NEW YORK, July 15, 2022 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, the size of the green ammonia market was $16.4 million in 2021, and it will grow at an enormous rate of about 95%, to reach $6,559.1 million by the year 2030. This is because of the several industrial projects for producing this chemical that are presently underway in Mauritania, Oceania, and Oman.
The 15-metric-ton output of the publicized projects, which is to be attained by 2030, is about 8% of the existing production of ammonia across 54 projects. Fundamentally, the strict emission guidelines are driving the production of NH3 via clean methods.
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The APAC green ammonia market in 2021 had the highest revenue, of about $7.06 million. This is because of the stringent regulations and the UN commitment to guarantee zero emissions by 2050. Wind and solar energy are the mainstays for carrying out AWE for sustainable ammonia production, in response to the stringent emission laws and zero-carbon goals.
The product demand will be driven by how fast the cost of production of this chemical can be reduced. Pilot utilizations will be more common in the near future because of the cognizance about zero emissions. North America, the EU, and APAC have set primacies, since their main economies have agreed to support the net zero emission target by 2050.
Additionally, there is also an increasing understanding that longstanding sustainable energy stowage and green ammonia usage in making electricity, fertilizers, and other products do not damage the environment. Ammonia is extensively used as a feedstock for inorganic, nitrogen-comprising fertilizers; thus, this category dominates the green ammonia market with an about 55% share.
The usage of green ammonia for making fertilizers is considered a significant part of the decarbonization approach, and it has been accepted by numerous nations for the reduction of GHG. This method can bring about 100% carbon reduction from the agriculture sector, thus helping in attaining eco-friendly goals.
Browse detailed report on Global Green Ammonia Market Trends, Business Strategies, Regional Outlook and Analysis Through 2030
The AWE production method will have the highest growth rate, of 95%, in the coming years. This will chiefly be because of the increase in the count of green hydrogen projects in China, Australia, and Germany, which are robustly investing in the expansion of a hydrogen-based economy. In order, the investments in hydrogen infra will bring prospects for the production of the chemical through this technology, which is traditional, lucrative, and mature.
The major companies in the green ammonia market are experimenting with numerous technologies for this purpose. For example, ThyssenKrupp Industrial Solutions has fashioned a system that utilizes only air, water, and renewable energy. The corporation has created the AWE procedure taking the chlor-alkali electrode technology as the base, utilizing the EPC experience gained through over 500 projects with a 10-GW installed capacity, globally.
Green Ammonia Market Size Breakdown by Segment
By Production Method
- Alkaline Water Electrolysis
- Proton Exchange Membrane
- Solid Oxide Electrolysis
By End Use
- Power Generation
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Africa
- Saudi Arabia
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SOURCE P&S Intelligence