The green ammonia market is forecast to expand at a remarkable CAGR of 68% over the estimated period, according to FMI’s analysis. The industry’s size is expected to reach USD 82.4 million in 2023.
The rising demand from the shipping industry is driving the consumption of green ammonia. Additionally, green hydrogen production initiatives are projected to boost demand for green ammonia in regions such as Europe, the Middle East, and Africa.
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To reduce carbon emissions, various governments have established numerous projects and goals. For instance, the EU aims to cut carbon emissions by 55% by 2030. Since the production of green ammonia is 100% carbon-free and renewable, these robust initiatives to lower carbon emissions are expected to fuel the demand for green ammonia.
The market is further propelled by rising investments in establishing green ammonia facilities. For example, in August 2021, Acme Solar Holdings Ltd announced plans to construct a green ammonia facility worth USD 3.5 billion in Duqm to supply green ammonia to Asia and Europe.
Significant opportunities for the expansion of the green economy in Europe are emerging due to a growing number of government initiatives and fuel cell projects. This is projected to create substantial prospects for the green ammonia industry.
Top Highlights from the FMI’s Analysis of the Green Ammonia Market:
- 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 is expected to 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 is projected to account for 48% in 2023.
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Market News: Updates about Market Progress
- Siemens Energy united with Fortescue Future Industries, which is a green hydrogen manufacturing firm, and GeoPura, which offers emission-free electricity and renewable energy and electronic vehicle charging, in November 2022. This partnership aims to create an ammonia cracker prototype constructed to develop green hydrogen to efficiently deal with climate change and carbon emissions. This prototype is projected to use ammonia to provide 200 kg of hydrogen per day, 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 for 500,000 tons of green ammonia every year.
- Vesta and Uniper SE signed an MoU in September 2022 to extend the existing storage facility to construct an ammonia hub called Greenpoint Valley in Northwest Europe.
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
- Others
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Green Ammonia 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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