According to ChemAnalyst report, “Global Green Ammonia Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, 2015-2032” The Green Ammonia market witnessed steady growth in the historical years and is estimated to reach a market approximately 14.3 million thousand tonnes with a CAGR of 106% until 2032. The rising demand from Fertilizers, Industrial products, and Power Generation end-use industries, is expected to swell up the demand for Green Ammonia in the forecast period.
Green Ammonia works as a versatile fuel for heat and electricity, which can be used in fuel cells, gas turbines, internal combustion engines, generators and industrial furnaces. It is very helpful for the transportation on board ships. The major use of green ammonia, however, is to make fertilisers, and this application is expected to continue to dominate the market in the upcoming years. Green ammonia is produced using renewable energy sources like solar and wind power, which has a lower carbon footprint and can help reduce greenhouse gas emissions. Demand for green ammonia, a more eco-friendly but functionally equal replacement for fossil-based ammonia, is anticipated to rise significantly during the forecast period. Ammonia is both a chemical energy carrier and a potential fuel, much like fossil fuels, Importantly, using ammonia as a fuel has the benefit of not emitting any carbon dioxide, and producing ammonia with renewable energy can further increase its sustainability. Ammonia can be used to generate power in a fuel cell or burned in an engine. The sole by-products of ammonia usage are water and nitrogen. The maritime sector is most likely to replace the usage of fuel oil in marine engines, which contributes finely to the market expansion.
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Global Green Ammonia Market is segmented based on end use, distribution channel and region Based on the end-user industry, the global Green Ammonia market is segmented into Fertilizers, Industrial products, Power Generation, and Others. Among these, the Fertilizers industry is dominating the global Green Ammonia market, followed by the Industrial products industry. In 2022, Fertilizers industry consumed approximately 61% of the market and is likely to project the trend in the forthcoming years. The demand for Green Ammonia in Power Generation is likely to rapidly increase, which will most likely provide a positive outlook to the Green Ammonia market in the upcoming years.
Based on region, the Asia Pacific is the largest consumer of Green Ammonia market, followed by Europe and North America. To meet the growing demand for sustainable farming, chemical manufacturers are turning to eco-friendly and sustainable goods, such as green ammonia. In the upcoming years, it is anticipated that this trend would greatly increase green ammonia sales in nations like China, Japan, Taiwan, and India. Factors like continuous population growth and reduction of cultivable land in response to industrialization are the factors fueling the Green Ammonia market. Due to supportive government initiatives and regulations that result in the need for green hydrogen production in order to achieve its energy goals and retain energy-intensive businesses in response to climate change, the European market for Green Ammonia is also expanding. In the upcoming years, Europe is anticipated to hold the maximum production capacity of green ammonia with countries like Germany and Denmark having huge investments for setting up new manufacturing sites.
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“Global Green Ammonia Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, 2015-2032”, Major players in the Global Green Ammonia are Mitsubishi Ltd. / H2U group, ACME Group, Incitec Pivot Limited (IPL) & Fortescue Future Industries (FFI), Enaex & Engie, Yara International ASA, Ap Mollar-Maersk, HYPHEN Hydrogen Energy, fertiglobe plc, Svevind group, Fertiberia & Iberdrola, Aquamarine Investment Partners, Orica Limited/H2U group, and Others.
“Continuously increasing demand for fertilizers from the fast-paced growing agriculture industry is expected to boost the Green Ammonia market in the forecast period until 2032. Growing efforts of governments towards sustainable farming calls for green-based products like green ammonia for producing fertilizers which predominately drives the Green Ammonia market. With a huge number of projects lined up along with high investments in regions like Europe, it is likely that Green Ammonia market will grow tremendously in the upcoming years. .” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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