Green Ammonia Industry Set to Skyrocket to US$ 14,761.3 million by 2033
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.
The green ammonia industry 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.
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.
Get an overview of market drivers and challenges affecting this industry! https://www.futuremarketinsigh....ts.com/reports/sampl
Top Highlights from the FMI’s Analysis of the Green Ammonia Market:
The United States green ammonia industry is projected to attain a 29% market share in 2023. The country appears to have market dominance over other players globally.
The German green ammonia industry is expected to gain a 6.5% value share in 2023.
The Japan green ammonia industry is estimated to grab 3% of the overall market share in 2023.
The Australian green ammonia industry is assessed to account for 1.4% of the market share in 2023.
India is expected to expand at a significantly high CAGR of 72% over the forecast period.
The China green ammonia industry is expected to assume a CAGR of 63.4% in the upcoming years.
The United Kingdom market is anticipated to register a CAGR of 58.1% over the forecast period.
Based on the production process, the alkaline water electrolysis segment is projected to attain a market share of 83% in 2023.
Based on end-use, the fertilizer segment is projected to account for 48% in 2023.