Green Ammonia Market Projected To Reach USD 73.05 Billion By 2030

 San Francisco, 4 Jan 2024: The Report Green Ammonia Market Size, Share & Trends Analysis Report By End-use (Fertilizer, Power Generation), By Technology (Solid Oxide Electrolysis, Proton Exchange Membrane), By Region, And Segment Forecasts, 2023 - 2030

The global green ammonia market size is expected to reach USD 73.05 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 116.5% from 2023 to 2030. The growth is majorly driven by the rising consciousness among consumers regarding sustainable products, which has led to a preference for them. Another contributing factor is the increasing awareness of the need to produce clean energy and decrease carbon emissions, leading to a surge in demand for such products. As a result, the market has established itself, with a growing demand from diverse industries such as power generation, refrigeration, transportation, fertilizer, and others.

In the transportation sector, particularly maritime shipping, the product has been gaining traction. The International Maritime Organization (IMO) reports that this industry alone is responsible for emitting 3% of carbon emissions each year. This has resulted in players in the industry facing pressure to reduce their carbon footprint and transition to sustainable fuel sources. In comparison to other fuels, green ammonia is the most effective in terms of storage, cost, and availability.

The primary driving force behind the market is the global imperative to decrease carbon emissions. Green ammonia, which is expected to become a commodity chemical in the years ahead, has the potential to completely eradicate the carbon footprint from chemical production. Furthermore, the production and consumption of green ammonia are being stimulated by government policies, subsidies, and regulations.

The International Energy Agency (IEA) reports that China is a major contributor to global ammonia production, accounting for 30% of it. The Asia Pacific region is expected to be a critical market due to the presence of many manufacturers serving various industries, including fertilizer and transportation, as well as the high potential for research and development in the region's developing economies. As a result, renewable products are projected to experience significant growth in the area throughout the forecast period.

The geopolitical conflict in Europe has caused a substantial increase in petrochemical and gas prices, making the traditional method of producing ammonia costly. In contrast, producing green ammonia is both sustainable and cost-effective. These factors are expected to drive market growth in the near future.

Access Research Report of Green Ammonia Market @ https://www.grandviewresearch.com/industry-analysis/green-ammonia-market-report

Green Ammonia Market Report Highlights

• Fertilizer is the fastest growing end-use segment with a CAGR of 118.3% on the account of increasing use of eco-friendly fertilizers and growth in fertilizer production from developing economies
• Solid oxide electrolysis is the fastest growing technology with a CAGR of 117.9% owing to its high electric efficiency ranging above 90% with high current densities at low voltages
• Asia Pacific is the fastest growing region with a CAGR of 126.5% because of the government initiatives for renewable products, rising investments from investors of developed regions, and the feasibility of the technology in the region
• Europe is home to many ammonia production plants and has thriving opportunities for new entrants as the market is consolidated
• The key players are constantly involved in new technology development, strategic initiatives such as mergers, and capacity enhancement in order to gain a competitive edge in the market 

Green Ammonia Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 411.35 million
Revenue forecast in 2030	USD 73.05 billion
Growth Rate	CAGR of 116.5% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players of Green Ammonia Market

• MAN Energy Solutions
• Siemens Energy
• ITM Power PLC
• Nel Hydrogen
• Hydrogenics
• ThyssenKrupp AG
• McPhy Energy
• Green Hydrogen Systems
• EXYTRON
• Electrochaea
• Enapter
• AquaHydrex
• Yara International
• BASF SE
• Uniper
• ENGIE
• Starfire Energy
• Haldor Topsoe
• Hiringa Energy
• Queensland Nitrates Pty Ltd.

Access Press Release of Green Ammonia Market @ https://www.grandviewresearch.com/press-release/global-green-ammonia-market