Chicago, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global Blue Ammonia Market is projected to grow from USD 78 million in 2023 to USD 7,664 million by 2030, at a CAGR of 62.3% according to a new report by MarketsandMarkets™. Blue ammonia is a type of ammonia that is produced using natural gas as a feedstock, but with the carbon dioxide emissions from the production process captured and stored. This makes blue ammonia a lower-carbon alternative to traditional ammonia production, which releases large amounts of greenhouse gases into the atmosphere. Growing focus on reducing greenhouse gas emissions and increasing efforts toward empowering hydrogen economy will drive the demand for blue ammonia market.
The rising adoption of renewable energy producing methods around the world has increased the demand for storing renewable energy in the form of blue ammonia. As a result, various efforts involving blue ammonia have been initiated.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=5374417
Blue Ammonia Market Scope:
| Report Coverage | Details |
| Market Size | USD 7,664 Million by 2030 |
| Growth Rate | 62.3% of CAGR |
| Largest Market | North America |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024-2030 |
| Forecast Units | Value (USD Million); Value (Kilotons) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Blue Ammonia Market by Technology, End-Use Application and, and Region. |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing demand for blue ammonia to generate power |
| Key Market Drivers | Increasing efforts toward empowering hydrogen economy |
Mobility segment is expected to be the fastest growing segment in the blue ammonia market.
The blue ammonia market segments based on application into three segments: energy, mobility, and chemical & refinery. The mobility segment is expected to be the fastest growing during the forecast period. Owing to the rising adaption of the fuel cell electric vehicles and hydrogen fueling station. Due to the hydrogen fuel cell's electrochemical reaction only producing water vapor as a byproduct, FCEVs have zero emissions. Due to this feature, FCEVs are a desirable alternative for both consumers and governments aiming to reduce air pollution and battle climate change.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=5374417
Blue Ammonia Market Dynamics:
Drivers:
- Growing focus on reducing greenhouse gas emissions
- Increasing efforts toward empowering hydrogen economy
- Rising demand for eco-friendly fertilizers
- Increasing government investments in commercialization of emission control technologies
Restraints:
- High cost associated with infrastructure set up for blue ammonia production
Opportunities:
- Potential of blue ammonia as maritime fuel
- Growing demand for blue ammonia to generate power
Challenges:
- Limited awareness about blue ammonia within specific industries
North America is expected to be the largest region in the Blue Ammonia Industry
North America is expected to be the largest blue ammonia market during the forecast period. The North America region, comprising of US, Canada, and Mexico. Governments are dedicated to combating climate change and lowering greenhouse gas emissions. North America is committed to reducing its greenhouse gas emissions, and blue ammonia is a lower-carbon alternative to traditional ammonia production. The fertilizer industry is the largest consumer of ammonia, and the demand for fertilizer is expected to grow in North America as the population grows and the demand for food increases.
Key Market Players:
Major players operating in the Blue Ammonia Companies include Yara International ASA (Norway), Saudi Arabian Oil Company Saudi Aramco (Saudi Arabia), MA'ADEN Ma'aden (Saudi Arabia), CF Industries Holdings, Inc. CF Industries (US), Qatar Fertiliser Company (QAFCO) Qatar Fertiliser Company (Qatar), Shell plc (United Kingdom), Air Products and Chemicals, Inc. Air Products and Chemicals (US), and OCI (Netherlands).
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Browse Related Reports:
Green Ammonia Market - Global Forecast to 2030
Hydrogen Generation Market - Global Forecast to 2027
