IMARC Group, a leading market research company, has recently releases report titled “Green Ammonia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global green ammonia market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the green ammonia market?
The global green ammonia market size reached US$ 154.2 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 3994.6 Million by 2028, exhibiting a growth rate (CAGR) of 67.50% during 2023-2028.
What is green ammonia?
Green ammonia refers to ammonia produced through a method that doesn't emit carbon dioxide, utilizing renewable energy sources such as wind, solar, or hydropower. Traditional ammonia production relies on natural gas or coal and releases significant CO2 emissions.
In contrast, green ammonia production uses renewable energy to generate hydrogen from water through electrolysis. This hydrogen is then combined with nitrogen from the air to synthesize ammonia. As there are no fossil fuels involved in this process, it's considered a clean and sustainable approach. Green ammonia has the potential to be a vital player in the transition to a low-carbon economy, serving as a carbon-free fuel, an energy storage solution, and a vital component in various industrial applications, including agriculture as a base for fertilizers.
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What are the growth prospects and trends in the green ammonia industry?
The increasing availability and decreasing cost of renewable energy sources, such as wind and solar power are making green ammonia production more feasible and economically viable which represents one of the key factors driving the growth of the market across the globe. Governments worldwide are implementing strict environmental regulations to reduce greenhouse gas emissions, which is driving industries towards cleaner alternatives like green ammonia.
The market is also driven by the rising awareness of climate change and the urgency to transition to low-carbon technologies which are boosting interest in green ammonia as an energy carrier and fuel. As a key component in fertilizers, green ammonia can offer a sustainable solution in the agricultural sector, aligning with eco-friendly farming practices. The increasing investments in research, development, and commercialization of green ammonia technologies enhance production efficiency and lower costs, which is making it more accessible. Other factors, including government support and subsidies, potential as a shipping fuel, and the growing consumer preference for sustainable products and processes indirectly, are creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- ACME Group
- AMMPower Corp
- CF Industries Holdings Inc.
- FuelPositive Corporation
- ITM Power plc
- Siemens AG
- Starfire Energy
- ThyssenKrupp AG
- Topsoe
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technology:
- Proton Exchange Membrane
- Alkaline Water Electrolysis
- Solid Oxide Electrolysis
Breakup by End User:
- Power Generation
- Transportation
- Fertilizer
- Refrigeration
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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