Green Ammonia Market Is Anticipated To Witness Significant Growth Prospects With Rising CAGR By 2025Posted by Mrudula Anil Karmarkar on July 20th, 2023 San Francisco, 20 July 2023: The Report Green Ammonia Market Size, Share & Trends Analysis Report By End-use (Fertilizer, Power Generation), By Technology (Solid Oxide Electrolysis, Proton Exchange Membrane), By Region, And Segment Forecasts, 2023 - 2030 The global green ammonia market size is expected to reach USD 73.05 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 116.5% from 2023 to 2030. The growth is majorly driven by the rising consciousness among consumers regarding sustainable products, which has led to a preference for them. Another contributing factor is the increasing awareness of the need to produce clean energy and decrease carbon emissions, leading to a surge in demand for such products. As a result, the market has established itself, with a growing demand from diverse industries such as power generation, refrigeration, transportation, fertilizer, and others. In the transportation sector, particularly maritime shipping, the product has been gaining traction. The International Maritime Organization (IMO) reports that this industry alone is responsible for emitting 3% of carbon emissions each year. This has resulted in players in the industry facing pressure to reduce their carbon footprint and transition to sustainable fuel sources. In comparison to other fuels, green ammonia is the most effective in terms of storage, cost, and availability. The primary driving force behind the market is the global imperative to decrease carbon emissions. Green ammonia, which is expected to become a commodity chemical in the years ahead, has the potential to completely eradicate the carbon footprint from chemical production. Furthermore, the production and consumption of green ammonia are being stimulated by government policies, subsidies, and regulations. The International Energy Agency (IEA) reports that China is a major contributor to global ammonia production, accounting for 30% of it. The Asia Pacific region is expected to be a critical market due to the presence of many manufacturers serving various industries, including fertilizer and transportation, as well as the high potential for research and development in the region's developing economies. As a result, renewable products are projected to experience significant growth in the area throughout the forecast period. The geopolitical conflict in Europe has caused a substantial increase in petrochemical and gas prices, making the traditional method of producing ammonia costly. In contrast, producing green ammonia is both sustainable and cost-effective. These factors are expected to drive market growth in the near future. Request sample report of Green Ammonia Market@https://www.grandviewresearch.com/industry-analysis/green-ammonia-market-report/request/rs1 Green Ammonia Market Report Highlights
Green ammonia is produced by hydrogen that comes from water and nitrogen from the air. It is a resourceful fuel for heat and power, especially for marine transport that can be used in gas turbines, internal combustion engines, generator sets, industrial furnaces, and fuel cells. Due to pressure on the shipping sector to reduce the carbon emission, green ammonia is best alternative, as it has less volumetric energy density, which makes storage feasible compared to other fuel. Additionally, the favorable rules and regulations related to low-carbon emissions and the growing fuel application from marine industry are also propelling green ammonia market demand. List of Key Players of Green Ammonia Market
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