Global Green Ammonia Market
Global Green Ammonia Market Size Zooming to Touch USD 4 Billion by 2029
Published | 01 January 2023
Global green ammonia market size is flourishing owing to a spurring demand from power generation and marine transportation industries for green ammonia produced from sustainable sources.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates global green ammonia market size at USD 54.38 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global green ammonia market size to grow at a robust CAGR of 85.3% reaching a value of USD 3,962.80 million by 2029. Demand for green ammonia is expected to rise in the coming years as people become more aware of the importance of creating clean energy and lowering carbon footprints. It is also expected that market growth will be fueled shortly by rising demand for the product as marine fuel and shipping in the transportation sector because it emits no carbon and leaves no sulfur traces, resulting in better air quality. Green ammonia is formed when nitrogen from the air and hydrogen from water combine. It is a heat and power fuel that can be used in gas turbines, internal combustion engines, generator sets, industrial furnaces, and fuel cells. It is particularly useful for maritime transportation.
Global Green Ammonia Market – Overview
Nitrogen is drawn from the air, and hydrogen is drawn from water electrolysis to produce green ammonia. Renewable energy sources like wind, solar, and hydroelectric generators are used during the production process. Green ammonia has uses in the marine industry, energy storage, and agriculture. It is also intended to be used in the manufacturing of fertilizer products that are carbon-neutral and in the decarbonization of the food value chain. Ammonia storage companies that are already in operation are working to find ways to produce ammonia from renewable sources while improving energy efficiency and reducing capital and operating costs. The number of green hydrogen projects and the expansion of the hydrogen-based economy are the main factors driving the market demand for green ammonia. Additionally, the market is growing because of rising demand for green ammonia in the agriculture and power sectors.
The second-most widely produced chemical in the world, ammonia is primarily used as a fertilizer in the agricultural industry. Additionally, it is discovered that green ammonia has the potential to be used in a variety of applications in addition to its current primary use in the fertilizer industry with growing technological advancements and developments. When used as a fuel, ammonia has the advantage of emitting no carbon dioxide, and its environmental credentials can be further enhanced if it is produced using renewable energy. It has become extremely popular in the transportation sector as a shipping and marine fuel because it emits no carbon and contains no traces of sulfur, which lowers particulate emissions and improves air quality while ensuring compliance with IMO 2020 and other environmental regulations.
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Opportunity: Growing Interest in Eco-Friendly Fertilizers Drives Green Ammonia Market Sales
The widespread use of chemical fertilizers and pesticides has significantly reduced soil quality worldwide. Organic fertilizer demand is rapidly rising in response to the growing demand for sustainable agricultural practices that reduce risk and carbon emissions. This is compelling major agrochemical producers to switch to green and sustainable products such as green ammonia. As a result, increased demand for green fertilizers to reduce environmental risks and pollution is expected to drive up green ammonia sales over the forecast period.
Challenge: lack of knowledge of green ammonia
The development of green ammonia technology is still in its infancy. The synthesis method, photochemistry synthesizing, and biochemical cycling are techniques for producing ammonia with water and nitrogen quickly. These procedures, however, face significant technological obstacles that call for labor and R&D expenses. Today, many ammonia producers still produce ammonia using traditional techniques. The biggest issue with green ammonia is that chemical manufacturers don't fully comprehend it.
Impact of COVID-19 on Global Green Ammonia Market
The COVID-19 pandemic affected almost all industries, including green ammonia. Governments of various nations imposed nationwide lockdowns to halt the disease's spread. As a result, there were restrictions on both people and goods moving around. Many companies were forced to delay or abandon the construction of green ammonia manufacturing facilities due to a lack of labor and raw materials. Delays in the construction of manufacturing facilities harmed the market conditions for green ammonia.
Global Green Ammonia Market – By End User
Transportation, power generation, industrial feedstock, and other segments make up the global green ammonia market by end user. The transportation segment dominated the market. The global fuel and energy crisis has boosted the demand for green fuel. Conventional sources are being replaced by renewable ones, including green ammonia and others. These sources produce fuel that is efficient, clean, and safe for the environment. Globally, issues like carbon emissions and environmental pollution become increasingly popular concerns. These problems are causing the demand for green products, such as green ammonia, to gain popularity in the transportation sector. The product is liquid at room temperature and takes up little space in storage. Compared to other types of fuel, green ammonia is feasible.
Global green ammonia market is fiercely competitive. Prominent players in global green ammonia market include Siemens, NEL Hydrogen, ITM Power, McPhy Energy, ThyssenKrupp AG, CF Industries Holdings, Inc, BASF SE, Yara International ASA, Maire Tecnimont S.p.A., ACME Group, Fertiglobe plc, ITM Power, Holder Topsoe, Green Hydrogen Systems, Greenfield Nitrogen LLC, Air Products Inc., Aker Clean Hydrogen, AquaHydrex, Ballance Agri-Nutrients, and HY2GEN AG. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global green ammonia market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Green Ammonia Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Green Ammonia Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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