Green Ammonia Market to witness Revolutionary Growth through 2030

Green Ammonia Market

According to the new market research report Green Ammonia Market by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM), and Solid Oxide Electrolysis (SOE)), End User (Transportation, Power Generation, and Industrial Feedstock) and Region – Global Forecast to 2030″, published by MarketsandMarkets™, The global Green Ammonia Market size is projected to grow from USD 16 million in 2021 and is projected to reach USD 5,415 million by 2030, at a CAGR of 90.2% during the forecast period. Ammonia is green hydrogen synthesized with nitrogen in an electrochemical Haber-Bosch system. Green ammonia is completely carbon-free ammonia. Electrolyzers are used in green hydrogen production and work in an alkaline water medium or proton exchange membrane or solid oxide medium. These electrolyzers use electricity derived from renewable sources, such as solar, wind, and tidal, to produce green hydrogen.

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Power generation is estimated to be the largest segment in the Green Ammonia Market in 2020.

Power generation segment is projected to be the largest segment in the Green Ammonia Market. The growth of this segment is mainly attributed to the high demand of energy requirements for various end use industries. With green ammonia production, renewable energy can be stored and reused for power generation at consumption points. This will make the generation of renewable energy more efficient and usable for the long term.

The Europe region is projected to account for the largest share in the Green Ammonia Market during the forecast period.

The Europe region is projected to lead the Green Ammonia Market in terms of both value and volume from 2021 to 2026. Fast-track urbanization and the growing agricultural needs of the rising population have raised the demand for green hydrogen in Europe to reduce carbon emissions in the region.

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Siemens (Germany), NEL Hydrogen (Norway), ThyssenKrupp (Germany), ITM Power (UK), and McPhy Energy (France), amongst others, are the key players operating in the Green Ammonia Market. Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Green Ammonia Market.