In 2023, it is predicted that the global green ammonia market will be worth US$ 82.4 million. The market is anticipated to grow at an astounding CAGR of 68%, driven by soaring demand for green ammonia from end users, including agriculture and power generation. By 2033, the market as a whole is anticipated to reach a valuation of US$ 14,761.3 million.
The rising demand from the shipping industry dictates the consumption of green ammonia. In addition, green hydrogen production initiatives are projected to boost the demand for green ammonia in regions like Europe, the Middle East, and Africa.
The governments of different economies have established several projects and goals to contain carbon emissions. For instance, the EU aims to reduce carbon emissions by 55% by the end of 2030. Since the process of producing green ammonia is 100% carbon-free and renewable, robust moves to recede the carbon emissions are expected to fuel the demand for green ammonia.
The market is further fueled by rising investments in establishing green ammonia units. For example, in August 2021, Acme Solar Holdings Ltd revealed plans to construct a green ammonia facility valued at US$ 3.5 billion in Duqm to distribute green ammonia to Asia and Europe.
Significant prospects for expanding the green economy in Europe are materializing owing to a surging number of government initiatives and fuel cell projects. This is projected to create opportunities for the green ammonia industry.
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Top Highlights from the FMI’s Analysis:
- The United States green ammonia industry is projected to attain a 29% market share in 2023. The country appears to have market dominance over other players globally.
- The German green ammonia industry will gain a 6.5% value share in 2023.
- The Japan green ammonia industry is estimated to grab 3% of the overall market share in 2023.
- The Australian green ammonia industry is assessed to account for 1.4% of the market share in 2023.
- India is expected to expand at a significantly high CAGR of 72% over the forecast period.
- The China green ammonia industry is expected to assume a CAGR of 63.4% in the upcoming years.
- The United Kingdom market is anticipated to register a CAGR of 58.1% over the forecast period.
- Based on the production process, the alkaline water electrolysis segment is projected to attain a market share of 83% in 2023.
- Based on end-use, the fertilizer segment will account for 48% in 2023.
“Green ammonia refers to ammonia production methods that prioritize sustainability and environmental responsibility, often involving processes powered by renewable energy sources or technologies that reduce carbon emissions during ammonia synthesis.”, opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Market News: Updates about Market Progress
- Siemens Energy united with Fortescue Future Industries, a green hydrogen manufacturing firm, and GeoPura, which offers emission-free electricity, renewable energy, and electronic vehicle charging in November 2022. This partnership aims to create an ammonia cracker prototype constructed to develop green hydrogen to deal with climate change and carbon emissions efficiently. This prototype is projected to use ammonia to provide 200 kg of hydrogen daily, enough to charge 5 to 10 hydrogen fuel e-buses.
- Uniper SE inked an MoU with EverWind Fuels in August 2022 to buy green ammonia from the first production unit of EverWind in Nova Scotia. Both companies intend to arrange a binding offtake agreement annually for 500,000 tons of green ammonia.
- Vesta and Uniper SE signed a MoU in September 2022 to extend the existing storage facility to construct an ammonia hub called Greenpoint Valley in Northwest Europe.
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Key Players in the Market are:
- CF Industries Holdings, Inc.
- BASF SE
- Yara International ASA
- Maire Tecnimont S.p.A.
- ACME Group
- Fertiglobe plc
- NEL Hydrogen
- ThyssenKrupp AG
- ITM Power
- Holder Topsoe
- Green Hydrogen Systems
- Greenfield Nitrogen LLC
- Siemens
Global Market Segmentation:
By Production Process:
- Alkaline Water Electrolysis
- Proton Exchange Membrane
- Solid Oxide Electrolysis
By End Use:
- Fertilizer
- Transportation
- Power Generation
- Industrial Feedstock
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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