The Global Green Ammonia Market Size is valued at 340.0 million in 2023 and is predicted to reach 24.35 billion by the year 2031 at a 70.62% CAGR during the forecast period for 2024-2031.
In the upcoming years, the market demand is anticipated to increase as green ammonia becomes more commonplace due to growing awareness of the importance of creating clean energy and lowering carbon footprints. It is also projected that market expansion will be fueled shortly by the rising demand for the product as a marine fuel and shipping in the transportation sector because it emits no carbon and leaves no sulfur traces, leading to enhanced air quality. Nitrogen from the air and hydrogen from water combine to form green ammonia. It is a versatile fuel for heat and electricity that may be used in gas turbines, internal combustion engines, generator sets, industrial furnaces, and fuel cells. It is notably useful for naval transportation.
Green ammonia is the ideal choice due to the pressure on the shipping industry to decrease carbon emissions because it has a lower volumetric energy density than other fuels, which makes storage viable. The market is also expanding due to favorable laws and regulations governing low-carbon emissions and rising fuel demand from the marine industry.
Recent Developments:
- In May 2022, According to LSB Industries, Inc., it has agreements with ThyssenKrupp Uhde USA, LLC and Bloom Energy to build a project that will create about 30,000 metric tonnes of green or zero-carbon ammonia annually at LSB's facility in Pryor, Oklahoma.
Competitive Landscape:
Some of the Green Ammonia market players are:
- Siemens Energy
- Thyssenkrupp Ag
- Man Energy Solutions
- Nel Asa
- ITM Power
- Mcphy Energy S.A.
- Enapter S.R.L.
- Green Hydrogen Systems
- Fuelpositive Corporation
- Stamicarbon
- Hydrogenics
- Hygenco
- Electrochaea
- Starfire Energy
- Exytron
- Aquahydrex
- Yara International
- BASF SE
- Engie
- Uniper SE
- Queensland Nitrates
Market Segmentation:
The Green Ammonia market is segmented by technology and end-use application. Based on technology, the market is segregated into alkaline water electrolysis, solid oxide electrolysis, and proton exchange membrane. By the end-use application, the market is segmented into transportation, power generation, and industrial feedback.
Based On Technology, The Proton Exchange Segment Is Accounted As A Major Contributor In The Green Ammonia Market
The market with the biggest revenue share was dominated by proton exchange membrane technology. The cause for this is that people are becoming more conscious of the benefits of this technology, which has an electric efficiency of above 90% and large current densities at low voltages. Favorable government incentives for the generation of green and clean energy as well as enhanced R&D on fuel cell technologies, can also boost product demand.
The Transportation Segment Witnessed Growth At A Rapid Rate
With the largest revenue share, the transportation sector dominated the market. The worldwide fuel energy crisis, which has fueled the need for green fuel, is to blame for its large share. Renewable sources, including green ammonia and others, are replacing conventional ones. These sources generate energy that is clean, effective, and environmentally benign.
In The Region, The North America Green Ammonia Market Holds A Significant Revenue Share
The market with the largest revenue share was dominated by North America. The adoption of electric vehicles in the area and increased R&D for hydrogen production are credited with this surge. In addition, the market expansion is being fueled by government assistance, increasing investor involvement, and the viability of the technology in the area. The Asia Pacific market is predicted to grow. This is a result of government policies and programmes that aim to cut carbon emissions and promote renewable energy. For instance, the Indian government has offered subsidies to encourage the usage of electric cars there.
Green Ammonia Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 340.0 Mn |
|
Revenue forecast in 2031 |
USD 24.35 Bn |
|
Growth rate CAGR |
CAGR of 70.62% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (Tons) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Technology And End-Use Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Siemens Energy, NELASA, ThyssenKrupp AG, ITM Power, YARA International, and BASF SE. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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