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3. Green Ammonia Market Size & Share - Future Growth Expectations

The global green ammonia market size is projected to reach USD 17.9 billion by 2030 from an estimated USD 0.3 billion in 2023, at a CAGR of 72.9% during the forecast period. The major factors driving the growth of this market include the rising investment in renewable energy projects and a decline in power generation cost.

The green ammonia market has been expanding quickly as a result of various important factors.

• Renewable Energy Integration
• Carbon Neutrality and Climate Goals
• Energy Transition in Agriculture
• Development of the Hydrogen Economy
• Technological Developments
• International Alliances and Trade

To know about the assumptions considered for the study download the pdf brochure

Renewable Energy Integration:

• Hydroelectric power, solar energy, wind, and water electrolysis are used to produce green ammonia, which is then used to produce hydrogen. Green ammonia is a promising renewable energy carrier that can help countries move away from fossil fuels and decarbonize their energy systems by storing, transporting, and using carbon-free hydrogen.

Carbon Neutrality and Climate Goals:

• Green ammonia is becoming more popular as a sustainable substitute for traditional ammonia production techniques, which require fossil fuels and release greenhouse gases. This is due to the global push to reduce climate change and attain carbon neutrality. Producing green ammonia can help achieve climate targets outlined in international agreements like the Paris Agreement by lowering carbon emissions from transportation, energy storage, agriculture, and the industrial sector.

Energy Transition in Agriculture:

• An important ingredient in nitrogen-based fertilizers that are necessary for high agricultural yields is ammonia. In place of traditional ammonia-based fertilizers, green ammonia made from renewable energy sources provides a low-carbon substitute that lowers the carbon footprint of farming operations and encourages sustainable farming practices. Green ammonia is in high demand, just like environmentally beneficial agriculture inputs.

Development of the Hydrogen Economy:

• Green ammonia acts as a carrier for hydrogen, which can be directly used as fuel for combustion engines and fuel cells, or hydrogen can be recovered from ammonia by a process known as cracking. The need for green ammonia as a hydrogen transporter and energy storage medium is predicted to rise sharply as nations invest in hydrogen infrastructure and encourage the development of hydrogen-based technology.

Technological Developments:

• Green ammonia production is now more efficient, scalable, and economically viable because to developments in carbon capture and utilization (CCU), ammonia synthesis, and electrolysis technologies. The manufacture of green ammonia at lower costs and greater purity levels is made possible by innovations such ammonia synthesis catalysts, solid oxide electrolysis cells (SOEC), and high-temperature electrolysis, which is propelling market expansion.

International Alliances and Trade:

• In the green ammonia value chain, international partnerships, collaborations, and trade agreements promote the sharing of knowledge, resources, and technologies. Global green ammonia market growth is fostered by international cooperation among governments, research institutions, and industry players, which facilitates knowledge sharing, technology transfer, and market development.

The green ammonia market is expected to increase significantly as players from a variety of industries adopt low-carbon, sustainable alternatives to conventional ammonia manufacturing techniques. Global acceptance and growth of green ammonia production will be fueled by sustained investments in renewable energy infrastructure, technological advancements, and policies that are supportive of the industry.

Green Ammonia Market Share - Global Industry Landscape

The green ammonia market is characterized by the presence of several key players competing for market share. Some of the leading companies in the green ammonia industry include:

• Siemens Energy (Germany)
• ThyssenKrupp AG (Germany)
• BASF SE (Germany)
• YARA International (Norway)

These companies are actively working to advance the creation and marketing of green ammonia technology, as are numerous academic institutions, governmental organizations, and trade associations. It is anticipated that market share in the green ammonia industry will change as production prices come down, technology advance, and legislative frameworks encourage the switch to environmentally friendly green ammonia manufacturing practices.

Siemens Energy (Germany)

• Siemens Energy is a global energy technology company that provides solutions for power generation, transmission, and distribution. The company has been involved in research and development activities related to green ammonia production technologies, including electrolysis and ammonia synthesis.

ThyssenKrupp AG (Germany)

• ThyssenKrupp AG is an international group of companies comprising largely independent industrial and technology businesses. The company operates through six business segments: Materials Services, Industrial Components, Automotive Technology, Steel Europe, Marine Systems, and Multi Tracks. The Multi Tracks segment deals with various businesses, from plant engineering to automotive supplies. Vertical investments and businesses for which the company is considering various ownership structures in the short-to-medium term are held by ThyssenKrupp through the Multi Tracks division. This could be a complete or partial sale or the continuation of a business with one or more external partners. ThyssenKrupp Uhde, a company established in partnership with Avril, Axens, CEA, IFPEN, ThyssenKrupp Industrial Solutions, and Total Energies, falls under the Multi Tracks segment. Uhde offers alkaline water electrolysis technology to produce sustainable aviation fuel, ammonia, hydrogen. ThyssenKrupp AG has manufacturing plants in France and Europe. The company is operational in Asia Pacific, the Americas, Europe, the Middle East, and Africa.

BASF SE (Germany)

• BASF is a leading chemical company that has been exploring the use of green ammonia as a feedstock for various chemical processes. The company is actively involved in research and development efforts to enable the use of green ammonia in sustainable chemical production.

YARA International (Norway)

• Yara International is a leading global chemical company producing nitrogen fertilizers, nitrates, ammonia, urea, and other nitrogen-based chemicals. The company operates through three business segments: Fertilizer and Chemical Products, Freight/Insurance Services, and Other Products and Services. The company produces ammonia, nitrates, and NPK fertilizers containing nitrogen, phosphorus, and potassium. Yara Clean Ammonia, a decarbonization-focused subsidiary of Yara International, works toward capturing growth opportunities in low-emission fuel for shipping and power, carbon-free food production, and ammonia for industrial applications. The company has sales operations in more than 60 countries and 28 production plants. It has over 200 terminals, warehouses, blending plants, and bagging facilities.

Related Reports:

Green Ammonia Market by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM) Electrolysis, Solid Oxide Electrolysis), End-Use Application (Transportation, Power Generation, Industrial Feedstock) & Region - Global Forecast to 2030