NEW YORK, Nov. 6, 2023 /PRNewswire/ — The global green ammonia market size is estimated to grow by USD 1,008.31 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 90.05% during the forecast period. By geography, the global green ammonia market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global green ammonia market. Europe is estimated to contribute 37% to the growth of the global market during the forecast period. The growth of the market in Europe is attributed to factors such as increased research and development in hydrogen production and the introduction of electric vehicles. Government support, increasing investment from investors, and technological feasibility are also some factors that are driving the growth of the regional market. Rising energy prices and growing awareness of the dangerous impacts of conventional energy sources have led governments to invest in alternatives such as green ammonia. These factors will increase the demand for ammonia in this region during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
Global Green Ammonia Market – Market Dynamics
Key factor driving market growth
- The introduction of green ammonia is notably driving the green ammonia market growth.
- Green ammonia production drives the market as it does not emit greenhouse gases and therefore does not increase carbon dioxide emissions.
- A proof-of-concept plant in Harwell, Oxfordshire has allowed it to achieve this by using electricity, water and air to produce ammonia with zero CO2 emissions.
- In general, ammonia is produced by the Haber process, which involves the conversion of hydrogen and nitrogen under a high temperature (752 degrees F to 842 degrees F) using an iron catalyst.
- Currently, the production of ammonia by the Haber process accounts for 1.6% of global carbon dioxide emissions. Thus, the production of green ammonia using electricity, water, and air can reduce carbon emissions.
- The growing demand for carbon emission-free fuels will surge the demand for green ammonia, which, in turn, will boost the growth of the market during the forecast period.
Major challenges hindering the market growth
- The high cost of green hydrogen may hamper the growth of the green ammonia market.
- Nowadays the acquisition costs to produce green hydrogen are high. In addition, the fixed costs required to install production equipment are high.
- Green hydrogen costs approximately 2-3 times more on average when compared to grey hydrogen.
- Fuel cells cost approximately 1.5 to 2 times more than their fossil fuel counterparts.
- Hence, the high initial cost of setting up the production plant is likely to hinder the growth of the global green ammonia market during the forecast period.
Global Green Ammonia Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (power generation, transportation, industrial feedstock, and others) and technology (alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis).
- The power generation segment will account for a significant share of the market growth during the forecast period. The increasing global population is the main driver of the demand for power generation. Emerging regions such as India and China are undergoing rapid urbanization, and the demand for electricity is constantly increasing due to the growing number of consumers. This has forced governments around the world to take aggressive steps to ensure a stable electricity supply in their jurisdictions. This is important for stable investment inflows into the power generation industry. Demand for power generation will soar as the urban population grows. Such factors are likely to remain the major factors behind the growth of the global market during the forecast period.
Insights on the market contribution of various segments including country and region wise, historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Global Green Ammonia Market – Vendor Landscape
Technavio has extensively analyzed 15 major vendors, including AquaHydrex Inc., BASF SE, CF Industries Holdings Inc., Cummins Inc., Enapter Srl, ENGIE SA, Fertiglobe plc, Greenfield Nitrogen LLC, Haldor Topsoes Alle1, Hiringa Energy Ltd., ITM Power plc, Maire Tecnimont SpA, MAN Energy Solutions SE, McPhy Energy SA, Nel ASA, Siemens AG, Starfire Energy, thyssenkrupp AG, Uniper SE, and Yara International ASA.
What’s New?
- Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report!
Global Green Ammonia Market – Leading trends
- Increasing investment is a major trend impacting the growth of the green ammonia market.
- In recent years, several research and development activities have been recorded in the global green ammonia market.
- For instance, EUDP has financed a USD 11.9 billion green ammonia project led by Skovgaard Invest, Vestas, and Haldor Topsoe.
- The project aims to build a 10 MW green ammonia plant directly linked to local wind and solar power generation.
- The construction of the plant is expected to be completed by 2023. Thus, increasing investment in the market will positively impact the growth of the global green ammonia market during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Green Ammonia Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the green ammonia market between 2023 and 2027
- Precise estimation of the green ammonia market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the green ammonia market across Europe, North America, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of green ammonia market vendors
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
