CHICAGO, April 28, 2022 /PRNewswire/ -- According to the new market research report "Green Ammonia Market by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM), and Solid Oxide Electrolysis (SOE)), End User (Transportation, Power Generation, and Industrial Feedstock), and Region - Global Forecast to 2030", published by MarketsandMarkets, the global Green Ammonia Market size is projected to grow from USD 17 Million in 2021 and is projected to reach USD 5,415 Million by 2030, at a CAGR of 90.2% during the forecast period of 2021 to 2030.
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Solid oxide electrolysis segment is expected to grow at highest CAGR from 2021 to 2030
By technology, solid oxide electrolysis segment is projected to grow at highest CAGR during the forecast period. This new technology uses a solid oxide electrolysis cell to make synthesis gas (hydrogen and nitrogen), which feeds Haldor Topsoe's existing Haber-Bosch plant to produce green ammonia by utilizing renewable electricity, such as wind, solar, and water.
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35 - Figures
201 - Pages
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Power generation is expected to grow at highest CAGR from 2021 to 2030
By end user, power generation segment is projected to grow at highest CAGR during the forecast period. The expanding hydrogen-based economy is yet another opportunity for the Green Ammonia Market. This is mainly due to the fact that hydrogen is considered a low-carbon fuel for generating power.
European countries to exhibit relatively higher growth during 2021 to 2030
The European countries to exhibit relatively higher growth during the forecast period. The surging adoption of electric vehicles is also expected to boost the fuel cells market in this region, which, in turn, would boost the market for green ammonia.
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Siemens (Germany), NEL Hydrogen (Norway), ThyssenKrupp (Germany), ITM Power (UK), and McPhy Energy (France), amongst others, are the key players operating in the Green Ammonia Market. Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Green Ammonia Market.
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