Green Ammonia Market Latest Report with Forecast to 2031

Green Ammonia Market to reach over USD 29.23 billion by the year 2031 - Exclusive Report by InsightAce Analytic

Global Green Ammonia Market Size, Share & Trends Analysis Report By Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM) Electrolysis, Solid Oxide Electrolysis), End-Use Application (Transportation, Power Generation, Industrial Feedstock), By Region, And Segment Forecasts, 2023-2031

The global Green Ammonia market is estimated to reach over USD 29.23 billion by 2024- 2031, exhibiting a CAGR of 71.41% during the forecast period.

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Renewable ammonia is expected to become a common chemical during the projected period. This results from multiple nations stepping up their efforts to attain zero or very low carbon emissions. During the forecast period, the product will become a leading commodity for transporting renewable energy between areas.

The business is also expected to grow due to the growing need for green ammonia in several end-use sectors, such as transportation, power generation, fertilizer, etc. Furthermore, increasing demand for green ammonia in industrial and pharmaceutical feedstock products will propel market growth. The COVID-19 pandemic impacted the global market. Lockdown regulations were imposed globally and affected the market.

The market was affected by several factors, such as limited trade hours, travel limitations, and a labour shortage. The sector as a whole has faced operational challenges, and manufacturing operations are closing. Growing applications, environmental concerns, and supportive government regulations are expected to propel the market's growth throughout the projected period.

List of Prominent Players in the Green Ammonia Market:
• Thyssenkrupp Ag
• Man Energy Solutions
• Nel Asa
• Enapter S.R.L.
• Green Hydrogen Systems
• Fuelpositive Corporation
• Stamicarbon
• Hydrogenics
• Siemens Energy
• BASF SE
• ITM Power
• Mcphy Energy S.A.
• Hygenco
• Electrochaea
• Starfire Energy
• Exytron
• Aquahydrex
• Yara International
• Engie
• Uniper SE
• Queensland Nitrates

Market Dynamics:

Drivers-
Throughout the time of forecasting, there is predicted to be a significant increase in the global market for green ammonia. The demand for green ammonia is rising as there are more environmental concerns and a preference for renewable energy sources. The market's expansion is accelerated by the implementation of stringent environmental rules and actions made by governments throughout the world to reduce their reliance on fossil fuels. The demand for green ammonia is also increased by the increase in fertilizers used to increase agricultural production and achieve higher-quality crops.

Challenges:
Globally, governments are putting policies into place to cut greenhouse gas emissions. There is increasing consumer demand for low-carbon goods like green ammonia. Recent years have seen a substantial reduction in the expenditure of renewable energy sources such as wind and solar energy. This has improved the economic viability of producing green ammonia with renewable energy.

Regional Trends:
North America consumes the greenest ammonia for transportation, power generation, and agriculture. The demand for food expanded as the country's population grew, which in turn fueled the agriculture industry. That increased regional usage of green ammonia even further. One of the essential industries in the United States is agriculture.

The expansion of the American agriculture sector is being driven by the rising demand for corn, cereals, and other corn-based products on a global scale. There were more than 2 million farms in existence as of 2021. There are around 895 million acres of farmland in the country, with average farm sizes hovering around 445 acres.

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Recent Developments:
• In May 2022, According to LSB Industries, Inc., it has agreements with ThyssenKrupp Uhde USA, LLC and Bloom Energy to build a project that will create about 30,000 metric tonnes of green or zero-carbon ammonia annually at LSB's facility in Pryor, Oklahoma.

Segmentation of Green Ammonia Market-
By Technology-
• Alkaline Water Electrolysis
• Proton Exchange Membrane
• Solid Oxide Electrolysis
By End-Use Application-
• Power Generation
• Transportation
• Industrial Feedstocks
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.