NEWARK, N.J., July 14, 2022 /PRNewswire/ — As per the report published by The Brainy Insights, the global green ammonia market is expected to grow from USD 16.79 million in 2021 to USD 5420.49 million by 2030, at a CAGR of 90.01% during the forecast period 2022-2030.
The raised consumer awareness & preference toward sustainable products are anticipated to expand the demand for the green ammonia market during the projection period. Moreover, the growing electricity demand and the stringent regulations & rules related to carbon emissions are also helping to propel market growth. However, high production prices and the low commercialization of green ammonia are restraining market growth factors. Furthermore, the increasing focus on minimizing greenhouse gas (GHG) emissions and the growing adoption of energy-efficient technologies to produce ammonia are opportunities for market growth.
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Competitive Strategy
To enhance their market position in the global green ammonia market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For example, in November 2021, Haldor Topsoe & Green Fuel signed a Memorandum of Understanding to partner for the recognition of efficiency & scalable technologies for producing green ammonia in Iceland.
Market Growth & Trends
The growth of the green ammonia market is driven by the growing governmental stringency toward reducing greenhouse gas emissions from traditional ammonia methods. Moreover, the market growth trend is increasing renewable energy output and corresponding storage requirements. Thus, as per the International Renewable Energy Agency (IRENA), wind & solar are high potential renewable power sources that will likely dominate the renewable energy sector in the forthcoming years. Wind & solar energy have been increasing moderately faster than other renewable power sources, primarily due to investments in these places & falling power generation prices. Thus, increasing renewable power generation and a subsequent upgrade in demand for storage will drive the growth of the green ammonia market. However, the boost in industrialization across developing economies leading to boosted demand for industrial gases, also drives the market growth during the forecast period.
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Key Findings
- In 2021, the power generation segment dominated the market with the largest market share of 42.27% and market revenue of 7.09 million.
The end-user segment is divided into power generation, transportation, and industrial feedstock. In 2021, the power generation segment dominated the market with the largest market share of 42.27% and market revenue of 7.09 million. This growth is attributed to the high demand for energy needs for different end-use initiatives. Further, by 2030, the industrial feedstock segment will likely dominate the market due to the increasing investment & partnership in manufacturing various pharmaceuticals goods.
- In 2021, the solid oxide electrolysis segment dominated the market with the largest market share of 43.08% and revenue of 7.23 million.
The technology segment is divided into solid oxide electrolysis, proton exchange membrane, and alkaline water electrolysis. In 2021, the solid oxide electrolysis segment dominated the market with the largest market share of 43.08% and revenue of 7.23 million. This growth is attributed to increased R&D on fuel cell programs and government subsidies. Additionally, the procedure of solid oxide electrolysis utilizes electricity generated from renewable sources to produce green hydrogen, which can be further synthesized in the ammonia synthesis plant to produce green ammonia. Further, by 2030, the alkaline water electrolysis segment will likely dominate the market due to the low capital expenditure of the alkaline water electrolysis system.
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Regional Segment Analysis of the Green Ammonia Market:
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Europe region occurred as the most significant global green ammonia industry market, with a market share of 49.35% and a market value of around 8.28 million in 2021. Europe currently dominates the green ammonia market due to the extensive use of ammonia & stringent government rules. Moreover, ever-growing distributed power generation and the increasing potential of the technology also help drive the region’s market growth. Furthermore, the Asia Pacific region is expected to show the fastest CAGR of 95.03% over the projection period. This growth is attributed to the increasing industrialization & investment made by the companies. Further, the growing adoption of electric vehicles and the rising R&D for hydrogen generation will help to boost the market growth during the forecast period. However, the ever-rising interest of investors, firm government support, and the feasibility of the technology are also driving the market growth in this region.
Key players operating in the global green ammonia market are:
- MAN Energy Solutions
- Siemens Energy
- ITM Power
- Nel Hydrogen
- Hydrogenics
- ThyssenKrupp AG
- McPhy Energy
- Green Hydrogen Systems
- EXYTRON
- Electrochaea
- Enapter
- AquaHydrex
- Yara International
- BASF SE
- Uniper
- ENGIE
- Starfire Energy
- Haldor Topsoe
- Hiringa Energy
- Queensland Nitrates Pty Ltd
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global green ammonia market based on the below-mentioned segments:
Global Green Ammonia Market by End-User:
- Power Generation
- Transportation
- Industrial Feedstock
Global Green Ammonia Market by Technology:
- Solid Oxide Electrolysis
- Proton Exchange Membrane
- Alkaline Water Electrolysis
About the report:
The global green ammonia market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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