CHICAGO, Feb. 23, 2023 /PRNewswire/ -- Green Ammonia Market is projected to reach USD 17.9 billion in 2030 from USD 0.3 billion in 2023 at a CAGR of 72.9% according to a new report by MarketsandMarkets. The Green Ammonia Market has promising growth potential due to the rising deployment of fuel cell vehicles.
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Green Ammonia Market Scope:
Report Coverage | Details |
Market Size | USD 17.9 billion in 2030 |
Growth Rate | 72.9% of CAGR |
Largest Market | Europe |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | by technology, application and region |
Geographies Covered | Europe, Asia Pacific, North America, and Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growing demand for biofuels |
Key Market Drivers | Increased need for eco-friendly fertilizers with rising agricultural production |
Alkaline water electrolysis expected to dominate Green Ammonia Market, by technology, during the forecast period
The alkaline water electrolysis segment holds the largest share of the Green Ammonia Market. The large market share can be attributed to the increasing number of large scale projects for the green hydrogen production.
Power generation to witness fastest growth rate in Green Ammonia Market, by application, during forecast period
The Green Ammonia Market, by application, is divided into power generation, transportation and industrial feedstocks, wherein industrial feedstocks accounts for the largest share. Power generation is the fastest growing segment during the forecast period. The growth is attributed to the increasing number of deployments of alkaline water electrolysis for small scale power generation applications in Europe and Asia Pacific.
Europe expected to dominate Green Ammonia Market during forecast period
In this report, the Green Ammonia Market has been analyzed for four regions: Europe, Asia Pacific, North America and the rest of the World. Europe is a significant contributor to the Green Ammonia Market in the current scenario of electrolysis technology, owing to the rapidly increasing cost-competitiveness which enables consumers to have access to clean electricity.
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Green Ammonia Market Dynamics:
Drivers:
- Need to store renewable energy for longer term
- Enforcement of regulatory policies and provision of incentives to reduce GHG emissions
- Increased need for eco-friendly fertilizers with rising agricultural production
Restraints:
- High initial cost to set up green ammonia plant
Opportunities:
- Potential of ammonia as maritime fuel
- Increasing focus on building hydrogen-based economy
Challenges:
- Lack of information about green ammonia among chemical manufacturers
- Low level of technology readiness for using ammonia as zero-carbon fertilizer, fuel, and energy storage
Key Market Players:
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of a few of the top players in the Green Ammonia Market.
The Green Ammonia Market is dominated by a few major players that have a wide regional presence. The leading players in the Green Ammonia Market are Siemens Energy (Germany), NEL ASA (Norway), ThyssenKrupp AG (Germany), ITM Power (UK), YARA International (Norway), and BASF SE (Germany) and others.
Recent Developments
- In November 2022, Siemens Energy partnered with Fortescue Future Industries, a green hydrogen manufacturing company and GeoPura, which provides renewable energy & EV charging, & emission-free electricity, to develop an ammonia cracker prototype designed to produce green hydrogen at an industrial scale and help tackle climate change and reduce carbon emissions. The prototype would use ammonia to deliver 200 kg of hydrogen a day-enough to power around 5-10 hydrogen fuel cell electric buses.
- In September 2022, Uniper SE and Vesta signed a Memorandum of Understanding to expand an existing storage facility to build the first green ammonia hub named Greenpoint Valley in Northwest Europe. Uniper SE seeks to establish a presence in developing green ammonia and hydrogen sectors in Northwest Europe. The development of green ammonia and hydrogen markets will help boost European supply security.
- In August 2022, Uniper SE signed a Memorandum of Understanding with EverWind Fuels to purchase green ammonia from EverWind's initial production facility in Nova Scotia. EverWind and Uniper intend to negotiate a binding offtake agreement for 500,000 tonnes of green ammonia per annum.
- In January 2022, ITM Power contracted with YARA International, an EPC company. ITM Power provided a 24 MW electrolyzer to YARA International, which was agreed to be installed at a site operated by Yara Norge AS.
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Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Related Reports:
Hydrogen Generation Market - Global Forecast to 2027
Hydrogen Energy Storage Market - Global Forecast to 2027
Fuel Cell Market - Global Forecast to 2027
Power-to-gas Market - Global Forecast to 2024
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