Published Date : 12 May 2023
The global green ammonia market revenue is propelling at USD 109.98 million in 2023 and is expected to touch around USD 5480 million by 2030, poised to grow at a remarkable CAGR of 74.78% during the forecast Period 2022 and 2030.
Increasing technology breakthroughs, rising governmental and private investments, and the fast-falling cost of producing renewable energy are all contributing to the market's predicted greater growth forecast.
A brand-new super-fuel called green ammonia is poised to upend the transportation sector thanks to its significant advantages over lithium- and battery-based alternatives. In fact, the US Department of Energy already supports green ammonia.
Since hydrogen generated by electrolysis, also known as green hydrogen, generates zero CO2 emissions when burnt, is fast becoming the one-size-fits-all option for decarbonization and energy transition activities. The use of green ammonia is expected to rise throughout the forthcoming review period due to a considerable movement toward zero-carbon via carbon reduction. Strict environmental regulations and a focus on zero-emission goals have increased the need for green ammonia. The green ammonia industry's share of the overall ammonia market is projected to be between 3 and 4 percent in 2032. The primary factors driving industrial growth include the rapid expansion of end-use industries including transportation, fertilizer, and energy generation, the implementation of tight government laws, and the rising popularity of green fertilizers.
Due to the growing use of green ammonia in power generation in the United States, North America led the global market.
The United States is forecast to continue to be one of the international markets with the fastest rate of growth for the production and use of green ammonia throughout the course of the projected timeframe. The country will likely control a sizable percentage of the worldwide green ammonia market by 2032. North America consumes the greenest ammonia, mostly for transportation, power generation, and agriculture.
The need for food expanded as the country's population grew, which in turn fueled the agriculture industry. That increased regional usage of green ammonia even further.
The European industry is anticipated to be the largest in terms of volume in 2022. A rise in hydrogen fuel technologies and government measures to install hydrogen fuel in residential and commercial sectors are expected to improve the state's green ammonia industry.
Due to considerable green ammonia project activity in the nation, ANZ is anticipated to continue to be among the leading global consumers of the substance. The market for green ammonia in Australia and New Zealand will expand at a pace of roughly 90.23 percent between 2023 and 2032. Due to the region's strict laws regarding the use of renewable resources, substantial resources have been spent
Green Ammonia Market Report Scope:
|Market Revenue in 2023||USD 109.98 Million|
|Projected Forecast Revenue in 2030||USD 5480 Million|
|Growth Rate from 2022 to 2030||CAGR of 74.78%|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The COVID-19 epidemic is probably going to have both immediate and long-term effects on the ammonia market. The interruption of the supply chain and the stoppage of fertilizer production had a significant impact on the agriculture sector. For instance, it has been anticipated that the COVID-19 pandemic will have an effect on around 46% of significant European farming firms.
Market Drivers: Growing Uses in a Wide Range of Industries Supporting Green Ammonia Market Expansion
The second-most extensively manufactured chemical in the world, ammonia is mostly used as a fertilizer in the agricultural industry. Also, it is discovered that green ammonia has the potential to be employed in a range of applications in addition to its present major usage in the fertilizer business with expanding technical improvements and innovations.
In order to provide the shipping industry with alternative marine fuel and reduce greenhouse gas emissions, a number of significant businesses are exploring the use of green ammonia as a marine fuel and investing in the construction of a green ammonia supply infrastructure. Throughout the projected period, this is likely to boost the green ammonia market.
Market Restraints: Higher cost capital expenditure
The biggest obstacle now hindering the growth of the green ammonia sector is the investment nature of green ammonia plants. Operating expenses in green ammonia production increase due to the cost of water electrolysis. Due to their higher initial capital costs, green ammonia plants are thus not economical for small-scale manufacturing. Pharmaceutical businesses' insufficient understanding and high option levels are the key obstacles that could prevent market development.
Market Opportunities: Ammonia being used as a maritime fuel
Ammonia may be used to generate power in a fuel cell or burned in an engine. The sole by-products of ammonia usage are water and nitrogen. The maritime sector is most likely to replace the usage of fuel oil in marine engines as an early adopter. According to DNV GL's Decarbonization Forecast, by employing cutting-edge ship designs and urea as renewable fuels. Ammonia is the most effective energy carrier of protons. It can therefore provide energy for ships. According to the IMO, ammonia might make up 25% of the fuel used in ships by 2050.
Alkaline water electrolysis was anticipated to rule the Green Ammonia industry within the anticipated time frame. The Asia Pacific area is experiencing a rise in the need for green hydrogen as a transportation fuel, which is driving the predicted growth of the alkaline water electrolysis industry. Alkaline water electrolysis provides improved durability thanks to an interchangeable electrolyte and less anodic catalyst dissolution, both of which are projected to promote the segment's expansion.
The green ammonia sector is predicted to have the largest market share in 2022 from energy production. Green ammonia is the healthier variety of ammonia gas produced from renewable resources. This is due to the growing use of green ammonia in the creation of ecologically friendly fertilizers and increased government initiatives to support completely carbon-free agricultural practices.
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