Green Ammonia Market Size, Share & Trends Analysis growing at a CAGR of 116.5% from 2023 to 2030
The global green ammonia market size was estimated at USD 151.57 million in 2022 and is projected to reach USD 73,046.59 million by 2030, growing at a CAGR of 116.5% from 2023 to 2030. The increasing prevalence of green ammonia due to growing awareness of producing clean energy and reducing carbon footprint is expected to boost the demand in coming years.
Key Market Trends & Insights
- North America dominated the market with the highest revenue share of 28.64% in 2022.
- By technology, the proton exchange membrane technology segment dominated the market with the highest revenue share of 44.4% in 2022.
- By end use, The transportation segment dominated the market with highest revenue share of 30.51% in 2022.
Market Size & Forecast
- 2022 Market Size: USD 151.57 Million
- 2030 Projected Market Size: USD 73,046.59 Million
- CAGR (2023-2030): 116.5%
- North America: Largest market in 2022
- Asia Pacific: Fastest growing market
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Increasing popularity of the product as marine fuel and shipping in the transportation industry as it emits zero carbon and leaves no Sulphur traces which leads to improve air quality is further anticipated to drive the market growth in the near future. 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.
Renewable ammonia is expected to become commodity chemical by 2040 as the green ammonia market size is poised to increase exponentially over the forecasted period. This is due to increasing initiatives by several government towards low to zero carbon emission. In the forecast period, the product is likely to become the prime commodity for transporting renewable energy across regions. Further, growing demand for green ammonia in various end-use industries including fertilizer, power generation, refrigeration transportation, and others is expected to propel industry growth. In addition, increasing demand for green ammonia in industrial feedstock products including pharmaceutical products is projected to trigger market growth.
The value chain depicts the vertical integration of key players; whose business operations range from the raw material suppliers to the distribution of finished products. BASF SE, Yara International, ThyssenKrupp AG, and ITM Power PLC are the key players integrated across the value chain. Among these, Haldor Topsoe, Green Fuel, Yara International ASA, Statkraft AS, and Aker Clean Hydrogen are the key players undertaking R&D activities for the development of required green ammonia in respective markets.
