Green Ammonia Market Was 35 Million USD in 2021 and Projected To Grow with a CAGR of 71%| Valuates Reports
BANGALORE, India, Sept. 7, 2022 /PRNewswire/ -- Green Ammonia Market is Segmented By Type (Alkaline Water Electrolysis, Proton Exchange Membrane, Solid Oxide Electrolysis), By Application (Transportation, Power Generation, Industrial Feedstock) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemical Industry Category.
Green Ammonia Market Revenue is about 35 million USD in 2021, projected to have a CAGR of 71% in the following five year.
Major Factors Driving the Growth of the Green Ammonia Market
The increasing focus on green ammonia for power generation, a viable alternative for the shipping industry, and increasing renewable energy generation will fuel the growth of the market.
The increasing environmental consciousness and decarbonization plans will drive the growth of the market.
TRENDS INFLUENCING THE GROWTH OF GREEN AMMONIA MARKET
Several countries across the globe are planning to increase their green ammonia production for storing and exporting their renewable energy surplus. Ammonia is a suitable alternative for transferring energy from power plants so that electricity is available whenever it's needed. This will fuel the growth of the green ammonia market. The compound is produced from non-fossil fuel sources and sent via pipelines or ships for burning in power production plants for customized turbines. Many power production companies are scaling up ammonia-run turbine capacity to generate electricity.
The maritime industry is focusing more on ammonia as it will enable them to meet their CO2 reduction targets. The colorless fuel is abundant and emits no carbon dioxide as it is made using renewable electricity, air, and water. It is compatible with both fuel cells and internal combustion engines. Unlike hydrogen, it does not have to be stored in high-pressure tanks or cryogenic containers. The energy density is very high in comparison to a lithium-ion battery. This will bolster the demand for the green ammonia market in the forthcoming years. Hence green ammonia is gaining widespread attention from the shipping industry for powering freighters, and tankers across the ocean as a clean fuel.
The entire globe is shifting towards massive climate action to reduce emissions and achieve decarbonization targets. Renewable ammonia is produced through water electrolysis along with renewable technologies such as wind and solar energy. The rising investments in wind and solar energy and falling power generation prices are in turn fueling the expansion of the global green ammonia market. Hydrogen production eliminates natural gas pricing. The subsequent rise in storage demand is further expected to propel the growth.
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GREEN AMMONIA MARKET SHARE ANALYSIS
Based on type, the alkaline water electrolysis segment will be the most lucrative in the green ammonia market share due to it being cost-effective, robust, and established technology for electrolysis. It uses an aqueous alkaline solution of potassium or sodium hydroxide as the electrolyte.
Based on end-users, the power generation segment will witness considerable growth in the green ammonia market share as surplus renewable energy is used for producing green ammonia for power generation. There is a consistent increase in the installation of renewable energy sources.
Based on region, North America will dominate the highest due to stringent environmental regulations, the presence of key players, and the increasing development of renewable fuels for transportation and power generation sectors.
Key Companies:
- Siemens
- NEL Hydrogen
- ThyssenKrupp
- ITM Power
- McPhy Energy
- Vestas
- Scatec
- Clariant
- Air Products
- CIP
- CF Industries
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