The Rise of Green Ammonia Market Driven by Decarbonisation Efforts
The Global Green Ammonia Market is estimated to be valued at USD 1.48 Bn in 2024 and is expected to exhibit a CAGR of 70.3% over the forecast period 2024 To 2031.
Green ammonia is produced from renewable energy sources like solar, wind and hydropower and does not involve the usage of fossil fuels. It is considered carbon free and sustainable as it potentially reduces CO2 emissions.
Green ammonia has many industrial applications and can serve as an ideal carbon-free hydrogen carrier and energy storage medium. It is used as a fuel in ships and power generation. As a replacement for 'grey' ammonia which is produced from natural gas, green ammonia helps lower carbon footprint and enable decarbonization of industries. The energy intensive fertilizer and chemical industries rely on ammonia as a key feedstock and are now looking at green alternatives to achieve sustainability targets.
Key Takeaways
Key players operating in the Green Ammonia Market are Yara International, Siemens Energy, CF Industries, Haldor Topsøe, Nutrien, Air Products and Chemicals, Mitsubishi Heavy Industries, BASF, IHI Corporation, OCI Nitrogen, H2U, Green ammonia Technologies, EnviTec Biogas AG, Linde, thyssenkrupp, Acron Group, BayoTech, Amonix, RWE AG, and Fertiglobe. Many major players have announced large green ammonia projects focusing on production and export to meet the growing global demand.
Green Ammonia Market Size is witnessing increased demand due to stringent emission regulations and focus on replacing grey hydrogen with carbon-free alternatives across major industries. The fertilizer industry is also looking to integrate renewable energy based green ammonia into existing ammonia production facilities and supply chains to lower carbon footprint.
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