Green Ammonia Market To Grow By USD 3.21 Billion (2024-2028) Green Ammonia Introduction Boosts Growth, Report On AI-Driven Market Transformation  - Technavio
Green Ammonia Market To Grow By USD 3.21 Billion (2024-2028) Green Ammonia Introduction Boosts Growth, Report On AI-Driven Market Transformation  - Technavio . (MENAFN - PR Newswire) 
  
  
 
 NEW YORK, Nov. 26, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The globalgreen ammonia market size is estimated to grow by USD 3.21 billion ...
América - MenaFN
(MENAFN- PR Newswire) NEW YORK, Nov. 26, 2024 /PRNewswire/ -- Report with the AI impact on trends - The global

green ammonia market

size is estimated to grow by USD 3.21 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of

113.07%

during the forecast period. Introduction of green ammonia

is driving market growth,

with a trend towards

increasing investments boosting market growth. However,

high cost of green hydrogen

poses a challenge market players include AquaHydrex Inc., BASF SE, CF Industries Holdings Inc., Cummins Inc., Enapter S.r.l., ENGIE SA, Greenfield Nitrogen LLC, Hiringa Energy Ltd., ITM Power PLC, MAIRE S.p.A., MAN Energy Solutions SE, McPhy Energy SA, Nel ASA, OCI NV, Siemens AG, Starfire Energy, thyssenkrupp AG, Topsoes AS, Uniper SE, and Yara International ASA. Continue Reading







Technavio has announced its latest market research report titled Global green ammonia market 2024-2028 Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Green Ammonia Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 113.07% Market growth 2024-2028 USD 3209.7 million Market structure Fragmented YoY growth 2022-2023 (%) 85.16 Regional analysis Europe, North America, APAC, South America, and Middle East and Africa Performing market contribution Europe at 37% Key countries US, Germany, China, Russia, and Australia Key companies profiled AquaHydrex Inc., BASF SE, CF Industries Holdings Inc., Cummins Inc., Enapter S.r.l., ENGIE SA, Greenfield Nitrogen LLC, Hiringa Energy Ltd., ITM Power PLC, MAIRE S.p.A., MAN Energy Solutions SE, McPhy Energy SA, Nel ASA, OCI NV, Siemens AG, Starfire Energy, thyssenkrupp AG, Topsoes AS, Uniper SE, and Yara International ASA

Market Driver

The Green Ammonia market is experiencing significant growth as businesses and governments prioritize carbon neutrality and ecological footprint reduction. Green Ammonia, a hydrogen carrier and energy storage solution, is an emission-free alternative to traditional fuels like natural gas in various industries. Its use as a transportation fuel, maritime fuel, and industrial feedstock is on the rise, contributing to decarbonization efforts. Electrolyzer technology, specifically Alkaline Water Electrolysis, is a key driver in the production of Green Ammonia. This clean energy source is also used in power generation, agriculture, and as eco-friendly fertilizers, reducing greenhouse gas emissions and environmental impact. Green Ammonia projects are gaining traction as renewable energy sources become more accessible. The transportation industry, including shipping and refrigeration transportation, is transitioning to this resourceful fuel to meet emissions regulations and improve air quality. Manufacturing facilities are also adopting Green Ammonia for its low carbon emissions, replacing natural gas dependency and reducing environmental hazards. This versatile commodity chemical is also used in fertilizer production, contributing to sustainable agriculture. Fuel cells, gas turbines, and internal combustion engines can utilize Green Ammonia as a fuel, providing a viable alternative to traditional fuels in power generation and industrial processes. Overall, the Green Ammonia market is a significant step towards environmental sustainability and the future of clean energy.



The global green ammonia market is witnessing significant growth due to increasing research and development activities. Notably, the European Union's Energy Technology Development and Demonstration Program (EUDP) is financing a major green ammonia project led by Skovgaard Invest, Vestas, and Haldor Topsoe. This project involves constructing a 10 MW green ammonia plant, directly linked to local wind and solar power generation, with an investment of USD11.9 billion. Furthermore, in August 2022, Carlyle and GIC, two global investment firms, announced a strategic investment in Eneus, a green ammonia project development company, to support the development of a 14GW+ green ammonia pipeline. In addition, renewable energy firm ACME Group plans to invest USD6 billion in green ammonia production. These developments underscore the growing industry momentum towards sustainable ammonia production.



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Market Challenges



Green Ammonia is an eco-friendly alternative to traditional fossil fuels, gaining significant attention due to its role in achieving carbon neutrality and reducing ecological footprint. As a hydrogen carrier and energy storage solution, it offers potential as a transportation fuel, industrial feedstock, and maritime fuel. However, challenges exist in decarbonizing ammonia production through renewable energy sources, such as wind and solar, due to emissions from electrolyzer technology like alkaline water electrolysis. Green Ammonia's production from renewable energy sources can help reduce greenhouse gas emissions, contributing to environmental sustainability in power generation, agriculture, and manufacturing facilities. In the transportation industry, it can replace natural gas dependency as an emission-free fuel for gas turbines, internal combustion engines, and industrial furnaces, as well as in fuel cells for electric vehicles. Moreover, green ammonia can serve as a sustainable alternative to traditional fertilizers, reducing the environmental impact of agriculture and contributing to cleaner air quality. With increasing emissions regulations, green ammonia projects can help industries transition to clean energy and low carbon emissions, making it a valuable commodity chemical for various industries. However, challenges remain in addressing environmental hazards and ensuring the safety and efficiency of green ammonia production and transportation. Green hydrogen, produced through renewable energy sources, has a higher initial cost compared to gray hydrogen due to the high fixed costs of setting up a production plant. On average, green hydrogen costs around 2-3 times more than gray hydrogen. Fuel cells used with green hydrogen are approximately 1.5 to 2 times more expensive than their fossil fuel counterparts. As a synthetic fuel, green hydrogen costs nearly 5-7 times more than fossil jet fuel. According to The Energy and Resources Institute (TERI), the production cost of green hydrogen is approximately USD5-USD6 per kg. At this rate, green hydrogen is not economically feasible for industries such as steel, fertilizer, and long-range shipping to adopt as a fuel source.

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Segment Overview



This green ammonia market report extensively covers market segmentation by





1.1 Power generation

1.2 Transportation

1.3 Industrial feedstock 1.4 Others



2.1 Alkaline water electrolysis

2.2 Proton exchange membrane 2.3 Solid oxide electrolysis



3.1 Europe

3.2 North America

3.3 APAC

3.4 South America 3.5 Middle East and Africa

1.1

Power generation-

The global population growth and urbanization, particularly in developing regions like India and China, are driving the demand for electricity. This trend is compelling governments worldwide to secure a reliable electricity supply to attract investment in the power generation sector. The expanding urban population will continue to fuel the demand for power generation, making it a significant market growth factor during the forecast period.

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Research Analysis

The Green Ammonia market is experiencing significant growth as the world shifts towards renewable energy sources and carbon neutrality. Ammonia, a commodity chemical produced from nitrogen and hydrogen, is increasingly being recognized as a resourceful fuel and hydrogen carrier with minimal greenhouse gas emissions during combustion. Renewable energy sources such as wind and solar power are used to produce green ammonia through electrolysis, reducing its ecological footprint. Green ammonia is gaining popularity as a transportation fuel, particularly in shipping and marine industries, due to its high energy density and ability to store energy for long periods. It is also used as an eco-friendly fertilizer, reducing the need for traditional fertilizers with high carbon emissions. Gas turbines, internal combustion engines, and industrial furnaces can be fueled with green ammonia, leading to significant reductions in air quality emissions. The use of green ammonia in power generation and as a hydrogen carrier for energy storage is also on the rise. Emissions regulations continue to drive the demand for green ammonia as countries strive for environmental sustainability. Alkaline water electrolysis technology is a cost-effective method for producing green ammonia, making it an attractive alternative to conventional ammonia. Green ammonia is a valuable commodity chemical with numerous applications, including in the production of eco-friendly fertilizers, as a shipping fuel, and as a fuel for power generation and industrial processes. Its ability to store energy and reduce greenhouse gas emissions makes it an essential component of a sustainable energy future.

Market Research Overview

Green Ammonia is an eco-friendly alternative to traditional ammonia, produced using renewable energy sources instead of fossil fuels. It is a hydrogen carrier and energy storage solution, playing a crucial role in decarbonization efforts across various industries. Green Ammonia contributes to carbon neutrality by reducing greenhouse gas emissions, particularly in power generation, transportation fuel, and industrial feedstock applications. Its production process, using electrolyzer technology like alkaline water electrolysis, results in zero carbon emissions and improved air quality. Green Ammonia is also a sustainable solution for agriculture as eco-friendly fertilizers, replacing traditional nitrogen-based fertilizers with lower environmental impact. In transportation, it serves as a clean energy source for gas turbines, internal combustion engines, and fuel cells in ships and trucks, reducing the maritime and transportation industry's carbon footprint. Green Ammonia projects are essential for the transition to a renewable energy-driven economy, promoting environmental sustainability and reducing reliance on natural gas dependency.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation



Application



Power Generation



Transportation



Industrial Feedstock

Others

Technology



Alkaline Water Electrolysis



Proton Exchange Membrane

Solid Oxide Electrolysis

Geography



Europe



North America



APAC



South America Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:

[email protected]

Website:



SOURCE Technavio

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(MENAFN - PR Newswire) 
  
  
 
 NEW YORK, Nov. 26, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The globalgreen ammonia market size is estimated to grow by USD 3.21 billion ...
Green Ammonia Market To Grow By USD 3.21 Billion (2024-2028) Green Ammonia Introduction Boosts Growth, Report On AI-Driven Market Transformation  - Technavio