The green ammonia market was valued at $0.02 billion in 2021, and is projected to reach $6.5 billion by 2031, growing at a CAGR of 80.1% from 2022 to 2031.
Green ammonia is produced by the electrochemical Haber-Bosch process using renewable energy to help reduce greenhouse gas emissions, which are essential to achieving zero emissions targets. Challenges facing fossil fuel power generation such as revenue, installation, investment and high carbon emissions, the power generation sector is a huge potential market in terms of using green ammonia for power generation. Market growth is driven by rapid expansion of end-use industries such as fertilizer, transportation, and power generation, implementation of stringent environmental regulations, and growing popularity of green fertilizers. Moreover, the market is expected to witness higher growth prospects owing to increasing technological advancements, increasing public and private investment, and rapid decline in renewable energy generation costs. Moreover, expanding the scope of green ammonia to various industrial applications will increase the sales of green ammonia in the next decade.
Due to its zero carbon emissions and zero sulfur content, green ammonia is gaining increasing attention as a fuel for ships and vessels in the transportation sector, which is expected to drive the growth of the green ammonia market. However, despite the positive outlook, there are certain factors that are likely to challenge market growth. These factors include high initial investment for green ammonia production plants and low awareness of green ammonia and its production technology.
The green ammonia market is segmented on the basis of technology, application, and region. Depending on technology, the market is categorized into proton exchange membrane, alkaline water electrolysis, solid oxide electrolysis and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The report further covers strategies adopted by key players to sustain the competitive environment and increase their market share. In addition, the report covers profiles of key industry participants, such as ACME Group, BASF SE, Ballard power system, CF Industries holdings, Enapter, Engie, Fluropositive Corp, Hiringa Energy, Hy2gen, Haldor Topsoe, Itm Power, Nel ASA, Siemens, Stamicarbon, Starfire Energy, ThyssenKrupp, Uniper, and Yara International.
Green ammonia is produced by the electrochemical Haber-Bosch process using renewable energy to help reduce greenhouse gas emissions, which are essential to achieving zero emissions targets. Challenges facing fossil fuel power generation such as revenue, installation, investment and high carbon emissions, the power generation sector is a huge potential market in terms of using green ammonia for power generation. Market growth is driven by rapid expansion of end-use industries such as fertilizer, transportation, and power generation, implementation of stringent environmental regulations, and growing popularity of green fertilizers. Moreover, the market is expected to witness higher growth prospects owing to increasing technological advancements, increasing public and private investment, and rapid decline in renewable energy generation costs. Moreover, expanding the scope of green ammonia to various industrial applications will increase the sales of green ammonia in the next decade.
Due to its zero carbon emissions and zero sulfur content, green ammonia is gaining increasing attention as a fuel for ships and vessels in the transportation sector, which is expected to drive the growth of the green ammonia market. However, despite the positive outlook, there are certain factors that are likely to challenge market growth. These factors include high initial investment for green ammonia production plants and low awareness of green ammonia and its production technology.
The green ammonia market is segmented on the basis of technology, application, and region. Depending on technology, the market is categorized into proton exchange membrane, alkaline water electrolysis, solid oxide electrolysis and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The report further covers strategies adopted by key players to sustain the competitive environment and increase their market share. In addition, the report covers profiles of key industry participants, such as ACME Group, BASF SE, Ballard power system, CF Industries holdings, Enapter, Engie, Fluropositive Corp, Hiringa Energy, Hy2gen, Haldor Topsoe, Itm Power, Nel ASA, Siemens, Stamicarbon, Starfire Energy, ThyssenKrupp, Uniper, and Yara International.
Impact of Covid-19 on Global Green Ammonia Market
In 2020, the global green ammonia market was negatively impacted by the spread of COVID-19. Stringent restrictions and nationwide lockdowns imposed by government agencies to curb the spread of the deadly virus are having a major impact on downstream industries. Global supply chains have been severely affected. However, demand for fertilizers from agribusiness remained strong during the COVID era. As the market gradually reopens, demand for green ammonia is expected to increase in the short term due to increased demand from the shipping industry. Moreover, green hydrogen production initiatives are likely to increase the demand for green ammonia in the Middle East, Africa and Europe regions, further boosting the market in the coming years.KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the green ammonia market analysis from 2021 to 2031 to identify the prevailing green ammonia market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the green ammonia market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global green ammonia market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Proton Exchange Membrane
- Alkaline Water Electrolysis
- Solid Oxide Electrolysis
By Application
- Transportation
- Power Generation
- Industrial Feedstock
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Siemens AG
- NEL ASA
- ThyssenKrupp
- ITM Power
- CF Industries Holdings, Inc.
- Ballard Power Systems
- AMMPower Corp
- FUELPOSITIVE Corporation
- Haldor Topsoe
- Uniper
- Hyport Duqm
- Enapter
- Starfire Energy
- Engie
- BASF SE
- Yara International
- Hiringa Energy
- Queensland Nitrates Pty Ltd
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: GREEN AMMONIA MARKET, BY TECHNOLOGY
CHAPTER 5: GREEN AMMONIA MARKET, BY APPLICATION
CHAPTER 6: GREEN AMMONIA MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Green Ammonia Market," the green ammonia market was valued at $0.02 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 80.1% from 2022 to 2031.Ammonia is the second-most widely produced commodity chemical around the globe and is mostly utilized as a fertilizer in the agriculture industry, a sector that is under increasing scrutiny due to its environmental impact. The production of green ammonia is gaining prominence due to growing demand for making process 100% renewable and carbon-free. Ammonia could come to the rescue by easily capturing, storing, and transporting hydrogen for use in emission-free fuel cells and turbines. Efforts are also undergoing to combust ammonia directly in power plants and ship engines. Several chemical companies are developing green ammonia, a route to ammonia in which hydrogen derived from water electrolysis powered by alternative energy replaces hydrocarbon-based Hydrogen, making the production of ammonia virtually carbon dioxide-free. The Haber-Bosch process is a widely used method to produce ammonia on a commercial scale which can be extracted again via a thermal decomposition and separation process. In addition to the main use of ammonia in the fertilizer industry, green ammonia holds the potential to play a role in other end-use applications. The Haber-Bosch process is a widely used method to produce ammonia on a commercial scale which can be extracted again via a thermal decomposition and separation process. In addition to the main use of ammonia in the fertilizer industry, green ammonia holds the potential to play a role in other end-use applications.
On the basis of technology, the green ammonia market is segmented into proton exchange membrane, alkaline water electrolysis, and solid oxide electrolysis. In the year 2021, due to the higher operating time capacity of this technology and low capital cost, the alkaline water electrolysis segment is expected to hold the largest share of the global market and expand at the fastest pace during the study period
Depending upon various application, the market is segmented into transportation, power generation, and industrial feedstock. Power generation segment is expected to dominate the market in the next few years. The demand for green ammonia as a sustainable fuel is rapidly increasing, which will provide a positive outlook to the green ammonia market in the upcoming years. Consistently rising demand for green ammonia as a maritime fuel demonstrates vast opportunities for the future.
Among different regions, Europe, followed by the Middle East, Africa, and North America, is expected to dominate the green ammonia market across the globe in the forecast period due to the increasing number of investments and projects in the regions. Initiatives to produce green hydrogen is likely to augment the demand for green ammonia across the MEA and Europe, which will further boost its market in the upcoming years.
The green ammonia market is segmented on the basis of technology, application, and region. Depending on technology, the market is categorized into proton exchange membrane, alkaline water electrolysis, solid oxide electrolysis and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global green ammonia market include, ACME Group, BASF SE, Ballard power system, CF Industries holdings, Enapter, Engie, Fluropositive Corp, Hiringa Energy, Hy2gen, Haldor Topsoe, Itm Power, Nel ASA, Siemens, Stamicarbon, Starfire Energy, ThyssenKrupp, Uniper, and Yara International.
Key Findings of the Study
- Based on technology, the alkaline electrolyzer segment emerged as the global leader with more than 63.2% share in 2020.
- By application, power generation segment dominated the global green ammonia market with around 39.0% global market share in 2021.
- By region, Europe dominated the market with highest revenue shares of $7.2 million in 2021.
- Impact of Covid-19 on Global Green Ammonia Market
- In 2020, the global green ammonia market was negatively impacted by the spread of COVID-19. Stringent restrictions and nationwide lockdowns imposed by government agencies to curb the spread of the deadly virus are having a major impact on downstream industries. Global supply chains have been severely affected. However, demand for fertilizers from agribusiness remained strong during the COVID era. As the market gradually reopens, demand for green ammonia is expected to increase in the short term due to increased demand from the shipping industry. Moreover, green hydrogen production initiatives are likely to increase the demand for green ammonia in the Middle East, Africa and Europe regions, further boosting the market in the coming years.
Companies Mentioned
- Siemens AG
- Nel Asa
- Thyssenkrupp
- Itm Power
- Cf Industries Holdings, Inc.
- Ballard Power Systems
- Ammpower Corp
- Fuelpositive Corporation
- Haldor Topsoe
- Uniper
- Hyport Duqm
- Enapter
- Starfire Energy
- Engie
- Basf Se
- Yara International
- Hiringa Energy
- Queensland Nitrates Pty Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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