January 12, 2021
According to the research report titled ‘Global Green Ammonia Market Size study, by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM), and Solid Oxide Electrolysis (SOE)), End User (Transportation, Power Generation, and Industrial Feedstock) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global green ammonia market was remunerated at USD 9.52 million in 2019 and is expected to grow with a CAGR of 53.9% during 2020-2027.
Strict government regulations aimed at reduction of greenhouse gas emission from conventional ammonia methods, along with growing investments in green fuel and large-scale green energy plans are primarily stimulating global green ammonia market growth.
For those unversed, green ammonia is produced using 100% renewable and carbon-free process. This green ammonia, unlike the traditional ammonia which is made from natural gas as feedstock, is manufactured using hydropower/wind/solar to generate electricity for an electrolyser to extract hydrogen from water, whereas air separation unit is used to separate nitrogen from air.
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Notably, extensive usage of ammonia in several end-use sectors such as pesticides, explosives, fabrics, dyes, and fertilizers is stimulating the global green ammonia market outlook.
Further, according to 2020 protocols of the International Maritime Organization (IMO), the sulphur limit of transport oil used in onboard ships is lowered to 0.5 percent m/mm (mass by mass). This will result in adoption of higher quality marine fuels, which have ammonia in their composition, thereby presenting new growth opportunities for global green ammonia market.
Considering the restraints, high initial capital requirements for plant set-up is likely to impede the industry expansion over the forecast timespan.
Speaking of the regional landscape, worldwide green ammonia market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, North America leads the overall market forecast presently, creditable to strict government norms, and growing usage of ammonia.
On the other hand, Asia Pacific green ammonia industry is poised to accrue high returns during 2020-2027, on account of inclination towards renewable energy usage, and mounting chemical production.
Established companies in global green ammonia market sphere are Yara International ASA, Uniper SE, ITM Power plc, Hydrogenics, Electrochaea GmbH, McPhy Energy SA, Green Hydrogen Systems, MAN Energy Solutions SE, ThyssenKrupp AG, and Siemens AG.