Newark, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the green ammonia market will grow from USD 167.03 Million in 2022 to USD 35748.97 Million by 2032. The green ammonia market is expanding due to its increasing popularity as a clean energy source. Further, many government agencies are investing in reducing carbon footprint by decarbonizing the transportation and power generation industry.
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Key Insight of the Green ammonia Market
North America region to account for the largest market size during the forecast period.
North America region will hold a significant market share due to the rising number of companies involved in the manufacturing of green ammonia. Further, the concerned authorities are providing incentives that boost the manufacturing of green ammonia, providing lucrative opportunities for the manufacturers. The development of the green ammonia market will be aided by the increase in government programmes and regulations to deliver potable water to isolated areas of the region.
The solid oxide electrolysis segment is expected to augment the market during the forecast period.
The technology segment is divided into solid oxide electrolysis, alkaline water electrolysis and proton exchange membrane. The solid oxide electrolysis segment is expected to augment the market during the forecast period. This growth is attributed to the increased R&D on fuel cell programs and government subsidies. Additionally, solid oxide electrolysis utilizes electricity generated from renewable sources to produce green hydrogen, which can be further synthesized in the ammonia synthesis plant to produce green ammonia.
The power generation segment is expected to augment the market during the forecast period.
The application segment is divided into transportation, fertilizer, power generation, refrigeration, and others. The power generation segment is expected to augment the market during the forecast period. Green ammonia efficiently cuts greenhouse gas emissions because it produces hydrogen using renewable energy rather than natural gas or coal. Green ammonia has many potential energy uses, including dispatchable green electricity for the power sector. Green ammonia can be used as an energy source anywhere because it is inexpensive to store and transport, unlike CCS or underground hydrogen storage, which both have geological storage constraints.
The direct segment will augment the market during the forecast period.
The sales channel segment is divided into direct and indirect. The direct segment will augment the market during the forecast period. The direct sales channels eliminate the need for third parties to act as middlemen and save them the cost. The direct sales channels enable the business to build relationships directly with the potential customer of its product or service, giving them access to real-time client feedback.
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Market Dynamics
Driver: Rising use of green ammonia in different applications
Green ammonia has the potential to become a climate-neutral transportation fuel in the future. It is planned to be utilized in developing fertilizer products and decarbonizing the food chain. Due to its application in decarbonizing numerous sectors, green ammonia is receiving interest from the business and policy worlds. It has uses in the transportation industry, including railways, trucks, and planes, and can be utilized in the chemical companies, agriculture sector, etc., to minimize carbon footprints. Green ammonia is essential to address the existential issues of providing enough food to feed a burgeoning global population and creating CO2-free electricity. Green ammonia is produced using sustainable energy sources like hydroelectricity, solar energy, or wind turbines.
Restraint: Fluctuating cost of raw materials
Ammonia is the primary hydrogen energy carrier and a significant chemical raw ingredient in green ammonia. The fluctuation in the price of ammonia used for the preparation of the final product impacts the industry and its strategy, as the unstable price of the raw material impacts the operation of the organization involved in the production of green ammonia. The impact on operations could lead to fluctuation in the production and the market's profit margin. Thus, the fluctuation in the price of raw materials is a restraint for the market.
Opportunity: Stringent regulations & rules related to carbon emissions
According to the largest database of pertinent policy and legislation, 20 times as many global climate change laws have passed since 1997. It has been stated that 28 per cent of the greenhouse gas emissions in the United States are caused by electricity production. These emissions are produced when coal or natural gas produce electricity. Despite a sharp decline since its high in 2005, the electricity industry still contributes significantly to greenhouse gas emissions in the economy. Fossil fuels still generate around 63% of the electricity in the United States despite expanding renewable energy production. EPA controls greenhouse gas emissions from power plants as per the standards mentioned under Section 111 of the Clean Air Act. The act gives the EPA and the states more latitude in creating and implementing a standard for maintaining carbon emissions.
Challenges: Low awareness regarding green ammonia
The manufacturing technology for green ammonia is still being developed. Photochemical synthesis, electrochemical synthesis, or chemical looping are the processes used to produce ammonia from nitrogen and water directly. These procedures are technically difficult to produce. Additionally, most ammonia manufacturers continue to use conventional techniques to produce ammonia. Thus, chemical companies need more understanding of the main issue with green ammonia.
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Some of the major players operating in the Green Ammonia market are:
• Hiring a Energy
• MAN Energy Solutions
• ITM Power PLC
• Siemens Energy
• Nel Hydrogen
• ThyssenKrupp AG
• Hydrogenics
• McPhy Energy
• EXTRON
• Green Hydrogen Systems
• Electrochaea
• AquaHydrex
• Enapter
• BASF SE
• Yara International
• Uniper ENGIE
• Haldor Topsoe
• Starfire Energy
• Queensland Nitrates Pty Ltd.
Key Segments Cover in the Market:
By Technology
• Solid Oxide Electrolysis
• Alkaline Water Electrolysis
• Proton Exchange Membrane
By Application:
• Transportation
• Fertilizer
• Power Generation
• Refrigeration
• Others
By Sales Channel:
• Direct Sales
• Indirect Sales
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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