Global Green Ammonia Market to Touch USD 851.3 Million by 2028; Rising Concerns to Reduce Green House Gas Emissions to Drive Market Growth by CAGR of 62.84% over 2021-2028
Research Nester
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Key Companies Covered in the Green Ammonia Market Research Report Are Nel ASA, Siemens AG, ITM Power, thyssenkrupp Industrial Solutions AG, MAN Energy Solutions SE, McPhy Energy S.A., and other key market players.
NewYork, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the International Fertilizer Association (IFA), the demand for fertilizer around the world is expected to reach 197.1 Mt by the end of 2024. Moreover, according to the statistics by the Food and Agriculture Organization (FAO), the capacity for producing ammonia as Nitrogen is anticipated to reach 190397 thousand tonnes by 2022, up from 180496 thousand tonnes in 2016. Alternatively, the supply of ammonia as Nitrogen is anticipated to reach 163219 thousand tonnes by 2022, up from 153646 thousand tonnes in 2016. The statistics also stated that the use of Nitrogen for fertilizer use is anticipated to reach 111591 thousand tonnes in 2022, up from 105148 Thousand tonnes in 2016.
Research Nester recently added a report titled “Global Green Ammonia Market” which provides a detailed analysis of the key competitors operating in the market, along with their strategies and their latest developments. The report also includes the regulatory landscape along with the key market dynamics that are associated with the growth of the market during the forecast period, i.e., 2021-2028.
According to the statistics by the World Bank, the availability of arable land as a share of the total land area increased from 10.534% in 2010 to 10.825% in 2018. With the growing availability of arable land for farming purposes, there is a rise in demand for fertilizers amongst the farmers so as to increase their produce. Ammonia is one such chemical compound that is widely used to manufacture fertilizers. According to the statistics by the Department of Health of New York, around 80% of the total ammonia produced by industries is used as fertilizer in agriculture. Despite the growing consumption of ammonia, there is a significant concern for the rising CO2 emissions, which are emitted largely during the process of producing ammonia. According to the statistics by Climate Watch, China was the top emitter of CO2 amongst all other countries around the globe, registering a value of 9663.36 MtCo2e in the year 2018, which was an increase from 2994.73 MtCO2e in 2000. Moreover, the statistics also stated that the total CO2 emissions from the agricultural sector around the world increased from 4.7Gt in the year 2000 to 5.3Gt in 2018. As a result, to curb such emissions, manufacturers of ammonia are increasingly focusing on finding alternative methods, which is anticipated to drive the growth of the global green ammonia market during the forecast period.
The global green ammonia market is anticipated to garner a revenue of USD 851.3 Million in 2028, up from USD 13.15 Million in 2019, by growing with a CAGR of 62.84% during the forecast period. The market is also expected to grow on account of the growing adoption of energy efficiency programs that use smart technologies for achieving decarbonization goals along with increasing use of alkaline water technology, solid oxide electrolysis, proton exchange membrane technology, and others, for the production of green ammonia.
Based on geography, the global green ammonia market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Amongst these, the market in Europe is anticipated to garner the largest market share and further attain revenue of USD 558.03 Million by the end of 2028, up from a value of USD 7.49 Million in 2019 by growing at highest CAGR of 65.37% during the forecast period. Amongst the countries in the region, the market in the Netherlands is expected to hold the largest market revenue of USD 227.12 Million in 2028, whereas the market in Germany is anticipated to grow with the highest CAGR of 86.35% during the forecast period.
On the other hand, the market in the Asia Pacific is anticipated to hold the second-leading share and register a revenue of USD 190.69 Million in 2028. In the year 2021, the market in the region is expected to grab a revenue of USD 6.75 Million. The market in the region is segmented by countries into China, Japan, Australia, and the Rest of Asia Pacific, out of which, the market in China is anticipated to hold the largest market share throughout the forecast period and further attain a market revenue of USD 63.88 Million in 2028, up from a revenue of USD 0.38 Million in 2019. The market in the country is also anticipated to grow with the highest CAGR of 79.41% during the forecast period.
The global green ammonia market is segmented on the basis of technology into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. Amongst these segments, the solid oxide electrolysis segment is anticipated to hold the largest market revenue of USD 496.38 Million by the end of 2028, up from USD 7.89 Million in 2019. In North America, the segment garnered the largest revenue of USD 1.01 Million in 2019 and is further anticipated to reach USD 50.79 Million in 2028. Moreover, in the U.S., the segment is anticipated to garner the largest revenue of USD 1.72 Million in 2021. In Europe, the segment is anticipated to garner the largest revenue of USD 323.67 Million in 2028 from a revenue of USD 4.51 Million in 2019. Additionally, in the Netherlands, the alkaline water electrolysis segment is anticipated to grow with the highest CAGR of 57.21% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global green ammonia market is also segmented on the basis of application.
Global Green Ammonia Market, Segmentation by Application
Some of the major industry leaders mentioned in our report that are associated with the global green ammonia market are Nel ASA, Siemens AG, ITM Power, thyssenkrupp Industrial Solutions AG, MAN Energy Solutions SE, McPhy Energy S.A., and others.
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