According to the new market research report "Green Ammonia Market
by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane
(PEM), and Solid Oxide Electrolysis (SOE)), End User (Transportation, Power
Generation, and Industrial Feedstock), and Region - Global Forecast to 2030",published
by MarketsandMarkets™, the Green Ammonia Market size will grow to USD 852
million by 2030 (forecasted year) from USD 11 million in 2020 (estimated year),
at a CAGR of 54.9% during the forecast period. The rising investments in green
fuel and large scale green energy plans in Europe and North America, drives the
Green Ammonia Market in the region. Moreover, increasing adoption of electric
vehicles leads to renewable energy deployment at large scale in Asia Pacific
region, creates opportunities for Green Ammonia Market.
The power generation segment is expected to be the fastest growing Green
Ammonia Market.
The power generation segment, by end user, Green Ammonia
Market is estimated to grow at the fastest rate during the forecast period.
This is mainly because of the increasing share of renewables in the power
generation mix and decreasing cost of equipment and technology associated with
renewables. According to the International Renewable Energy Agency (IRENA),
solar and wind are the most potential renewable energy sources and are likely
to dominate the renewable power sector in the coming years. Wind power and
solar PV have increased their share in the European and North American regions.
Therefore, with green ammonia production, renewable energy can be stored and
reused for power generation at consumption points. This will make renewable
energy generation more efficient and usable for the long-term. There by
creating growth opportunities for Green Ammonia Market.
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The Solid Oxide Electrolysis (SOE) segment is expected
to dominate the Green Ammonia Market.
SOE technology is an upcoming technology for green
hydrogen systems. The SOE process is used to produce green hydrogen from
surplus electricity generated from renewable sources. This green hydrogen is
further synthesis in ammonia synthesis unit to produce green ammonia.
Furthermore, the green hydrogen produced by the process can be stored and used
as a fuel cell, and reconverted into electricity again when the demand arises.
This allows the storage of electricity when production exceeds demand. Moreover,
increasing demand for fuel cells boost the demand for solid oxide
electrolyzers. There by acting as a driving force for the Green Ammonia Market
during the forecast period.
Europe likely to emerge as the largest Green Ammonia Market
In this report, the Green Ammonia Market has been
analyzed for four regions, namely, Europe, Asia Pacific, North America, and
Rest of the World (RoW). RoW includes China, Russia, India, France, and
Austria. The government of the Netherlands considers green hydrogen to be essential
for achieving its energy transition goals and maintaining energy-intensive
industries to improve the business climate for green hydrogen in the country.
As per the Climate Agreement, the Netherlands will launch a national hydrogen
program, which will primarily focus on unlocking the supply of green hydrogen,
developing the necessary green hydrogen infrastructure, and reducing production
costs of green hydrogen projects. Also, the program aims to achieve 3GW to 4GW
of installed electrolyzer capacity by 2030, with additional growth of renewable
electricity. Such initiatives and developments are expected to bolster the
growth of the Green Ammonia Market in Europe during the forecast period.
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The major players in the global Green
Ammonia Market are Siemens (Germany), MAN Energy Solutions (Germany),
ITM Power (UK), Nel Hydrogen Solutions (Norway), Yara International (Norway)
and Haldor Topsoe (Denmark).
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