Green Ammonia Market worth $6.2 billion by 2030

Green Ammonia Market worth $6.2 billion by 2030

According to a research report, The global Green Ammonia Marketis estimated to grow at a CAGR 66.0% between 2024 to 2030 to reach a market size of USD 6.2 billion by 2030, from an estimated USD 0.3 billion in 2024. Green ammonia may be produced using renewable energy sources such as wind and solar power. This integration promotes the use of excess renewable energy, which would otherwise be limited, and converts it into a reliable and transportable source of energy. This ability to store and transmit renewable energy minimizes intermittency while increasing system stability. The chemical, fertilizer, and industrial industries are under growing pressure to adopt sustainable practices and reduce their carbon footprint. Green ammonia is a possible option for these companies to produce green chemicals and fertilizers that fulfill sustainability and regulatory requirements.

The development of a global hydrogen economy is driving the demand for green ammonia. As an efficient hydrogen carrier, green ammonia is crucial for transporting hydrogen over long distances and enabling its use in various applications, including power generation, transportation, and industrial processes.

Key Market Players

Siemens Energy (Germany),    

ThyssenKrupp AG (Germany),    

Nel ASA (Norway),    

Yara (Norway),    

ACME Group (India),    

Iberdrola, S.A. (Spain), among others...  

The growing emphasis on sustainability and decreasing carbon footprints in industrial operations fuels demand for green ammonia as a greener alternative to standard ammonia manufacturing methods. Governments are adopting rules and incentives to encourage industry to use green ammonia. Green ammonia may be employed as a hydrogen carrier for energy storage, making it a flexible alternative for balancing supply and demand in renewable energy systems. Green ammonia is utilized in a variety of industrial applications, including fertilizers, chemicals, and medicines, where sustainability is increasingly important.

Power generation, by End-use applications, is expected to be the largest segment in the green ammonia market

The combination of green ammonia production with renewable energy sources such as wind and solar power helps to repurpose excess electricity that would otherwise be wasted. This integration encourages the use of renewables and aids in the transition to a more sustainable energy system. Governments are establishing regulations, subsidies, and incentives to encourage green ammonia production and use. These governmental initiatives encourage investment in green ammonia projects, which drives market growth. Countries with substantial renewable energy resources are investing in green ammonia production for export. Green ammonia may be transported and exchanged internationally, creating economic possibilities for producing nations while also helping to the global energy revolution.

Solid Oxide Electrolysis, by technology, is expected to be the fastest-growing segment during the forecast period

Solid oxide electrolysis cells (SOECs) operate at high temperatures, often between 700 and 1,000°C, allowing for greater electrical efficiency than conventional electrolysis methods. The high working temperature lowers the energy required for electrolysis, making SOE more efficient and cost-effective in the long term. SOECs may include waste heat from industrial operations and other high-temperature sources. This integration increases total system efficiency and decreases the amount of energy required for hydrogen generation, making SOE a more appealing alternative for green ammonia production. SOE technique uses less power per unit of hydrogen generated than low-temperature electrolysis methods because it is more efficient. This reduction in power use results in lower operational expenses, especially in areas with high electricity rates.

Asia Pacific is expected to be the fastest-growing region for green ammonia market

Asia Pacific is estimated to be the fastest-growing market for green ammonia market during the forecast period. The region has been segmented by country into Australia, Japan, South Korea, New Zealand, and the Rest of Asia Pacific. The dominance of the Asia Pacific region can be attributed to increasing foreign investments in the region to meet the demand of green fuels for fuel cell vehicles. The region's focus on enhancing energy security is a significant driver. Green ammonia, as an energy carrier and storage solution, helps diversify the energy mix and reduce dependency on imported fossil fuels, thereby enhancing energy security. The Asia Pacific region is witnessing rapid advancements in green hydrogen and ammonia production technologies. Innovations in electrolysis, ammonia synthesis, and process optimization are making green ammonia production more efficient and cost-effective, driving market growth.

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