the market in 2022 on account of the wide use of green ammonia to achieve the set target for zero carbon emissions.
Some of the major companies operating in the Global Green Ammonia Market include:
- Yara international ASA
- Haldor Topsoe Holding A/S
- Maire Technimont
- ThyssenKrupp AG
- Siemens Energy AG
- BASF SE
- ACME Group
- Fertiglobe plc
- NEL Hydrogen AS
- ITM Power plc.
- Green Hydrogen Systems A/S
- Greenfield Nitrogen LLC
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“The companies already operating in the Green Ammonia market should focus on the alkaline water electrolysis in Europe as the market is highly competitive. Alkaline water electrolysis is the cheapest option available for the production of green ammonia and Europe is the fastest growing region for the green ammonia market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Green Ammonia Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2022-2032F, Segmented By Production Method (Alkaline Water Electrolysis, Proton Exchange Membrane, and Solid Oxide Electrolysis), By End Use (Power Generation, Transportation, Fertilizers, Others), By Region,” has evaluated the future growth potential of Global Green Ammonia Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Green Ammonia Market.
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