Green Ammonia Industry size is expected to register 66.3% CAGR between 2024 and 2032 propelled by growing decarbonization initiatives.
Selbyville, Delaware , Oct. 08, 2024 (GLOBE NEWSWIRE) — Green Ammonia Market was valued at USD 320.2 million in 2023 and is projected to be worth USD 30.7 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
Governments and organizations around the globe are prioritizing decarbonization efforts to cut carbon emissions. Green ammonia, derived from renewable energy sources, plays a vital role in sectors such as agriculture (fertilizers) and transportation (fuel). Recent technological advancements in electrolyzers and the integration of renewable energy have notably reduced the cost of production. Innovations like enhanced catalysts and solid oxide electrolyzers are driving greater efficiency and scalability, making green ammonia more practical. As the green hydrogen economy expands, the demand for green ammonia is also rising.
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The overall green ammonia market is classified based on the technology, end-use, and region.
Based on technology, the market is segmented into photocatalysis, electrolysis, and biological nitrogen fixation. Electrolysis held a dominant market share of USD 198.9 million in 2023 and is expected to grow significantly with a CAGR of 65% by 2032. Electrolysis technologies dominate the market because of their effectiveness in generating hydrogen, a key component for ammonia production. Alkaline water electrolysis, known for its simplicity and long lifespan, is a well-established and cost-efficient method. Proton exchange membrane electrolysis stands out for its high efficiency and compatibility with renewable energy sources such as solar and wind.
Based on end use, the green ammonia market is segmented into agriculture, power & energy, transportation, chemicals, and others (pharmaceuticals and textiles). Agriculture accounted for a major market share of 58.6% in 2023 and is projected to grow through 2032 at a CAGR of 65%. The agriculture sector dominates the market, driven by its widespread reliance on ammonia for fertilizer applications. The growing demand for green ammonia in this sector is fueled by efforts to lower the carbon footprint associated with conventional ammonia production.
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Europe green ammonia market leads the market due to its strong focus on sustainability and decarbonization. Strong government policies and substantial investments in renewable energy infrastructure underpin this market leadership. In Europe, initiatives such as the European Green Deal, which targets net-zero emissions by 2050, are fueling the high demand for green ammonia. North America is also making strides in this area, with increasing investments in green ammonia projects. However, the region faces slower progress due to higher upfront costs and infrastructure limitations. Despite these challenges, both regions remain pivotal in driving the market forward.
Green Ammonia Market Players
Companies including Air Products Inc, BASF SE, Haldor Topsoe, Hiringa Energy, Hydrogenics, Kapsom, MAN Energy Solutions, Nel Hydrogen, Siemens Energy, Starfire Energy, Technip Energies NV, ThyssenKrupp AG, Uniper ENGIE, Yara International are some firms working in green ammonia industry.
The green ammonia market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2021 to 2032, for the following segments:
Market, By Technology
- Electrolysis
- Proton Exchange Membrane (PEM) Electrolysis
- Alkaline Water Electrolysis (AWE)
- Solid Oxide Electrolysis (SOE)
- Photocatalysis
- Biological Nitrogen Fixation
Market, By End Use
- Agriculture
- Power & Energy
- Transportation
- Chemicals
- Others
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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