Green Ammonia Market is to grow at a 20 % CAGR, with the United States leading the market through 2030

Green Ammonia Market to Hit USD 7.22 Mn by 2030

The Green Ammonia Market was USD 2.01 Mn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 20 % from 2023 to 2030, reaching USD 7.22 Mn by 2030. Green ammonia is an ecologically favorable substitute for conventional ammonia manufacturing techniques as it is made with renewable energy sources like hydroelectric, solar, or wind. Green ammonia may be utilized as a clean fuel for sectors including shipping, electricity generating, and heavy-duty vehicles, as well as for energy storage and transit. Green ammonia is emerging as a promising fuel alternative for the maritime industry, which is under pressure to reduce emissions. A loan guarantee of up to $1.56 billion has been provisionally given for this project by the U.S. Department of Energy.

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Green Ammonia Market Segmentation

By Technology: Alkaline Water Electrolysis segment dominates the market. AWE is used for large-scale ammonia production. Proton Exchange Membrane electrolysers provide quicker reaction times and greater efficiency (between 70 and 80%). Solid Oxide Electrolysis, with high operating temperatures and waste heat utilization allowing for efficiency of up to 85-90%.

By End User: Green ammonia is showing promise as a fuel for the transportation industry, especially in heavy-duty road vehicles, shipping, and the marine industry. Green ammonia is being explored as a fuel for power generation since it can be utilized in gas turbines or combined-cycle power plants. Ammonia has historically been used most extensively in industrial feedstock, mainly for fertilizer manufacture.

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Green Ammonia Market Regional Analysis

The United States consumes a lot of ammonia, particularly for the creation of fertilizer. The United States has pledged to achieve net-zero emissions by 2050 and a 50-52% reduction in greenhouse gas emissions by 2030. Enacted in 2022, the IRA offers financial incentives for sustainable energy technology, such as the generation of ammonia and green hydrogen. Wabash Valley Resources is building a green ammonia manufacturing plant that will generate 500,000 metric tons of ammonia per year.

The Netherlands participates in the EU's ambitious Fit for 55 and Green Deal strategies, which aim to achieve carbon neutrality by 2050 and a 55% reduction in greenhouse gas emissions by 2030. The Netherlands has created a national plan to establish itself as a European powerhouse for hydrogen. Using green ammonia, initiatives like Hydrogen Garden and H2-Platform seek to establish a sustainable hydrogen supply chain.

Vietnam committed to achieving net-zero emissions by 2050 in 2020 as part of its Paris Agreement participation. Clean energy sources like solar and wind are becoming more and more important in Vietnam. Ammonia is crucial for the manufacture of fertilizers in Vietnam, one of Southeast Asia's biggest producers of agricultural products.

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Green Ammonia Market Competitive Landscape

Yara International: A significant fertilizer manufacturer in Norway, Finor, was acquired by Yara. Yara acquired the fertilizer division of Tessenderlo Chemie, a chemical corporation with headquarters in Belgium.

CF Industries: The merger with Terra Industries was one of CF Industries' most important deals, the deal valued at $4.7 billion. CF Industries purchased the Mississippi Phosphates Corporation assets for around $1.4 billion.

Conclusion

Decarbonization and the worldwide transition to greener energy are driving the market's robust development trajectory.
The upcoming years will be crucial as new competitors join the market, technology develops more, and renewable energy regulations solidify.

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