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Green Ammonia Market worth $6.2 billion by 2030 | MarketsandMarkets™


News provided by

MarketsandMarkets

12 Jul, 2024, 10:30 GMT

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CHICAGO, July 12, 2024 /PRNewswire/ -- Green Ammonia Market in terms of revenue was estimated to be worth $0.3 billion in 2024 and is poised to reach $6.2 billion by 2030, growing at a CAGR of 66.0% from 2024 to 2030 according to a new report by MarketsandMarkets™.

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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.

Furthermore, technical advances in electrolysis, particularly in PEM (Proton Exchange Membrane) and alkaline water electrolysis, have boosted the efficiency and reduced the costs of producing green hydrogen, a critical precursor of green ammonia.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=118396942

Browse in-depth TOC on "Green Ammonia Market"

223 - Tables
51 - Figures
250 - Pages

Green Ammonia Market Scope:

Report Coverage

Details

Market Revenue in 2024

$0.3 billion

Estimated Value by 2030

$6.2 billion

Growth Rate

Poised to grow at a CAGR of 66.0%

Market Size Available for

2019–2030

Forecast Period

2024–2030

Forecast Units

Value (USD billion) and Volume (Million Tons)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Green Ammonia Market by technology, by capacity, by end-use, 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

Potential of ammonia as a marine fuel

Key Market Drivers

Rising agricultural productivity has led to an increase in the need for environmentally friendly fertilizers.

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.

Power generation, by End-use applications, is expected to be the fastest-growing segment during the forecast period.

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.

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Europe is expected to be the largest region during the forecast period.

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.

Key Players

Some of the major players in the Green Ammonia Market are Siemens Energy (Germany), ACME Group (India), Iberdrola, S.A. (Spain), ThyssenKrupp AG (Germany), Nel ASA (Norway), and Yara (Norway) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

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Related Reports:

Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar), End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region (North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2030

Electrolyzers Market by Technology (Alkaline, Proton Exchange Membrane (PEM), Solid Oxide Electrolyzer, AEM), Application (Energy, Mobility, Industrial, Grid Injection), Power Rating (<500 kW, 500-2,000 kW, >2,000 kW), Region - Global Forecast to 2030

Hydrogen Generation Market by Technology (SMR, ATR, POX, Coal Gasification, Electrolysis), Application (Refinery, Ammonia, Methanol, Transportation, Power Generation), Source (Blue, Green, Gray), Generation Mode Region - Global Forecast to 2028

Hydrogen Energy Storage Market by Form (Gas, Liquid, Solid), Technology (Compression, Liquefaction, Material Based), Application (Stationary Power, Transportation), End User (Electric Utilities, Industrial, Commercial) Region - Global Forecast to 2028

Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicle (FCVs)), End User (Residential, C&l, Transportation, Data Center, Military & Defense), Size, Fuel, Component and Region - Global Forecast to 2028

Get access to the latest updates on Green Ammonia Companies and Green Ammonia Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/

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