Green Ammonia Market to hit US$ 14,761.3 Million by 2033, amid rising Investments by Key Players in Facilities are Augmenting Growth | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The United States is expected to remain one of the robustly growing markets for the consumption and production of green ammonia across the globe. The economy is likely to account for a substantial share of the global green ammonia industry by 2033
NEWARK, Del, June 27, 2023 (GLOBE NEWSWIRE) -- The green ammonia market is forecast to expand at 68% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 82.4 million in 2023.
Consumption of green ammonia is being dictated by the rising demand from the shipping industry. In addition, green hydrogen production initiatives are projected to boost the demand for green ammonia in regions like Europe, the Middle East, and Africa.
To contain carbon emissions, the governments of different economies have established several projects and goals. For instance, the EU aims to reduce carbon emissions by 55% by the end of 2030. Since the process of producing green ammonia is 100% carbon-free and renewable, robust moves to recede the carbon emissions are expected to fuel the demand for green ammonia.
The market is further fueled by rising investments in the establishment of green ammonia units. For example, in August 2021, Acme Solar Holdings Ltd revealed plans to construct a green ammonia facility valued at US$ 3.5 billion in Duqm to distribute green ammonia to Asia and Europe.
Significant prospects for the expansion of the green economy in Europe are materializing owing to a surging number of government initiatives, and fuel cell projects. This is projected to create opportunities for the green ammonia industry.
Top Highlights from the FMI’s Analysis:
The United States green ammonia industry is projected to attain a 29% market share in 2023. The country appears to have market dominance over other players globally.
The German green ammonia industry is expected to gain a 6.5% value share in 2023.
The Japan green ammonia industry is estimated to grab 3% of the overall market share in 2023.
The Australian green ammonia industry is assessed to account for 1.4% of the market share in 2023.
India is expected to expand at a significantly high CAGR of 72% over the forecast period.
The China green ammonia industry is expected to assume a CAGR of 63.4% in the upcoming years.
The United Kingdom market is anticipated to register a CAGR of 58.1% over the forecast period.
Based on the production process, the alkaline water electrolysis segment is projected to attain a market share of 83% in 2023.
Based on end-use, the fertilizer segment is projected to account for 48% in 2023.
Market News: Updates about Market Progress
Siemens Energy united with Fortescue Future Industries, which is a green hydrogen manufacturing firm, and GeoPura, which offers emission-free electricity and renewable energy and electronic vehicle charging, in November 2022. This partnership aims to create an ammonia cracker prototype constructed to develop green hydrogen to efficiently deal with climate change and carbon emissions. This prototype is projected to use ammonia to provide 200 kg of hydrogen per day, enough to charge 5 to 10 hydrogen fuel e-buses.
Uniper SE inked a MoU with EverWind Fuels in August 2022 to buy green ammonia from the first production unit of EverWind in Nova Scotia. Both companies intend to arrange a binding offtake agreement for 500,000 tons of green ammonia every year.
Vesta and Uniper SE signed a MoU in September 2022 to extend the existing storage facility to construct an ammonia hub called Greenpoint Valley in Northwest Europe.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
