Global Green Ammonia Market Report 2023: Stringent Rules & Regulations Related to Carbon Emissions Fuels Growth
Dublin, March 20, 2023 (GLOBE NEWSWIRE) -- The "Green Ammonia Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2022-2032F Segmented By Production Method (Alkaline Water Electrolysis, Proton Exchange Membrane, and Solid Oxide Electrolysis), By End Use, By Region" report has been added to ResearchAndMarkets.com's offering.
The Global Green Ammonia Market was valued at USD 4.07 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 39.16%, owing to a significantly increasing demand for renewable energy.
Yara international ASA
Haldor Topsoe Holding A/S
Siemens Energy AG
NEL Hydrogen AS
ITM Power plc
Green Hydrogen Systems A/S
Greenfield Nitrogen LLC
Green ammonia refers to the ammonia produced by processes that utilize renewable energy sources such as solar, wind, and hydro. In the production of green ammonia, hydrogen is extracted through the electrolysis of water using renewable energy, followed by the Haber-Bosch process.
Green Ammonia plays an important role in achieving the net zero-carbon emissions target set by Paris Agreement 2050. Green Ammonia for power generation is expected to reach approximately 5700 thousand tonnes by 2030.
Growing Demand for Renewable Energy Driving Market Growth
Multiple renewable energy sources will be integrated with engineering and physical technologies to conserve and store energy in the coming years. Sustainable production and the application of carbon-free products on a significant basis could reduce the problem of rising carbon emissions.
Consumers prefer green ammonia over ammonia produced from fossil fuels, as it encourages the decarbonization of power and shipping industries. Several end-use industries are moving in the direction of green ammonia due to its zero-carbon emission ability. Thus, the rising consumer awareness is expected to propel the demand for green ammonia during the forecast period to make viable and safer alternative fuels.
Stringent Rules & Regulations Related to Carbon Emissions is Driving Global Green Ammonia Market
Many governments are taking up the responsibility to implement regulations and policies to achieve zero-carbon emissions. Green Ammonia could help achieve the targets as it helps in generating electricity without any emissions. Governments of the nations are tracking the widespread execution of green ammonia manufacturing and its uses, which is important in accelerating the development and positioning of this technology.
Countries are also aiming for the usage of renewable energy sources in their production method, as these options can be responsible for accomplishing the target of net-zero emissions. Thus, government initiatives expand the scope of green ammonia and create understanding among the market players, which results in driving the global green ammonia market in the forecast period.
In 2023, Topsoe has been selected by Beijing-based Mintal Hydrogen to offer its proprietary technology for a green ammonia plant in China. The 390,000 t/y plants, located in Baotou, Inner Mongolia, will be the first of its type in China, as well as Topsoe's first power-to-X project in the country.
In 2023, On January 13, the Indian government released a blueprint for its determined National Green Hydrogen Mission (NGHM) with a total initial outlay of USD 2419.39 million, of which USD 2143.19 million will be used for the production-linked incentives for producing green hydrogen and manufacturing electrolyzers.
In 2023, Yara International plans to modify its ammonia terminals in Germany and that will allow handling of up to 3 million tons of ammonia. This equates to roughly 530,000 tons of hydrogen and will assist speed up the hydrogen economy in Germany.
In this report, Global Green Ammonia market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Green Ammonia Market, By Production Method:
Alkaline Water Electrolysis
Proton Exchange Membrane
Solid Oxide Electrolysis
Green Ammonia Market, By End Use:
Green Ammonia Market, By Region:
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of the Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/nq45mg
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