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Green Ammonia Market to Grow $17.9 Billion by 2030

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Green Ammonia Market to Grow $17.9 Billion by 2030

October 05
20:32 2023
Green Ammonia Market to Grow $17.9 Billion by 2030
The global green ammonia market is expected to grow from USD 0.3 billion in 2023 to reach USD 17.9 billion by 2030, at a CAGR of 72.9% during the forecast period.

The global Green Ammonia Market is expected to grow from an estimated USD 0.3 billion in 2023 to USD 17.9 billion by 2030, at a CAGR of 72.9% according to a new report by MarketsandMarkets™. Green ammonia refers to the production of renewable and carbon-free ammonia. It is produced by generating energy from solar/wind/hydropower, which is then fed into an electrolyzer. It extracts hydrogen from water, while nitrogen is removed from the air using an air separation unit. In this process, hydrogen and nitrogen react at high temperatures and pressures to produce ammonia. Rising investment in renewable energy projects and a decline in power generation cost is expected to drive the green ammonia market. The green ammonia market has promising growth potential due to the rising deployment of fuel cell vehicles.

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Green Ammonia Market: Increasing focus on building a hydrogen-based economy

Applications of hydrogen in energy production are growing. It can be used as a domestic fuel and even to drive automobiles and buses. To improve the use of hydrogen, governments and academic institutions across the world are currently funding applied research, development, and innovation. These investments will facilitate the growth of a robust hydrogen-based economy, as well as energy security and resilience. Several government funding programs support hydrogen-related projects. Listed below are some such projects: The UK government, in March 2017, launched the Hydrogen for Transport Programme (HTP) to support the development of hydrogen for transport until 2020. The Hydrogen for Transport Programme (HTP) is intended to provide up to USD 29.63 million (GBP 23 million) to increase the uptake of hydrogen fuel cell vehicles and develop the UK hydrogen refueling infrastructure.

Power Generation to witness fastest growing segment in the green ammonia market

The Green Ammonia Market, by application, is divided into power generation, transportation and industrial feedstocks, wherein industrial feedstocks accounts for the largest share.   Power generation is the fastest growing segment during the forecast period. The growth is attributed to the increasing number of deployments of alkaline water electrolysis for small scale power generation applications in Europe and Asia Pacific.

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Europe likely to emerge as the largest green ammonia market

In this report, the green ammonia market has been analyzed for four regions: Europe, Asia Pacific, North America and the rest of the World. Europe is a significant contributor to the green ammonia market in the current scenario of electrolysis technology, owing to the rapidly increasing cost-competitiveness which enables consumers to have access to clean electricity.

The Green Ammonia Market is dominated by a few major players that have a wide regional presence. The leading players in the Green Ammonia Market are Siemens Energy (Germany), NEL ASA (Norway), ThyssenKrupp AG (Germany), ITM Power (UK), YARA International (Norway), and BASF SE (Germany) and others.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

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Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

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