Green Ammonia Market Outlook by End-Use — 2023–2030
The global green ammonia market size was estimated at USD 151.6 million in 2022 and is projected to reach USD 73.05 billion by 2030, growing at a CAGR of 116.5% from 2023 to 2030. This remarkable growth trajectory is largely fueled by the increasing emphasis on clean energy production and the rising urgency to reduce carbon footprints across industries worldwide. Growing awareness of the environmental benefits associated with green ammonia is expected to accelerate its adoption over the coming years.
One of the key drivers of demand is the increasing use of green ammonia as a marine fuel. In the shipping and broader transportation industry, the product is gaining popularity due to its ability to deliver zero carbon emissions and leave no sulfur traces, which significantly contributes to improved air quality. Green ammonia is produced using hydrogen derived from water through electrolysis and nitrogen captured from the air, making it a fully renewable and sustainable fuel source. Its versatility also enhances its appeal—it can be used in gas turbines, internal combustion engines, generator sets, industrial furnaces, and fuel cells, making it highly suitable for heat and power applications.
In the context of global shipping, where regulatory pressure to curb carbon emissions is intensifying, green ammonia stands out as a promising alternative fuel. Unlike some other low-carbon options, it offers the advantage of lower volumetric energy density, making storage and transport more practical and efficient. Supportive government policies and international regulations that promote low-carbon and zero-carbon fuels are further expected to accelerate the adoption of green ammonia, particularly within the marine industry.
Looking ahead, renewable ammonia is anticipated to become a mainstream commodity chemical by 2040, supported by the exponential growth projected in the green ammonia market. This shift is being reinforced by global government initiatives aimed at achieving net-zero targets and fostering investments in renewable energy. During the forecast period, green ammonia is likely to emerge as a key medium for transporting renewable energy across regions, bridging supply-demand gaps in sustainable energy distribution.
Key Market Trends & Insights:
• In 2022, North America emerged as the leading region in the global market, capturing the highest revenue share of 28.64%. This dominance can be attributed to the region’s well-established energy infrastructure, strong focus on renewable energy integration, and significant government support for decarbonization initiatives. The presence of major industry players, coupled with ongoing investments in sustainable energy projects, further strengthens North America’s leadership position in the market.
• From a technology standpoint, the proton exchange membrane (PEM) technology segment held the largest share, accounting for 44.4% of total revenue in 2022. This strong performance reflects the technology’s high efficiency, versatility, and adaptability across various applications. PEM technology is particularly valued for its ability to operate at relatively low temperatures, provide quick start-up times, and deliver consistent performance, making it highly suitable for both stationary power generation and mobile energy solutions. Its growing adoption is also supported by advancements in fuel cell systems and increasing investments in clean energy R&D.
• When analyzed by end-use application, the transportation segment dominated the market with a 30.51% revenue share in 2022. The transportation sector is undergoing rapid transformation as governments and industries worldwide push toward electrification and low-carbon mobility solutions. Green energy technologies, such as those powered by PEM systems, are playing a pivotal role in this transition. Their application in fuel cell vehicles, buses, trucks, and even marine vessels is expanding, driven by the demand for zero-emission alternatives to traditional fossil fuels. The sector’s commitment to reducing greenhouse gas emissions and meeting stringent environmental regulations has firmly positioned transportation as a key growth driver in the overall market.
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Market Size & Forecast:
• 2022 Market Size: USD 151.6 Million
• 2030 Projected Market Size: USD 73.05 Billion
• CAGR (2023-2030): 116.5%
• North America: Largest market in 2022
Key Companies & Market Share Insights:
The global green ammonia market is oligopolistic in structure, meaning it is primarily controlled by a limited number of large players. Prominent companies such as Siemens, ThyssenKrupp AG, and Nel Hydrogen, along with a few others, hold a significant share of the market. These established players have strong technological expertise, large-scale operations, and extensive global networks, which allow them to dominate the competitive landscape. To address the anticipated surge in demand for green ammonia over the next decade, these manufacturers are increasingly focused on expanding their production capacities and optimizing their supply chains.
At the same time, the market provides opportunities for new entrants. With demand expected to rise exponentially in the coming years, newcomers have the potential to stabilize their operations and capture a notable share of the market. Strategic positioning, innovative technologies, and partnerships could help emerging players carve out space in this rapidly expanding industry.
Meanwhile, the established industry leaders are actively pursuing mergers, acquisitions, and strategic collaborations to strengthen their market dominance and expand their geographical presence. For instance, in January 2023, AmmPower Corp acquired a 50.05% stake in Progressus Clean Technologies, Inc., thereby broadening its technological capabilities and securing a stronger foothold in the market. Similarly, in March 2023, CF Industries Holdings, Inc. entered into an agreement to acquire the Waggaman Ammonia Production Plant from Incitec Pivot Limited, reinforcing its production capacity and expanding its regional reach.
Key Players
• Nel Hydrogen
• Siemens Energy
• MAN Energy Solutions
• ThyssenKrupp AG
• ITM Power PLC
• Hydrogenics
• Green Hydrogen Systems
• McPhy Energy
• Electrochaea
• EXYTRON
• AquaHydrex
• Enapter
• BASF SE
• Yara International
• ENGIE
• Uniper
• Haldor Topsoe
• Starfire Energy
• Queensland Nitrates Pty Ltd
• Hiringa Energy
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Conclusion:
The green ammonia market is poised for explosive expansion, driven by growing awareness of sustainable energy solutions and a global push to curb carbon emissions. Increasing adoption across multiple sectors—especially transportation (notably maritime shipping), power generation, and fertilizers—is significantly fueling this growth. Green ammonia is emerging as a critical medium for energy storage and as a climate-neutral alternative in hard-to-decarbonize industries.
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