Green Ammonia Market By Technology (Proton Exchange Membrane, Alkaline Water Electrolysis, Solid Oxide Electrolysis), By Application (Transportation, Power Generation, Industrial Feedstock, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The green ammonia market was valued at $0.02 billion in 2021, and is projected to reach $6.5 billion by 2031, growing at a CAGR of 80.1% from 2022 to 2031.
Green ammonia is produced by the electrochemical Haber-Bosch process using renewable energy to help reduce greenhouse gas emissions, which are essential to achieving zero emissions targets. Challenges facing fossil fuel power generation such as revenue, installation, investment and high carbon emissions, the power generation sector is a huge potential market in terms of using green ammonia for power generation. Market growth is driven by rapid expansion of end-use industries such as fertilizer, transportation, and power generation, implementation of stringent environmental regulations, and growing popularity of green fertilizers. Moreover, the market is expected to witness higher growth prospects owing to increasing technological advancements, increasing public and private investment, and rapid decline in renewable energy generation costs. Moreover, expanding the scope of green ammonia to various industrial applications will increase the sales of green ammonia in the next decade.
Due to its zero carbon emissions and zero sulfur content, green ammonia is gaining increasing attention as a fuel for ships and vessels in the transportation sector, which is expected to drive the growth of the green ammonia market. However, despite the positive outlook, there are certain factors that are likely to challenge market growth. These factors include high initial investment for green ammonia production plants and low awareness of green ammonia and its production technology.
The green ammonia market is segmented on the basis of technology, application, and region. Depending on technology, the market is categorized into proton exchange membrane, alkaline water electrolysis, solid oxide electrolysis and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The report further covers strategies adopted by key players to sustain the competitive environment and increase their market share. In addition, the report covers profiles of key industry participants, such as ACME Group, BASF SE, Ballard power system, CF Industries holdings, Enapter, Engie, Fluropositive Corp, Hiringa Energy, Hy2gen, Haldor Topsoe, Itm Power, Nel ASA, Siemens, Stamicarbon, Starfire Energy, ThyssenKrupp, Uniper, and Yara International.
Impact of Covid-19 on Global Green Ammonia Market
In 2020, the global green ammonia market was negatively impacted by the spread of COVID-19. Stringent restrictions and nationwide lockdowns imposed by government agencies to curb the spread of the deadly virus are having a major impact on downstream industries. Global supply chains have been severely affected. However, demand for fertilizers from agribusiness remained strong during the COVID era. As the market gradually reopens, demand for green ammonia is expected to increase in the short term due to increased demand from the shipping industry. Moreover, green hydrogen production initiatives are likely to increase the demand for green ammonia in the Middle East, Africa and Europe regions, further boosting the market in the coming years.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the green ammonia market analysis from 2021 to 2031 to identify the prevailing green ammonia market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the green ammonia market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global green ammonia market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
Proton Exchange Membrane
Alkaline Water Electrolysis
Solid Oxide Electrolysis
By Application
Transportation
Power Generation
Industrial Feedstock
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Siemens AG
NEL ASA
ThyssenKrupp
ITM Power
CF Industries Holdings, Inc.
Ballard Power Systems
AMMPower Corp
FUELPOSITIVE Corporation
Haldor Topsoe
Uniper
Hyport Duqm
Enapter
Starfire Energy
Engie
BASF SE
Yara International
Hiringa Energy
Queensland Nitrates Pty Ltd
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