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 processe

Key Market Players

Siemens Energy (Germany),    

ThyssenKrupp AG (Germany),    

Nel ASA (Norway),    

Yara (Norway),    

ACME Group (India),    

AM Green Ammonia 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.

Europe is expected to dominate the green ammonia market

To minimize carbon emissions, Europe has implemented rigorous rules and set ambitious climate targets. The European Green Deal intends to make the EU climate-neutral by 2050, including considerable investments in renewable energy and green technology. Subsidies, tax breaks, and grants for green ammonia projects all help to drive market expansion. Europe is home to renowned research organizations and firms pioneering breakthrough green ammonia technology. Continuous innovation and technical improvements in electrolysis, ammonia synthesis, and energy storage are increasing the efficiency and cost-effectiveness of green ammonia manufacturing. In addition to this, the growing public knowledge and support for sustainable energy and climate action is boosting demand for green ammonia. The general public and stakeholders are campaigning for greener energy options, encouraging businesses and governments to incorporate green ammonia into their sustainability initiatives.

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