The market is projected to register a stupendous CAGR of 68%, driven by surging requirements for green ammonia from end uses like power generation and agriculture.
Green Ammonia is produced through renewable energy sources and serves as a carbon-free fuel and chemical feedstock. Its production process reduces carbon emissions and dependence on fossil fuels, offering a sustainable solution for energy storage, transportation, and fertilizer production.
The green ammonia market size 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.
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Jul 10, 2023