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3. Green Ammonia Industry - Forthcoming Trends to Fuel the Global Growth

The global green ammonia market 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.

Growing interest in green ammonia as a potential clean energy carrier and feedstock for several industries is due to its production from carbon-free hydrogen and renewable energy sources.

Emerging Trends in the Global Green Ammonia Market are:

• Decarbonization Imperative
• Integration of Renewable Energy
• Technological Developments
• Emergence of Green Hydrogen Economy
• Applications in Energy Storage and Transportation
• Use in Agriculture and Fertilizer Production

The green ammonia industry shows promise for assisting the transition to a low-carbon, sustainable economy, enabling the integration of renewable energy sources, and decarbonizing industry. To fully realize green ammonia's potential as a clean energy transporter and feedstock, more technological developments, regulatory assistance, and market growth are needed.

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

Decarbonization Imperative:

• There is growing pressure to decarbonize sectors that heavily rely on fossil fuels, such as energy production, transportation, and agriculture, due to worries about climate change and the need to cut greenhouse gas emissions. Because it is a low-carbon or carbon-neutral substitute for conventional ammonia production, green ammonia provides a means of decarbonizing these industries.

Integration of Renewable Energy:

• Interest in producing green ammonia is being fueled by the advent of inexpensive renewable energy sources, such as solar and wind power. A carbon-free method of producing ammonia is available through the electrolysis of water with renewable electricity to create hydrogen for ammonia synthesis. This approach is in line with the objectives of renewable energy deployment and enhances grid stability by offering a way to store excess renewable energy.

Technological Developments:

• The efficiency and economic viability of hydrogen production for green ammonia synthesis are being enhanced by developments in electrolysis technologies, such as solid oxide electrolysis cells (SOEC) and proton exchange membrane (PEM). Furthermore, improvements in catalysts and Haber-Bosch synthesis procedures are raising the ammonia production process's efficiency and lowering its energy needs.

Emergence of Green Hydrogen Economy:

• Green ammonia is a component of the larger shift towards a green hydrogen economy, which uses hydrogen derived from renewable sources as a clean energy source and feedstock for a variety of industrial operations. Green ammonia can be used as fuel for fuel cells, combustion engines, and ammonia-powered turbines as well as a flexible energy carrier for long-distance energy transfer and energy storage.

Applications in Energy Storage and Transportation:

• Green ammonia has uses in energy storage and transportation, especially in isolated or off-grid areas with limited access to conventional fuels or power. Ammonia is appropriate for long-distance transportation via existing infrastructure, such as pipelines, ships, and trucks, and may be stored and transported at ambient temperatures and pressures.

Use in Agriculture and Fertilizer Production:

• Green Ammonia is a vital part of fertilizers based on nitrogen that are applied in agriculture. Green ammonia presents a viable and eco-friendly substitute for traditional ammonia manufacturing techniques, which heavily depend on fossil fuels and generate substantial greenhouse gas emissions. The agriculture sector may lessen its carbon footprint and support sustainable food production by substituting green ammonia for conventional ammonia in fertilizer manufacturing.

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