Green Ammonia Market Set to Soar Past USD 17.9 Billion by 2030
The global Green Ammonia market size is expected to reach USD 17.9 billion by 2030 and exhibit a CAGR of 72.9% in the forecast period (2023−2030), according to Skyquest’s latest research report. The demand for environmental sustainability and decarbonization efforts, increasing demand for clean energy and renewable fuels, potential for green ammonia as a carbon-free energy carrier, advancements in green ammonia production technologies, government support and favorable regulations promoting sustainable energy, potential for green ammonia in various sectors, including agriculture, power generation, and transportation, are fueling the market’s growth.
Westford, USA, Aug. 11, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Green Ammonia market, increasing investments and research in green ammonia technologies, advancements in electrolysis and other renewable energy-based ammonia production methods, integration of green ammonia in the renewable energy sector, development of green ammonia infrastructure and distribution networks, collaboration and partnerships between companies and governments to promote green ammonia adoption, growing demand for green fertilizers and sustainable agriculture practices, are the market trends promoting the growth.
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Browse in-depth TOC on “Green Ammonia Market”
- Pages – 157
- Tables – 88
- Figures – 76
Green ammonia is ammonia that is produced using renewable energy sources, such as solar and wind power. The production of green ammonia does not produce any greenhouse gases, making it a more sustainable alternative to traditional ammonia production, which uses fossil fuels. Green ammonia can be used as a fuel or as a feedstock for other industrial processes.
Prominent Players in Green Ammonia Market
- Air Liquide
- Yara International
- Mitsubishi Heavy Industries
- Linde
- Thyssenkrupp
- Cummins
- Chart Industries
- NEL Hydrogen
- Plug Power
- Asahi Glass
- ENEOS Corporation
- Equinor
- New Fortress Energy
- CF Industries
- FFI Group
- Green Hydrogen Systems
- Technip Energies
- Hydrogenious Technologies
Electrolysis-Based Production Method Demand to Grow Substantially in the Forecast Period
Electrolysis-based production methods dominated the global market owing te renewable energy integration. It also produces green ammonia without carbon dioxide emissions, contributing to reduced greenhouse gas emissions and environmental sustainability. In addition, electrolysis systems can be scaled up or down based on demand, providing flexibility in production capacity. This adaptability is crucial for meeting market needs and accommodating varying levels of green ammonia demand.
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Agriculture is the Leading Application Segment
In terms of application, agriculture is the leading segment due to the demand for sustainable agriculture practices. In addition, the agriculture industry is increasingly adopting sustainable practices to reduce environmental impact and ensure long-term productivity. Green ammonia provides a carbon-free and sustainable alternative to conventional ammonia-based fertilizers, addressing concerns about greenhouse gas emissions and climate change.
Asia-Pacific is the leading Market Due to the Demand for Clean Energy
Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on clean energy and effective distribution of sustainable methods. The region is home to some of the world’s fastest-growing economies, such as China, India, and Japan. These economies are characterized by high economic growth, rising disposable incomes, and increasing urbanization. This is leading to a growing demand for green ammonia, a clean-burning fuel that can be used in various applications, including power generation, transportation, and fertilizer production. In addition, the Asia Pacific region is also home to some of the world’s most ambitious climate change targets. China has pledged to reach peak carbon emissions by 2030 and carbon neutrality by 2060. India has pledged to reach net-zero emissions by 2070. These targets are driving investment in green ammonia production in the region.
A recent report thoroughly analyzes the major players operating within the Green Ammonia market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Green Ammonia.
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Key Developments in Green Ammonia Market
- In January 2023, Air Liquide acquired Chart Industries, a leading provider of cryogenic equipment for the energy and industrial sectors. This acquisition gave Air Liquide a strong foothold in the green ammonia market and expanded its hydrogen production capabilities.
- In March 2023, Yara International acquired FFI Group, a leading developer of green ammonia production technology. This acquisition gave Yara International a leading position in the green ammonia market and accelerated its plans to commercialise green ammonia production.
Key Questions Answered in Green Ammonia Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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