New York, United States, April 30, 2024 (GLOBE NEWSWIRE) -- Green ammonia is crucial in addressing the issues related to having enough food to feed the expanding global population and acting as a CO2-free energy source. Due to growing environmental awareness, increased focus on reducing carbon emissions, and technological advancements in green ammonia, the market for this substance is anticipated to expand. Green ammonia may find a market due to rising interest in lowering greenhouse gas (GHG) emissions. Market trends also suggest that green ammonia needs to be better understood, which can be done by launching awareness campaigns.
Growing Awareness among Consumers for Sustainable Product Drives the Global Market
In the upcoming years, various renewable energy sources will be combined with technical and material technologies to conserve and store energy. Carbon emissions can be decreased through sustainable production and carbon-free products. Customers favor green ammonia because it lowers carbon emissions in the energy and shipping industries. The use of green ammonia is growing due to its lack of carbon dioxide emissions. The demand for green ammonia should increase as consumer awareness of environmentally friendly products increases.
Growing Use of Ammonia as a Green Fuel for Vehicles Creates Tremendous Opportunities
Due to its extensive use of diesel and high-sulfur fuels, the maritime industry is primarily accused of greenhouse gas emissions. This percentage could rise if conventional fuels are used instead of green fuels. The maritime industry is changing, but IMO regulations have reduced sulfur in shipping oil, reducing carbon emissions. Green ammonia as a marine fuel is gaining popularity because it contributes to the sustainable naval shipping industry's growth. Environmental issues and the rising cost of fossil fuels have sparked research into cleaner fuels.
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Report Scope
| Study Period | 2019-2031 | CAGR | 77.78% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 0.35 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 62.1 Billion |
| Largest Market | Europe | Fastest Growing Market | Asia-Pacific |
Regional Analysis
Europe is the most significant shareholder in the global green ammonia market during the forecast period. Modern green ammonia technologies are being produced and adopted by European countries. Due to the trend toward using environmentally friendly chemicals, it is anticipated that the green ammonia industry in the area will expand. Existing ammonia plants in Europe rely primarily on natural gas for their ammonia production. The electrolysis process will most likely replace the 5% produced by comparably ineffective oil-based facilities. Under the sustainable development scenario, the European Union's hydrogen strategy and a sizable amount of momentum supporting electrolytic hydrogen projects on the supply side have laid the groundwork for replacing the current natural gas stock by 2050.
Expanding sectors like agriculture, transportation, energy storage, power generation, and industrial feedstocks are boosting the demand for green ammonia. Additionally, various opportunities exist for green ammonia producers due to increased spending on green product research and development. The market for green ammonia is anticipated to rise as the region's interest in environmentally friendly solutions grows.
The US is North America's largest producer and consumer of green ammonia. The demand for green ammonia is expected to increase in the region due to stringent government regulations on carbon emissions, a wide range of end-user industries like fertilizers, energy storage, power generation, and other sectors, technological advancements in the region, and increased adoption of green technologies. Green ammonia production is anticipated to replace the current grey ammonia production capacities due to increased government support for reducing the cost of renewable energy sources.
Key Highlights
- The market size of green ammonia was valued at USD 0.3 billion in 2022. It is expected to reach USD 62.1 Billion by 2031, growing at a CAGR of 77.78% during the forecast period (2023–2031).
- Based on the end-use sector, the global green ammonia market is bifurcated into power generation and energy storage, transportation, agriculture, and industrial feedstock. The agriculture segment is the highest contributor to the market during the forecast period.
- Based on production technologies, the global green ammonia market is bifurcated into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. The solid oxide electrolysis (SOE) segment owns the highest market share during the forecast period.
- Europe is the most significant shareholder in the global green ammonia market during the forecast period.
Market News
- In March 2022, A project to investigate the use of green hydrogen at an ammonia facility in Egypt was started by Petrofac, an international service provider to the energy industries. According to this project, 125,000 tons of green ammonia will be produced annually for export using solar and wind energy.
- In March 2022, Scatec signed a memorandum of understanding with the Egyptian Electricity Transmission Company, the General Authority for the Suez Canal Economic Zone, the Sovereign Fund of Egypt, and the New and Renewable Energy Authority (NREA). These businesses consented to set up a green ammonia facility in Egypt. With a goal of producing 3 million tons soon, this facility is anticipated to produce about 1 million tons of green ammonia annually.
Global Green Ammonia Market: Segmentation
By End-Use Sectors
- Power Generation and Energy Storage
- Transportation
- Agriculture
- Industrial Feedstock
By Production Technologies
- Alkaline Water Electrolysis (AWE)
- Proton Exchange Membrane (PEM)
- Solid Oxide Electrolysis (SOE)
By Regions
- Europe
- Asia-Pacific
- North America
- Rest of the World
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