BANGLORE, India, June 20, 2024 /PRNewswire/ -- Blue Ammonia Market is Segmented by Type (High Purity, Low Purity), by Application (Energy Industry, Transportation Industry, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The global Blue Ammonia market was valued at USD 200 million in 2023 and is anticipated to reach USD 9,000 million by 2030, witnessing a CAGR of 76% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Blue Ammonia Market:
The growing global focus on cutting carbon emissions and switching to cleaner energy sources is driving growth in the blue ammonia market. In line with international climate goals and regulatory demands, blue ammonia, which is produced by natural gas combined with carbon capture and storage (CCS) technology, offers a low-carbon substitute for conventional ammonia production methods. Market growth is also fueled by the potential of blue ammonia as a hydrogen carrier for energy applications and the growing need for sustainable agricultural fertilizers.
The market is further supported by investments in CCS infrastructure and technological developments in ammonia synthesis. Blue ammonia is becoming more and more important as governments and businesses work to lessen the effects of climate change and develop a low-carbon economy.
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TRENDS INFLUENCING THE GROWTH OF BLUE AMMONIA MARKET
The market for blue ammonia is expanding due to the usage of High Purity Ammonia as an industrial feedstock, which is meeting the growing need for more environmentally friendly and sustainable production methods in a variety of industries. As a more environmentally friendly substitute for conventional ammonia, blue ammonia is made from low-carbon hydrogen and CO2 that has been absorbed. Its production is in line with global sustainability goals and regulatory pressure to lower carbon emissions. Blue ammonia enables industries like fertilizers, chemicals, and pharmaceuticals that depend significantly on high-purity ammonia for their operations to minimize their carbon footprints without sacrificing product quality. The market for Blue Ammonia is expanding due to firms' desire to comply with strict environmental requirements and improve their environmental stewardship. This is being driven by consumers' increasing choice for sustainable industrial feedstocks.
Government initiatives and policies are major factors in the market expansion for blue ammonia. The use of low-carbon technologies is being encouraged by the implementation of favorable laws, tax breaks, and subsidies by numerous governments worldwide. The goal of these policies is to promote infrastructure and facility investments related to the production of blue ammonia. For example, the U.S. Infrastructure Investment and Jobs Act and the European Union's Green Deal both feature financing incentives for renewable energy projects, including ones involving blue ammonia. Further promoting market expansion are carbon pricing mechanisms like carbon taxes and cap-and-trade programs, which increase the economic viability of low-carbon alternatives like blue ammonia as compared to traditional fuels.
The blue ammonia industry is mostly driven by the growth and advancement of carbon capture and storage (CCS) technology. With the use of CCS technology, carbon dioxide emissions from the processes used to produce ammonia can be captured and kept out of the atmosphere. The viability of producing blue ammonia is increasing because of the efficiency and cost-effectiveness of CCS technology, which is being improved through ongoing research. The operational costs of capturing and storing carbon are anticipated to go down as CCS technology advances, making blue ammonia a more appealing and competitive alternative for energy providers and industrial users.
The market for blue ammonia is mostly driven by the world's energy transition to renewable and low-carbon sources. The world is becoming more and more dependent on alternative fuels to produce consistent, sustainable energy as it moves away from fossil fuels. Blue ammonia provides a flexible alternative for a range of energy applications due to its ease of storage and transportation. Its dual uses as a fuel and a hydrogen transporter make it easier to incorporate renewable energy sources into the electrical grid. The demand for more energy diversity and a decrease in reliance on fossil fuels are two major drivers of the blue ammonia market's expansion.
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BLUE AMMONIA MARKET MARKET SHARE:
Technological developments, large expenditures in renewable energy projects, and supportive government regulations are the main drivers of the blue ammonia industry in North America. Through programs like the Infrastructure Investment and Jobs Act, which provides significant funding for clean energy infrastructure, including the production of blue ammonia, the United States in particular has demonstrated a strong commitment to lowering greenhouse gas emissions. Furthermore, a strong natural gas sector and the availability of cutting-edge carbon capture and storage (CCS) technology offer a strong basis for the region's production of blue ammonia. Canada, which has an abundance of natural resources and a legislative environment that is favorable to the development of blue ammonia projects for both domestic and export markets, is also making progress in this sector.
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Key Players:
- ADNOC
- Abu Dhabi National Oil
- ARAMCO
- Itochu
- Yara International
- Casale
- Horisont Energi
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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- The global Liquid Ammonia market was valued at USD 61040 million in 2023 and is anticipated to reach USD 72210 million by 2030, witnessing a CAGR of 2.4% during the forecast period 2024-2030.
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