Global green ammonia market is projected to grow at a CAGR of 54.9% over the forecast period (2022 – 2030). The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries. Global green ammonia market is expected to be driven by increasing necessity towards decarbonization of ammonia production. Green ammonia is a carbon free gas produced by using renewable energy sources through electrolysis technology. It is widely used in fertilizer production, power generation, transportation fuel, etc. The product has gained immense popularity as carbon-free alternative and is likely to play significant role in tackling existential challenges pertaining to brown ammonia used in crop production.
However, the current ammonia production is predominantly attained through steam reforming of methane for hydrogen production which is then fed to ammonia synthesis via Haber Bosch process. Such a process has showcased large scale carbon emission in the recent past. According to Royal Society Organisation, around 1.8% of global carbon emission is caused by ammonia production. Thus, the growing rate of carbon emissions have pushed industry participants to prioritize their decarbonization targets and opt for sustainable routes for ammonia production, which in turn has subsequently led to an upsurge in demand for green ammonia in 2020.
Some of key companies profiled in the global green ammonia market are:
- Air Products Inc.
- bp p.l.c.
- Casale SA
- CF Industries Holdings, Inc.
- Cummins Inc.
- Haldor Topsoe
- ITM Power PLC
- KBR Inc.
- Mitsubishi Heavy Industries, Ltd.
- Nel ASA
- Nutrien Ltd.
- Siemens AG
- thyssenkrupp AG
- Yara International ASA
- Other Market Participants
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Based on renewable energy, green ammonia market has been segmented into solar, wind, hydro, and others. Solar followed by wind energy dominated the green ammonia market in 2020. The growth in these segments can be attributed to high use of solar farms in green hydrogen plants for electricity generation. Additionally, low costs associated with electricity generation through solar farms along with high production efficiency has fostered the demand for green ammonia and drove the segment growth in 2020. Apart from solar energy, generation of electricity via wind energy involves low carbon emissions owing to which the segment is projected to grow at brisk pace in extended run.
Alkaline water electrolysis (AWE) accounted for the highest market share in green ammonia market in 2020. The growth in this segment can be attributed to low capital costs along with negligible requirement of pre-treating ammonia. Alkaline water electrolysis being commercial and mature technology has high operational efficiency compared to other production technology. These factors are projected to contribute in the segment growth and further drive product demand in the extended run. In addition, proton exchange membrane (PEM) electrolysers offer flexible operations and are small sized. This makes proton exchange membrane (PEM) electrolysers technology ideal for dense urban areas allowing to overcome disadvantages of alkaline water electrolysis. The aforementioned factors are projected to positively influence the segment growth in the near future.
Global Green Ammonia Market:
By Renewable Source:
- Alkaline Water Electrolysis (AWE)
- Solid Oxide Electrolysis Cell (SOEC)
- Proton Exchange Membrane (PEM)
- Agriculture and Industrial Feedstock
- Power Generation
- Automotive and Transportation
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