Green Ammonia Market is projected to reach $18,801.0 Million by 2031 from $3.5 Million in 2022, growing at a CAGR of 23.2% during the forecast period 2022-2031.
The demand for green ammonia is anticipated to grow with increasingly stringent carbon emission regulations and zero-carbon energy goals. Also, there is increasing cognizance that ensures energy security from low-carbon intermittent sources, which requires long-term sustainable energy storage and the identification of suitable carriers. Moreover, continuously decreasing the cost of hydrogen production through electrolysis is another factor to spur the demand for green ammonia during the forecast period (2024-2031). However, the higher installation cost for the integrated infrastructure of green ammonia is anticipated to hinder market growth in the upcoming future.
Market Lifecycle Stage
The Green Ammonia Market is still in the development phase. Increased research and development activities are underway to develop green ammonia, which is expected to increase due to rising public concern and government regulations related to carbon emissions and the protection of environmental health.
Moreover, green ammonia has the potential to make a significant impact by decreasing global dependence on fossil fuels and contributing to the reduction of greenhouse gas emissions.
Industrial Impact
- With an increased worldwide focus on achieving net-zero carbon emissions, the shift to green, eco-friendly, sustainable technologies brings significant sales and financing opportunities. This shift was prominently experienced in regions such as North America, Europe, and some Asian countries.
- Furthermore, green ammonia has a low to moderate impact on the fertilizer and transportation fuel industry; however, in the upcoming future, with increased production of green ammonia, the impact is anticipated to increase.
Impact of COVID-19
Since the green ammonia is not much commercialized, the impact of COVID-19 on the global market has been negligible. Moreover, the rise in the trend of sustainability is expected to positively affect the growth of the market in the next 10 years, as green ammonia is produced using sustainable technologies. Also, the consumption of green ammonia is expected to increase post-COVID-19 pandemic as the planned projects come online.
Market Segmentation
Segmentation 1: by End-Use Sector
- Power Generation and Energy Storage
- Agriculture
- Transportation
- Industrial Feedstock
- Others
The global green ammonia market in the application segment is expected to be dominated by the agriculture industry.
Segmentation 2: by Production Technology
- Alkaline Water Electrolysis (AWE)
- Proton Exchange Membrane (PEM)
- Solid Oxide Electrolysis (SOE)
The global green ammonia market is estimated to be led by solid oxide electrolysis in terms of production technology.
Segmentation 3: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Italy, Spain, and Rest-of-Europe
- China
- U.K.
- Asia-Pacific and Japan - Japan, India, South Korea, Australia, and Rest-of-Asia- Pacific
- Rest-of-the-World
In the global green ammonia market, Europe and North America are anticipated to gain traction in terms of green ammonia production owing to the R&D advancements and supporting government regulations in the regions.
Recent Developments in Global Green Ammonia Market
- In March 2021, ACME Group of India, a solar power producing company, signed an agreement with the Oman company, Tatweer, to initiate a production facility of green ammonia located in Duqm, Oman.
- In March 2022, ACME Group of India, a solar power producing company, signed a joint venture agreement with Norway-based company, Scatec ASA, to initiate a production facility of green ammonia in the sultanate of Oman, with an annual production capacity of around 100,000 tons.
- In May 2021, Khalifa Industrial Zone Abu Dhabi (KIZAD) announced plans to strategically build a green ammonia plant with an annual production capacity of around 200,000 tons.
- In December 2020, Haldor Topsoe, a carbon reduction technology specialist, Skovgaard Invest, a Danish renewable energy developer, and Vestas, a wind turbine manufacturer, announced the building of a green ammonia production plant in Western Jutland, Denmark.
- In February 2021, Copenhagen Infrastructure Partners and A.P. Moller – Maersk announced their strategic plans for the development of Europe’s largest green ammonia production facility in Esbjerg, Denmark.
- In July 2021, Fusion-Fuel, based in Ireland, and Consolidated Contractors Group, a global construction company, announced the building of a new green ammonia project, ‘Hevo Ammonia Project’ in Morocco.
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How Can This Report Add Value to an Organisation?
Product/Innovation Strategy: The product segment helps the reader understand the different technologies involved in green ammonia production, including alkaline water electrolysis (AWE), proton exchange membrane (PEM), and solid oxide electrolysis (SOE). Moreover, the study provides the reader with a detailed understanding of the different green ammonia by end-use sectors (power generation and energy storage, agriculture, transportation, industrial feedstock, and others). Green ammonia is fuel for the future and has a high potential to grow in the future.
Growth/Marketing Strategy: The global green ammonia market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint ventures. The favored strategy for the companies has been business expansion and partnership to strengthen their position in the green ammonia market. For instance, in October 2021, Scatec ASA, a leading renewable power producer, entered into a partnership agreement with Fertiglobe to jointly produce a 50-100 MW green hydrogen site, which would be further used as a feedstock for green ammonia production.
Competitive Strategy: Key players in the global green ammonia market analyzed and profiled in the study involve green ammonia manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the global green ammonia market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
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