IMARC Group, a leading market research company, has recently releases report titled “Green Ammonia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global green ammonia market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the green ammonia market?
The global green ammonia market size reached US$ 154.2 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 3994.6 Million by 2028, exhibiting a growth rate (CAGR) of 67.50% during 2023-2028.
What is green ammonia?
Green ammonia signifies ammonia that is generated without emitting carbon dioxide, accomplished by harnessing renewable energy sources like wind, solar, or hydropower. Unlike conventional ammonia production reliant on natural gas or coal, which releases substantial CO2 emissions, the green ammonia process employs renewable energy to produce hydrogen through electrolysis of water. This hydrogen is then combined with atmospheric nitrogen to create ammonia. Notably free from fossil fuels, this method is regarded as an eco-friendly and sustainable approach. Green ammonia holds promising potential in the shift toward a low-carbon economy, serving as a carbon-neutral fuel, an energy storage solution, and a critical element in diverse industrial applications, including its role in agriculture as a foundation for fertilizers.
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What are the growth prospects and trends in the green ammonia industry?
The expanding accessibility and diminishing expense of renewable energy sources, including wind and solar power, are rendering the production of green ammonia more attainable and economically advantageous. This development emerges as a pivotal propellant in the global market's progression. Governments worldwide are enacting stringent environmental mandates aimed at curbing greenhouse gas emissions, steering industries towards cleaner options like green ammonia.
Furthermore, the market is propelled by escalating awareness of climate change and the pressing need for transitioning to low-carbon technologies. This shift in perspective has augmented the enthusiasm for green ammonia as a potential energy carrier and fuel. Serving as a vital ingredient in fertilizers, green ammonia emerges as a sustainable solution within the agricultural sphere, aligning with eco-conscious farming methods.The mounting investments in research, development, and the commercialization of green ammonia technologies are enhancing production efficiency and reducing costs, making it more accessible. Additional factors, such as governmental backing and incentives, its potential role as a shipping fuel, and the growing consumer inclination towards sustainable products and processes, collectively contribute to a favorable global market outlook
Who are the key players operating in the industry?
The report covers the major market players including:
- ACME Group
- AMMPower Corp
- CF Industries Holdings Inc.
- FuelPositive Corporation
- ITM Power plc
- Siemens AG
- Starfire Energy
- ThyssenKrupp AG
- Topsoe
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technology:
- Proton Exchange Membrane
- Alkaline Water Electrolysis
- Solid Oxide Electrolysis
Breakup by End User:
- Power Generation
- Transportation
- Fertilizer
- Refrigeration
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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