Green Ammonia Market Will Reach USD 6,559.1 Million by 2030

In 2021, the green ammonia market size stood at USD 16.4 million, which is projected to witness a 94.6% CAGR during 2021-2030, reaching USD 6,559.1 million by 2030 as per P&S Intelligence.

This growth can be ascribed to the numerous industrial projects for the manufacturing of this chemical that are presently underway in Mauritania, Oceania and Oman. The 15-metric-ton capacity of the declared projects, which is aimed to be attained by 2030, is approximately 8% of the existing ammonia production across 54 projects. Basically, the strict emissions guidelines and zero-emission goals are boosting the making of NH3 through clean approaches.

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In 2021, the AWE category had the largest market share of 97.5%, On the basis of production. This can be credited to the surge in the number of green hydrogen projects in numerous nations, including China, Germany and Australia, which are concentrating more on spending in the growth of a hydrogen-based economy.

In 2021, APAC generated the largest revenue share of approximately USD 5.18 million, and projected to dominate the green ammonia market with a profitable CAGR, of 102.8%, to touch USD 3,008.70 million by 2030. This massive projected growth can be credited to the governments' strict guidelines and the UN pledge to guarantee zero emissions by 2050. Solar and wind energy are taking centre stage for carrying out AWE, in reply to the stringent emission rules and striving zero-carbon goals.

Japan is projected to grow second-fastest, mainly due to the Japanese government's pledge to zero carbon by 2050. To get the target, the nation is planning to ingress huge amount of ammonia and hydrogen, to concentrating on decreasing its greenhouse releases, and rising manufacturing capabilities in Japan.

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Ammonia is extensively utilized as a feedstock for inorganic, nitrogen-comprising fertilizers; thus, this category leads the industry, with approximately 53.7% market share in 2021. Green ammonia used for the production fertilizers is measured as a vital part of the decarbonization plan, and it has been accepted by several countries to decrease greenhouse gases. This technique can lead to 100% carbon reduction, which aids in the accomplishment of the environment-friendly goals.

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This release was published on openPR.