Global Green Ammonia Market Insights
Global Green Ammonia Market size was valued at USD 0.07 billion in 2021 and is poised to grow from USD 0.12 billion in 2022 to USD 17.9 billion by 2030, growing at a CAGR of 72.9% in the forecast period (2023-2030).
Green ammonia production refers to the use of entirely renewable resources and a carbon-free manufacturing method to produce ammonia. In order to minimize greenhouse emissions, which is crucial for achieving zero-emission goals, green ammonia is manufactured by the electrochemical Haber-Bosch process using renewable energy. With regard to using it to produce energy, the power generating industry has a very large market potential due to the difficulties experienced by fossil fuel power generation, such as revenues, installations, capital expenditures, and significant carbon emissions.
Global market is still in the development phases. As government regulations and public awareness about carbon dioxide emissions and the maintenance of the atmosphere's health grow, it appears that more research and development efforts are being directed toward the production of green ammonia. It may also have a significant impact by reducing the world's dependency on fossil fuels and assisting in the reduction of greenhouse gas emissions. By electrolyzing water to produce hydrogen, which is powered by renewable sources including solar, wind, and hydroelectric power, green ammonia is produced. Green ammonium is useful in several fields, including agriculture, energy storage, and the ocean.
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Analysis:
Global Green Ammonia Market Segmental Analysis
Global Green Ammonia Market is segmented based on the technology, end use, sales channel, and region. On the basis of technology, the market is sub segmented into Alkaline Water Electrolysis, Proton Exchange Membrane and Solid Oxide Electrolysis. Based on end use, the Green Ammonia Market is segmented into Power Generation, Transportation, Fertilizer, Refrigeration and others. According to sales channel, Green Ammonia Market is bifurcated into direct sale and indirect sale. Based on the region the Green Ammonia Market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Green Ammonia Market Analysis by Technology
Proton exchange membrane segment dominated the Global Green Ammonia Market and accounted for the largest revenue share in 2021. This is due to increased public knowledge of the benefits of this technology, which has great electric efficiency of over 90% and large current densities at low voltages. Favourable government incentives for the generation of green and clean energy as well as enhanced R&D on fuel cell technologies can further boost product demand.
The alkaline water electrolysis segment also accounted for a high market share and is anticipated to grow at the fastest CAGR during the forecast period. Two electrodes working in a liquid electrolyte solution of sodium or potassium hydroxide define the alkaline water electrolysis type of electrolyzer. An established and reliable electrolysis method is alkaline water electrolysis. It is one of the simplest ways to make hydrogen from renewable energy. Because of the less expensive catalysts and improved gas purity, it is being utilised more frequently to make green ammonia.
Green Ammonia Market Analysis by End Use
The transportation segment dominated the market share of the global market with a revenue share in 2021. This can be attributed to global fuel energy crisis, which has increased demand for green fuel. Renewable sources like green ammonia and others are replacing conventional ones. These resources generate fuel that is clean, effective, and environmentally beneficial. Global attention is being drawn to the issues of environmental preservation and carbon emissions. These problems are causing the product to become much more well-liked in the transportation sector. The product is liquid at ambient temperatures and only needs a little amount of storage space. In comparison to other fuels, it is practical.
Power generation segment accounted for a substantial share of the global market and is expected to grow at a high CAGR during the forecast period. Ammonia gas generated from renewable sources is called “green ammonia,” and it is cleaner. Surplus renewable energy produced in remote areas may be utilised to make carbon-free ammonia through the electrolysis process, which can be used as a sustainable fuel for power generation. Renewable energy installations are increasing on a global scale.
Green Ammonia Market Top Player's Company Profiles
- Siemens AG
- Yara International ASA
- Nel Hydrogen
- Air Liquide SA
- Mitsubishi Heavy Industries Ltd.
- Engie SA
- thyssenkrupp AG
- Green Ammonia Solutions
- AFC Energy Plc
- MAN Energy Solutions
- Haldor Topsoe A/S
- Siemens Energy AG
- Ørsted A/S
- Hydrogenics Corporation
- Toshiba Energy Systems & Solutions Corporation
- Black & Veatch Holding Company
- ITM Power Plc
- McPhy Energy SA
- Kawasaki Heavy Industries Ltd.
- Exelon Corporation
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