The global Green Ammonia Market is valued at USD 33.0 Billion in 2022 and is projected to reach a value of USD 3031.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 75.3% over the forecast period.
Green Ammonia has the ultimate potential for drastically reducing global carbon emissions when used as a fuel. It can power engines for locomotives and shipping and can also replace diesel and marine fuel oil engines. The global Green Ammonia market is expected to be driven primarily by contributing factors such as a focus on producing green energy combined with an increasing number of efforts to reduce the carbon footprint. Additionally, the rising popularity of the product is increasing its utilization within marine fuel and the shipping industry as a form of transportation fuel. It emits zero carbon emissions and leaves no sulfur traces. This will add value to the global Green Ammonia market during the forecast period.
Green Ammonia can be produced from water and nitrogen from the air. It is a resourceful fuel for providing heat and power. Increased developments have been made for utilization within gas turbines, internal combustion engines, generator sets, and fuel cells. The easy production method is expected to increase the footprint of the global Green Ammonia market during the forecast period. Furthermore, it occupies less volumetric energy density, making storage quite feasible compared to other fuels. Favorable government policies supporting eco-friendly fuels to reduce carbon emissions and growing fuel demand from the marine industry are expected to push the growth of the global Green Ammonia market during the forecast period.
The growth for green energy within various end-use industries is increasing at a heavy scale in power generation, refrigeration transport, producing fertilizers, and others. Increased utilization has also found its way into industrial feedstock products, including pharmaceutical products. In terms of total capacitive growth, renewable electricity output is expected to replace fossil fuels. According to the Global Sustainable Power and Energy Association, renewable power will offer huge developmental prospects. Studies have indicated that renewable ammonia is expected to become a chemical commodity by 2040. These factors are expected to increase the footprint of the global Green Ammonia market during the forecast period.
Green Ammonia Market Size, 2022 To 2030 (USD Billion)
According to recent estimates, the global economy grew by more than 2.9% in the third quarter of 2022. This expansion indicates a modest increase from 2.6% at the end of October. In the first part of 2022, this might be beneficial. Russia's neighbors have responded to its aggressive march into Ukraine with harsh realities. Through the imposition of different sanctions, the United Nations and the European Government have started taking direct action against Russia. It is anticipated that these sanctions will harm Russia's economy. Nevertheless, most of the world's energy production is under Russian control.
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1. Increasing Support of Various Industries: Green Ammonia is used extensively within various industries. An ongoing trend of increased utilization within the agricultural sector is expected to add to global market growth. Ammonia is used as a fertilizer and is further used as feedstock. Studies have further indicated that Green Ammonia can be employed in various situations with expanding advanced technologies and advances.
2. Rising Demand for Eco-Friendly Fertilizers: On a global scale, soil conditions have significantly declined due to the widespread use of chemical fertilizers and pesticides. The market for Green Ammonia is expected to multiply as the need for agricultural production practices is reducing risk-creation opportunities and carbon pollution solutions. Additionally, prominent chemical manufacturers are inclining towards sustainable and environmentally friendly goods such as Green Ammonia. Studies indicate that over the projected timeframe, the revenue for Green Ammonia will increase due to increasing sales of environmentally friendly fertilizers.
3. Green Ammonia as a Marine Fuel: The current transportation sector is responsible for more than 3% of the world's greenhouse gas emissions. Ships and vessels utilize a lot of petroleum and high gasoline products. The IMO's2050 carbon reduction targets are expected to be met per Decarbonization Forecast, as issued by the DNV GL by using Green Ammonia and urea as renewable fuels.
4. Rising Adoption of Hydrogen-Based Businesses: The current generation of developments in hydrogen connectivity is expected to open the market for carbon-free hydrogen to be used for an extended period in green methane formation. These developments are expected to widen the scope of the global Green Ammonia market during the forecast period.
The global Green Ammonia market can be categorized on the following: Technology, End User, and Regions. Based on technology, the market can be categorized into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. By end user, the market can be segmented across transportation, power generation, and industrial feedstock. By Likewise, based on region, the, market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Technology
Proton Exchange Membrane to Account for the Largest Market Share Owing to a Higher Electric Efficiency
The proton exchange membrane segment is expected to dominate the global Green Ammonia market during the forecast period owing to higher electric efficiency, of over 90%, with high current densities at a lower voltage. Additionally, favorable government subsidies contribute to the segmental increase of PEM technology. Increasing environmental awareness is further pushing for increased adoption of the technology at an accelerated pace. Proton exchange membrane technology often combines clean energy production with a cost-effective nature. Additionally, rising R&D efforts on fuel cell plans will add value to the segmental value during the forecast period. The solid oxide electrolysis segment will grow with the fastest-growing CAGR during the forecast period as the technology uses electricity from renewable energy sources.
Based on End User
Transportation to Dominate Market Share Owing to Rising Fuel Energy Crisis on a Global Scale
The transportation segment is expected to account for the largest market share during the forecast period owing to a rising crisis of fuel energy cells. This is highly contributing to the need for green fuel. Studies indicate that conventional sources will be replaced by renewable energy sources such as Green Ammonia and others at an accelerated pace. These sources often produce clean and efficient fuel. Growing environmental concerns and rising carbon emissions are expected to further contribute to the transportation segment during the forecast period. Power generation is expected to grow with the fastest growing CAGR during the forecast period owing to rising demand for energy on account of a booming population.
Based on Region
North America to Occupy Largest Market Share Owing to R&D Efforts Aimed at Increasing Hydrogen Production
The global Green Ammonia market is expected to be dominated by the North American region in terms of revenue and growth. Factors such as concentrated efforts towards increasing hydrogen production and increased adoption of the technology within the region are expected to contribute to the regional development of the market. Rising adoption of green electricity for small-scale applications within rural areas and green fuel, along with increasing demand for fuel cell vehicles, is expected to contribute to the North American Green Ammonia market during the forecast period. Increasing investments in eco-friendly energy sources and the growing significance of Green Ammonia as an energy source in the region will contribute to regional market growth.
Asia Pacific is expected to grow with the fastest growing CAGR during the forecast period owing to the rising focus of government bodies through policies and initiatives for reducing carbon emissions and promoting green energy. For instance, the Indian Government announced that they were providing subsidies for increasing the sales of electric vehicles within the country. Additionally, a rising focus on eco-friendly energy sources will add value to the Asia Pacific market.
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The global Green Ammonia market is full of dominant players, which makes the marketplace highly fragmented. The dominant players are focused on expanding their production facilities due to higher product demand during the forecast period. Additionally, new players are entering the market as they have a fair opportunity to create a lucrative business by gaining a significant market share.
The key players in the global Green Ammonia market include - ACME Group (India), Air Products Inc. (U.S.), Aker Clean Hydrogen (Norway), AquaHydrex (U.S.), Ballance Agri-Nutrients (New Zealand), BASF SE (Germany), CF Industries Holdings Inc. (U.S.), Dyno Nobel (U.S.), Electrochaea (Germany), Enaex Energy (Chile), Enapter (Italy), Eneus Energy Limited (U.S.), ENGIE (France), EXYTRON (Germany), Green Hydrogen Systems (Denmark), Greenfield Nitrogen LLC (U.S.), H2U Technologies Inc. (U.S.), Haldor Topsoe (Denmark), Hiringa Energy (New Zealand), Hydrogenics (Canada), ITM Power (U.K.), Maire Tecnimont S.P.A. (Italy), MAN Energy Solutions (Germany), McPhy Energy (France), Nel Hydrogen (Norway), Origin Energy Limited (Australia), Queensland Nitrates Pty Ltd (Australia), Siemens Energy (Germany), Starfire Energy (U.S.), ThyssenKrupp AG (Germany), Uniper (Germany) among others.
Recent Market Developments:
· November 2022: Siemens Energy announced they were partnering with Fortescue Future Industries, a green hydrogen manufacturing company. This partnership is expected to develop an ammonia-based cracker prototype designed to produce green hydrogen at an industrial scale and help climate change. The prototype would deliver 200 kg of hydrogen daily, enough power to power 5-10 hydrogen-fuel electric buses.
· September 2022: Uniper SE and Vesta announced that they signed an MoU to expand their existing storage facility for building the first Green Ammonia hub named Greenpoint Valley in Northwest Europe. Uniper SE seeks to establish a presence in the Green Ammonia and hydrogen sectors in Norwest Europe.
· August 2022: Uniper SE announced they were signing an MoU with EverWind Fuels to purchase Green Ammonia from EverWind's initial production facility in Nova Scotia. EverWind and Uniper were initialing negotiating for a binding offtake agreement for 500,000 tonnes of Green Ammonia annually.
· January 2022: ITM Power announced they were contracting YARA International, an EPC Company. ITM Power announced that they provided a 24 MW electrolyzer to YARA International.
Segmentation of the Global Green Ammonia Market
- Technologies (Alkaline Water Electrolysis, Proton Exchange Membrane, Solid Oxide Electrolysis)
- End Users (Transportation, Power Generation, Industrial Feedstock)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- ACME Group (India)
- Air Products Inc. (U.S.)
- Aker Clean Hydrogen (Norway)
- AquaHydrex (U.S.)
- Ballance Agri-Nutrients (New Zealand)
- BASF SE (Germany)
- CF Industries Holdings Inc. (U.S.)
- Dyno Nobel (U.S.)
- Electrochaea (Germany)
- Enaex Energy (Chile)
- Enapter (Italy)
- Eneus Energy Limited (U.S.)
- ENGIE (France)
- EXYTRON (Germany)
- Green Hydrogen Systems (Denmark)
- Greenfield Nitrogen LLC (U.S.)
- H2U Technologies Inc. (U.S.)
- Haldor Topsoe (Denmark)
- Hiringa Energy (New Zealand)
- Hydrogenics (Canada)
- ITM Power (U.K.)
- Maire Tecnimont S.P.A. (Italy)
- MAN Energy Solutions (Germany)
- McPhy Energy (France)
- Nel Hydrogen (Norway)
- Origin Energy Limited (Australia)
- Queensland Nitrates Pty Ltd (Australia)
- Siemens Energy (Germany)
- Starfire Energy (U.S.)
- ThyssenKrupp AG (Germany)
- Uniper (Germany)
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