The Global Green Ammonia Market, valued at USD 4.07 million in 2022, is poised for substantial growth in the forecast period, boasting a remarkable Compound Annual Growth Rate (CAGR) of 39.16%. This growth is attributed to the escalating demand for renewable energy sources.
Green ammonia refers to ammonia produced through processes harnessing renewable energy sources such as solar, wind, and hydro power. The production of green ammonia involves the extraction of hydrogen through water electrolysis using renewable energy, followed by the Haber-Bosch process. Green ammonia plays a pivotal role in achieving the net-zero carbon emissions target established by the Paris Agreement for 2050. The utilization of green ammonia for power generation is projected to reach approximately 5700 thousand tonnes by 2030.
The segmentation of the Global Green Ammonia Market is based on production methods, end-use sectors, regional distribution, and the competitive landscape. In terms of production methods, the market is further categorized into Alkaline Water Electrolysis, Proton Exchange Membrane, and Solid Oxide Electrolysis. In 2022, the Alkaline Water Electrolysis segment dominated the market, holding an impressive market share of approximately 60.85%. This dominance can be attributed to the cost-effectiveness and widespread availability of alkaline water electrolysers.
When considering end-use sectors, the market is further divided into Power Generation, Transportation, Fertilizers, and others. In 2022, the Power Generation segment emerged as the market leader due to the extensive utilization of green ammonia in pursuit of zero carbon emissions targets.
Key players in the Global Green Ammonia Market include:
- Yara International ASA
- Haldor Topsoe Holding A/S
- Maire Technimont
- Thyssenkrup AG
- Siemens Energy AG
- BASF SE
- ACME Group
- Fertiglobe plc
- NEL Hydrogen AS
- ITM Power plc.
- Green Hydrogen Systems A/S
- Greenfield Nitrogen LLC