The global green ammonia market size is expected to reach USD 3,756.6 million by 2030, according to a new study by Polaris Market Research. The report “Green Ammonia Market Share, Size, Trends, Industry Analysis Report, By Technology (Proton Exchange Membrane, Alkaline Water Electrolysis, Solid Oxide Electrolysis); By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global green ammonia market is expected to exhibit significant growth during the forecast period. Rise in environmental consciousness, supportive government initiatives, and greater adoption of sustainable energy sources drive the market’s growth. Green ammonia is increasingly used for power generation worldwide to meet their growing energy demand. Efforts to reduce dependency on fossil fuels owing to their limited availability and the high number of emissions released into the environment are expected to increase the demand for green ammonia during the forecast period.
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There has been a rise in demand for green ammonia from the agricultural and transportation sectors. Growth in using green ammonia in emerging economies coupled with government support is expected to offer growth opportunities in the coming years.
The COVID-19 outbreak affected the global market due to operational restrictions and the shutting of manufacturing units worldwide. Limited access to raw materials, disrupted supply chains, and interruptions in disruption networks were observed during the pandemic. Transportation restrictions and lack of workforce further influenced the global market. However, the market is expected to experience significant post-pandemic growth because of greater awareness among consumers, favourable and supportive government initiatives, and rising adoption of renewable energy sources.
Europe accounted for a significant share of the global market. Significant automotive and energy sectors and initiatives to control and manage carbon emissions support the market’s growth in Europe. Consumers in the region are increasingly moving toward sustainable transportation fuel due to strict vehicular regulations. Technological advancements, increasing application in the power generation sector, and adopting green technologies and chemistry further contribute to the growth.
Green Ammonia Market Report Highlights
Polaris Market Research has segmented the green ammonia market report based on technology, end-use, and region:
Green Ammonia, Technology Outlook (Revenue - USD Million, 2018 - 2030)
Green Ammonia, End-Use Outlook (Revenue - USD Million, 2018 - 2030)
Green Ammonia, Regional Outlook (Revenue - USD Million, 2018 - 2030)