According to the latest report by IMARC Group, titled “Green Ammonia Market by Technology (Proton Exchange Membrane, Alkaline Water Electrolysis, Solid Oxide Electrolysis), End User (Power Generation, Transportation, Fertilizer, Refrigeration, and Others), and Region 2023-2028,” the global green ammonia market size reached US$ 154.2 Million in 2022. Green ammonia refers to ammonia produced using renewable energy sources or sustainable methods. The production of green ammonia involves using clean energy, making it a sustainable alternative with a reduced carbon footprint. Green ammonia holds immense significance as a clean energy carrier and a viable solution for decarbonizing various sectors, particularly in the energy and transportation industries. It eliminates direct greenhouse gas emissions and reduces reliance on fossil fuels, mitigating climate change impacts. It is used as a potential energy carrier and a means for long-term energy storage. It can be used as a fuel in power plants, as a feedstock for the production of fertilizers, and as a potential source of hydrogen for fuel cells.
Global Green Ammonia Market Trends:
The growing focus on mitigating climate change and reducing greenhouse gas emissions as governments, businesses, and consumers across the globe recognize the urgent need to embrace sustainable alternatives is one of the major factors contributing to the market growth. Additionally, the growing utilization of green ammonia for energy storage and transport, offering a promising solution to the intermittent challenge faced by renewable energy sources like wind and solar, is creating a positive outlook for the market growth. In line with this, the widespread product utilization as a carbon-neutral or low-carbon fuel for shipping vessels and maritime applications is providing a thrust to the market growth. Moreover, the increasing adoption of green ammonia in the transportation sector as a low-carbon alternative to diesel or natural gas for heavy-duty vehicles, is favoring the market growth. Apart from this, ongoing research and development (R&D) efforts are leading to improvements in green ammonia production technologies, making them more efficient and cost-competitive, which is providing a considerable boost to the market growth. Besides this, the growing product popularity in the agricultural sector as a nitrogen-based fertilizer for reducing the carbon footprint associated with fertilizer production and enhancing resource efficiency is propelling the market growth. Other factors, including the implementation of various government initiatives aimed at reducing carbon emissions and promoting sustainable practice, and widespread product adoption in the aviation industry, are supporting the market growth. Looking forward, the market value is projected to reach US$ 3,994.6 Million by 2028, expanding at a CAGR of 67.50% during 2023-2028.
- Based on the technology, the market has been segmented into proton exchange membrane, alkaline water electrolysis, and solid oxide electrolysis. According to the report, alkaline water electrolysis represents the largest segment.
- On the basis of the end-user, the market has been divided into power generation, transportation, fertilizer, refrigeration, and others. Among these, transportation accounts for the largest market share.
- Region-wise, the market has been segmented into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe is the largest market for green ammonia.
- The competitive landscape of the market has also been examined, with some of the key players being ACME Group, AMMPower Corp, CF Industries Holdings Inc., FuelPositive Corporation, ITM Power plc, Siemens AG, Starfire Energy, ThyssenKrupp AG, Topsoe, etc.
|Base Year of the Analysis
||Proton Exchange Membrane, Alkaline Water Electrolysis, Solid Oxide Electrolysis
|End Users Covered
||Power Generation, Transportation, Fertilizer, Refrigeration, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ACME Group, AMMPower Corp, CF Industries Holdings Inc., FuelPositive Corporation, ITM Power plc, Siemens AG, Starfire Energy, ThyssenKrupp AG, Topsoe, etc.
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