The global Green Ammonia Market is expected to grow from an estimated USD 0.3 billion in 2023 to USD 17.9 billion by 2030, at a CAGR of 72.9% according to a new report by MarketsandMarkets™. Green ammonia refers to the production of renewable and carbon-free ammonia. It is produced by generating energy from solar/wind/hydropower, which is then fed into an electrolyzer. It extracts hydrogen from water, while nitrogen is removed from the air using an air separation unit. In this process, hydrogen and nitrogen react at high temperatures and pressures to produce ammonia. Rising investment in renewable energy projects and a decline in power generation cost is expected to drive the green ammonia market. The green ammonia market has promising growth potential due to the rising deployment of fuel cell vehicles.
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Green Ammonia Market: Increasing focus on building a hydrogen-based economy
Applications of hydrogen in energy production are growing. It can be used as a domestic fuel and even to drive automobiles and buses. To improve the use of hydrogen, governments and academic institutions across the world are currently funding applied research, development, and innovation. These investments will facilitate the growth of a robust hydrogen-based economy, as well as energy security and resilience. Several government funding programs support hydrogen-related projects. Listed below are some such projects: The UK government, in March 2017, launched the Hydrogen for Transport Programme (HTP) to support the development of hydrogen for transport until 2020. The Hydrogen for Transport Programme (HTP) is intended to provide up to USD 29.63 million (GBP 23 million) to increase the uptake of hydrogen fuel cell vehicles and develop the UK hydrogen refueling infrastructure.
Power Generation to witness fastest growing segment in the green ammonia market
The Green Ammonia Market, by application, is divided into power generation, transportation and industrial feedstocks, wherein industrial feedstocks accounts for the largest share. Power generation is the fastest growing segment during the forecast period. The growth is attributed to the increasing number of deployments of alkaline water electrolysis for small scale power generation applications in Europe and Asia Pacific.
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Europe likely to emerge as the largest green ammonia market
In this report, the green ammonia market has been analyzed for four regions: Europe, Asia Pacific, North America and the rest of the World. Europe is a significant contributor to the green ammonia market in the current scenario of electrolysis technology, owing to the rapidly increasing cost-competitiveness which enables consumers to have access to clean electricity.
The Green Ammonia Market is dominated by a few major players that have a wide regional presence. The leading players in the Green Ammonia Market are Siemens Energy (Germany), NEL ASA (Norway), ThyssenKrupp AG (Germany), ITM Power (UK), YARA International (Norway), and BASF SE (Germany) and others.
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