Green ammonia is experiencing increasing demand as an efficient renewable energy source with wide range of applications in various industries including power generation, transportation, and agriculture. Green ammonia is produced through utilization of renewable energy like solar and wind power for electrolysis of water to produce hydrogen, which is then combined with nitrogen from the air to form ammonia.
Compared to conventional "grey" hydrogen produced from natural gas, green ammonia offers carbon-free production and storage of renewable energy. It can be used as an emission-free fuel for ships and power plants or as a nitrogen-rich fertilizer in agriculture.
The Global Green Ammonia Market is estimated to be valued at US$ 1.48 Bn in 2024 and is expected to exhibit a CAGR of 70% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Green Ammonia are Yara International, Siemens Energy, CF Industries, Haldor Topsøe, Nutrien, Air Products and Chemicals, Mitsubishi Heavy Industries, BASF, IHI Corporation, OCI Nitrogen, H2U, Green ammonia Technologies, EnviTec Biogas AG, Linde, thyssenkrupp, Acron Group, BayoTech, Amonix, RWE AG, and Fertiglobe. These players are focusing on capacity expansion plans to cater to the increasing demand for green ammonia.
The Green Ammonia Market Size are rising demand for zero-emission fuel from the shipping industry and focus of various governments on developing green hydrogen economy by providing subsidies and regulatory push for carbon neutral technologies.
Technological Platform Chemicals Market in electrolysis technology and carbon capture technologies are helping reduce the cost of green ammonia production, thus driving its commercialization. Advanced electrolyzers like solid oxide electrolyzer cells (SOEC) offer higher efficiency compared to alkaline or proton exchange membrane electrolyzers used currently.
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