Global Green Ammonia Markets, 2022-2031: Green Ammonia as a Transportation Fuel Presents Opportunities
DUBLIN, June 23, 2022 /PRNewswire/ -- The "Global Green Ammonia Market: Focus on End-Use Sectors, Production Technologies, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global green ammonia market is projected to reach $18.28 billion in terms of revenue by 2031, at a CAGR of 23.24%
The demand for green ammonia is anticipated to grow with increasingly stringent carbon emission regulations and zero-carbon energy goals.
Also, there is increasing cognizance that ensures energy security from low-carbon intermittent sources, which requires long-term sustainable energy storage and the identification of suitable carriers.
Moreover, continuously decreasing the cost of hydrogen production through electrolysis is another factor to spur the demand for green ammonia during the forecast period (2024-2031). However, the higher installation cost for the integrated infrastructure of green ammonia is anticipated to hinder market growth in the upcoming future.
Market Lifecycle Stage
The green ammonia market is still in the development phase. Increased research and development activities are underway to develop green ammonia, which is expected to increase due to rising public concern and government regulations related to carbon emissions and the protection of environmental health.
Moreover, green ammonia has the potential to make a significant impact by decreasing global dependence on fossil fuels and contributing to the reduction of greenhouse gas emissions.
With an increased worldwide focus on achieving net-zero carbon emissions, the shift to green, eco-friendly, sustainable technologies brings significant sales and financing opportunities. This shift was prominently experienced in regions such as North America, Europe, and some Asian countries.
Furthermore, green ammonia has a low to moderate impact on the fertilizer and transportation fuel industry; however, in the upcoming future, with increased production of green ammonia, the impact is anticipated to increase.
Impact of COVID-19
Since the green ammonia is not much commercialized, the impact of COVID-19 on the global market has been negligible. Moreover, the rise in the trend of sustainability is expected to positively affect the growth of the market in the next 10 years, as green ammonia is produced using sustainable technologies. Also, the consumption of green ammonia is expected to increase post-COVID-19 pandemic as the planned projects come online.
In the global green ammonia market, Europe and North America are anticipated to gain traction in terms of green ammonia production owing to the R&D advancements and supporting government regulations in the regions.
How Can This Report Add Value to An Organization?
The product segment helps the reader understand the different technologies involved in green ammonia production, including alkaline water electrolysis (AWE), proton excange membrane (PEM), and solid oxide electrolysis (SOE).
Moreover, the study provides the reader with a detailed understanding of the different green ammonia by end-use sectors (power generation and energy storage, agriculture, transportation, industrial feedstock, and others). Green ammonia is fuel for the future and has a high potential to grow in the future.
Growth/Marketing Strategy: The global green ammonia market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint ventures. The favored strategy for the companies has been business expansion and partnership to strengthen their position in the green ammonia market.
For instance, in October 2021, Scatec ASA, a leading renewable power producer, entered into a partnership agreement with Fertiglobe to jointly produce a 50-100 MW green hydrogen site, which would be further used as a feedstock for green ammonia production.
Recent Developments in Global Green Ammonia Market
Key Market Players and Competition Synopsis
Key Topics Covered:
5 Markets - Competitive Benchmarking & Company Profiles
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SOURCE Research and Markets