SAN FRANCISCO, Nov. 16, 2022 /PRNewswire/ -- The global green ammonia market size is expected to reach USD 73.05 billion by 2030, registering a CAGR of 127.9% during the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by increasing consumer awareness as well as preference for sustainable products. The increasing prevalence of the product is due to the growing awareness about producing clean energy and reducing carbon footprint. The market is established with growing demand from various end-use industries including fertilizer, power generation, refrigeration, transportation, and others.
Key Industry Insights & Findings from the report:
- Fertilizer is expected to be the fastest growing end-use segment with a CAGR of 129.9% on account of the increasing use of eco-friendly fertilizers and growth in fertilizer production from the developing economies.
- Solid oxide electrolysis is poised to be the fastest growing technology with a CAGR of 129.5% owing to its high electric efficiency ranging above 90.0% with high current densities at low voltages.
- Asia Pacific is the fastest-growing region with a CAGR of 140.6% because of the government initiatives for renewable products, rising investments from investors of developed regions, and the feasibility of the technology in the region.
- Europe is home to many ammonia production plants and has thriving opportunities for new entrants as the market is consolidated.
- The key players are constantly involved in new technology development, strategic initiatives such as mergers, and capacity enhancement in order to gain a competitive edge in the market.
Read 140 page full market research report, "Green Ammonia Market Size, Share & Trends Analysis Report By End-use (Fertilizer, Power Generation), By Technology (Solid Oxide Electrolysis), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Green Ammonia Market Growth & Trends
The product is gaining popularity in the transportation industry, especially in maritime shipping. According to International Maritime Organization (IMO), the maritime industry alone emits 3.0% of carbon annually. The pressure to reduce carbon emissions has led players in the industry to switch towards sustainable fuel. Green ammonia, when compared to other fuels, is the most efficient fuel in terms of storage, cost, and availability.
The market is driven mainly by the need to reduce carbon emissions globally. Green ammonia has the potential to eliminate the carbon footprint from chemical production as it is expected to be a commodity chemical in coming years. Additionally, government policies, subsidies, and regulations are stimulating the production and consumption of green ammonia.
According to the International Energy Agency (IEA), China is one of the major producers of ammonia which contributed to 30.0% of the global production. Asia Pacific is estimated to be a key market due to the presence of numerous manufacturers catering to various industries, including fertilizer and transportation, along with the high scope for R&D activities in developing economies of the region. Renewable products are thus estimated to witness exponential growth in the region during the forecast period.
The European geopolitical conflict has led to a significant rise in petrochemical and gas prices, due to which the conventional process of producing ammonia is very expensive. Comparatively, producing green ammonia is sustainable as well as cost-effective. The aforementioned factors are thus estimated to trigger market growth in the near future.
Green Ammonia Market Segmentation
Grand View Research has segmented the global green ammonia market report based on the technology, end-use, and region:
Green Ammonia Market - Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Solid Oxide Electrolysis
- Proton Exchange Membrane
- Alkaline Water Electrolysis
Green Ammonia Market - End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Power Generation
- Transportation
- Fertilizer
- Refrigeration
- Others
Green Ammonia Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Spain
- Russia
- The Netherlands
- Asia Pacific
- China
- India
- Japan
- Australia
- Central & South America
- Brazil
- Chile
- Argentina
- Peru
- Middle East & Africa
- Saudi Arabia
- Zimbabwe
- Morocco
- South Africa
List of Key Players in the Green Ammonia Market
- MAN Energy Solutions
- Siemens Energy
- ITM Power PLC
- Nel Hydrogen
- Hydrogenics
- ThyssenKrupp AG
- McPhy Energy
- Green Hydrogen Systems
- EXYTRON
- Electrochaea
- Enapter
- AquaHydrex
- Yara International
- BASF SE
- Uniper
- ENGIE
- Star fire Energy
- Haldor Topsoe
- Hiringa Energy
- Queensland Nitrates Pty Ltd
Check out more related studies published by Grand View Research:
- Ammonia Market - The global ammonia market size is anticipated to reach USD 76.64 billion by 2025, at a registering a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research, Inc. Fertilizer is the major application of the product as well as an important source of nitrogen in the agricultural industry, which is expected to benefit the market over the forecast period.
- Phosphate Fertilizer Market - The global phosphate fertilizer market size is estimated to reach USD 176.06 billion by 2040, registering a CAGR of 5.7% from 2022 to 2040, according to a new report by Grand View Research, Inc. Growth can be attributed to increasing demand for fertilizers for usage in agricultural applications and is expected to drive the growth of the market during the forecast period.
- Nitrogenous Fertilizer Market - The global nitrogenous fertilizer market size is estimated to reach USD 94.02 billion by 2030 according to a new report by Grand View Research, Inc. Growth can be attributed to the increasing awareness amongst farmers regarding maintaining nutritional balance in the soil. Increasing population across the globe has generated the need to improve the annual crop yield to feed the population, which has boosted the agriculture sector across the globe. Hydrogen and nitrogen are the major raw materials used for manufacturing nitrogenous fertilizers. Nitrogen is required in large quantities by plants and is the primary nutrient in fertilizers. Hydrogen is a crucial component of ammonia, which is an important ingredient in numerous fertilizers. Nearly all commercial-scale ammonia incorporates nitrogen and hydrogen. Raw material Availability impacts nitrogenous fertilizer prices and production.
Browse through Grand View Research's Agrochemicals & Fertilizers Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/green-ammonia-market-to-be-worth-73-05-billion-by-2030-grand-view-research-inc-301679768.html
