Chicago, Aug. 22, 2024 (GLOBE NEWSWIRE) — The global Green ammonia market Size is expected to rise from USD 0.3 billion in 2024 to 6.2 billion USD by 2030, at a compound annual growth rate of 66.0% after to a new report from MarketsandMarkets™. Green ammonia can be produced using renewable energy sources such as wind and solar power. This integration promotes the use of excess renewable energy that would otherwise be limited and converts it into a reliable and transportable energy source. This ability to store and transmit renewable energy minimizes intermittency while increasing system stability. The chemical, fertilizer and industrial sectors are under increasing 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 meet sustainability and regulatory requirements.
In addition, technical advances in electrolysis, particularly in PEM (proton exchange membrane) and alkaline water electrolysis, have increased the efficiency and reduced the cost of producing green hydrogen, an important precursor to green ammonia.
The green ammonia market is driven by the demand from green chemical manufacturers and the power generation industry. Likewise, the global push for sustainable and low-carbon solutions will drive the market growth.
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Green ammonia market size:
| Report coverage | Details |
| Market size | 6.2 billion USD by 2030 |
| Growth rate | 66.0% of the average annual growth rate |
| Largest market | Europe |
| Market dynamics | Drivers, constraints, opportunities and challenges |
| Forecast period | 2024–2030 |
| Forecast units | Value (billion USD) |
| Report coverage | Sales forecast, competitive environment, growth factors and trends |
| Segments covered | Green Ammonia Market Technology, by Capacity, End Use and Region. |
| Regions covered | Europe, Asia Pacific, North America and Rest of World. |
| Highlights of the report | Updated financial information / product portfolio of players |
| Important market opportunities | Increasing focus on building a hydrogen-based economy |
| Key market drivers | Need for longer-term storage of renewable energies |
Power generation is expected to be the fastest growing segment in the green ammonia market
Combining green ammonia production with renewable energy sources such as wind and solar power helps reuse excess electricity that would otherwise be wasted. This integration promotes the use of renewable energy and supports the transition to a more sustainable energy system. Governments are enacting regulations, subsidies and incentives to encourage the production and use of green ammonia. These government initiatives encourage investment in green ammonia production projects, which spurs market growth. Countries with significant renewable energy resources are investing in green ammonia production for export. Green ammonia can be transported and exchanged internationally, creating economic opportunities for producing countries while contributing to the global energy revolution.
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Green ammonia market dynamics:
Driver:
- Need for longer-term storage of renewable energies
- Regulatory measures and incentives to reduce greenhouse gas emissions
- Increased demand for environmentally friendly fertilizers
Restrictions:
- High initial setup costs
Opportunities:
- Potential of ammonia as marine fuel
- Increasing focus on building a hydrogen-based economy
- Plans to achieve net zero and electrolyser targets
Challenges:
- Lack of information about green ammonia among chemical manufacturers
- Low technological maturity for the use of ammonia as a CO2-free fertilizer, fuel and energy storage
Europe is expected to become the largest region in the Green ammonia industry
To minimize CO2 emissions, Europe has introduced strict rules and set ambitious climate targets. The European Green Deal aims to make the EU climate neutral by 2050, including significant investments in renewable energy and green technologies. Subsidies, tax breaks and grants for green ammonia projects are contributing to market expansion. Europe is home to renowned research organizations and companies developing breakthrough green ammonia technologies. Continuous innovations and technical improvements in electrolysis, ammonia synthesis and energy storage are increasing the efficiency and cost-effectiveness of green ammonia production. In addition, growing public knowledge and support for sustainable energy and climate action is driving demand for green ammonia. The general public and stakeholders are advocating for greener energy options and encouraging companies and governments to include green ammonia in their sustainability initiatives.
Important market participants:
Some of the key players in the Green ammonia companies are Siemens Energy (Germany), ACME Group (India), Iberdrola, SA (Spain), ThyssenKrupp AG (Germany), Nel ASA (Norway) and Yara (Norway).
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