Electrolyzers Market will Grow Rapidly by 2030

 The global Electrolyzers Market Share is expected to grow from estimated USD 3.75 billion in 2024 to USD 78.01 billion by 2030, at a CAGR of 65.9% during the forecast period. This growth mainly comes in response to supportive government initiatives that encourage renewable energy technologies as well as advancements in the electrolysis process. Electrolyzers play a crucial role in the production of hydrogen since they split water into hydrogen and oxygen using electricity that can be generated from renewable sources, such as solar and wind energies. As nations accelerate efforts to decarbonize and reduce the reliance on fossil fuels, electrolyzers are increasingly important in diverse applications involving power generation, transportation, or industrial processes. The recent interest in hydrogen fuel cells and green ammonia production further underlines the potential of the electrolyser market as the basis of global energy transition towards sustainable solutions.

Regional Analysis

Europe is the leading region for the Electrolyzer Market primarily due to its strengthened commitment to decarbonization and a more developed framework for adopting renewable energy. Most European countries have launched ambitious hydrogen strategies and policies, such as the European Green Deal and the "Fit for 55" package, which give priority to the production of green hydrogen to reach net-zero emission goals. The region sees considerable investment in renewable energy infrastructure, especially solar and wind power with seamless integration with technologies such as electrolyzers. Furthermore, Europe has an impressive industrial base and proactive collaborations between governments, private enterprises, and research institutions: a confluence that helps establish innovation and the scaling of electrolyzer production. This strategic focus puts Europe at the helm of the race toward a global hydrogen economy.

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Anion exchange membrane, by Technology

Anion exchange membrane (AEM) is now becoming the most rapidly growing technology in the Electrolyzers Market, owing to its unique combination of cost-effectiveness and performance efficiency. While PEM systems are rather expensively made using precious metal catalysts, non-precious metal catalysts are used in AEM, making them much cheaper. Besides this, the possibility of low-energy operation and compatibility with renewable sources makes it even more attractive during transition into green hydrogen. Membrane technology and scalability in the manufacturing processes further increase the efficiency of and robustness of AEM-based electrolyzers faster and make them favourites for those industries that look for low-cost, environmentally friendly hydrogen production.

Key Players

Some of the major players in the Electrolyzers Market as Siemens Energy (Germany), Nel ASA (Norway), thyssenkrupp nucera (Germany), John Cockerill (Belgium), Plug Power Inc. (US),  among others. The major strategies adopted by these players include new product launches, acquisitions, joint ventures, and expansions.

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Thyssenkrupp nucera

Thyssenkrupp nucera is a cleantech company and a leading provider of hydrogen and chlorine technologies. thyssenkrupp nucera, formerly known as Uhde Chlorine Engineers, was established as a joint venture between Industrie De Nora and thyssenkrupp AG. The company primarily deals in the supply of clean energy with green hydrogen at an industrial scale. thyssenkrupp nucera offers chlor-alkali and alkaline water electrolysis procedures for producing sustainable aviation fuels, hydrogen, chlorine, and others. The net hydrogen produced through its electrolyzers can cater to a very wide scope of applications: ranging from energy-notably, mobility-and various other industries. In addition, the company provides solutions for integrating grid-scale renewable energy and industrial-scale hydrogen use. thyssenkrupp nucera is also engaged in engineering, procurement, and construction of electrochemical plants. In 2022, the company signed an engineering and supply contract with Shell plc to set up a 200 MW green hydrogen facility in Rotterdam, Netherlands. The company enjoys a good presence in Japan and Germany.

John Cockerill

John Cockerill, formerly known as CMI Group, designs, integrates, upgrades, and maintains equipment across energy, defense, steelmaking, environmental, and general industrial sectors.  It also serves energy, environment, transport, hydrogen, solar, cooling, wind, nuclear, innovation, mobility, maintenance, water treatment, air & gas treatment, and waste to energy sector. The company has a solid presence in metals, heat treatment, surface treatment, and industrial project services, providing a wide array of solutions designed to meet diverse industrial needs. Through its hydrogen division, the company supplies alkaline electrolyzers for various applications, including energy, industry, and mobility.for various applications, such as energy, industrial, and mobility. The company also offers electrolyzers through its joint venture Cockerill Jingli Hydrogen (CJH). John Cockerill provides the most robust electrolyzers in the market, with the capacity to generate up to 1,300 Nm³ per hour, equating to 6.5 MW.The company has a presence in 24 countries across 5 continents. In December 2023, John Cockerill has entered the North American market with the groundbreaking of its first alkaline electrolyzer gigafactory in Baytown, Texas.

Nel ASA

Nel ASA is a hydrogen company specializing in electrolysers, hydrogen generation plants, hydrogen refueling stations, distributed energy systems, and energy storage. It designs solutions to produce and distribute hydrogen generated from renewable energy sources. The company also focuses on providing turnkey solutions for hydrogen energy storage. Various industries and energy & gas companies are major end users of its hydrogen technology. Nel ASA operates through two business segments: FUELING and Electrolyzer. It serves Electrolyzer Market through its Electrolyzer business segment. Under this, the company offers hydrogen production equipment and plants based on electrolyzer technology and power-to-gas systems. Nel ASA specializes in alkaline and proton exchange membrane (PEM) electrolyzers. It produces green hydrogen by harnessing energy from renewable sources such as solar and wind. The electrolyzers offered by the company have applications in various industries, such as chemicals, refining, metals, electronics, and others. The company has operations worldwide and a presence in approximately 20 countries. It has manufacturing facilities in Notodden, Norway; Wallingford, UK; and Connecticut, US. Its production facilities in Norway and Connecticut are utilized to manufacture electrolyzers. Since its establishment, the company has delivered approximately 2,700 proton exchange membrane (PEM) electrolyzers and 800 alkaline electrolyzers in more than 80 countries worldwide.

North America Leads the Charge: Biorefinery Market worth $314.62 Billion by 2029

The global Biorefinery Market is expected to grow from estimated USD 212.05 billion in 2024 to USD 314.62 billion by 2029, at a CAGR of 8.2% during the forecast period. The US biorefinery market is an emerging sector in the global market and is expected to grow exponentially with increased demand for renewable energy fuels that biorefineries can produce biofuels and bio-based products. Feedstocks in the US, such as corn stover, wheat straw, and forest residues, are abundant for use in biorefinery operations. The emerging markets for new opportunities involve industries in growth: bioplastics, bio-lubricants, and bio-based textiles. Focus on waste management and resource efficiency further accelerates the usage of waste streams as feedstocks for biorefineries. Together, these factors fuel more uptake of sustainable solutions toward energy independence and environmental objectives for the U.S. market for biorefineries. 

According to the USDA, for commercial-scale purposes, it has an influence on global markets while the country generates and utilizes renewable energy from agricultural and forestlands. Among them, biofuel is a great contribution, taking a significant amount from gasoline usage within the US transportation sector. Significant biofuels are ethanol, mainly from maize, biodiesel, and renewable diesel, both of which are derived from vegetable oils, animal fats, waste oils, and greases. In 2022, the United States produced approximately 15.4 billion gallons of ethanol and 3.1 billion gallons of biodiesel/renewable fuel.

 

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The latest bioenergy report by IEA reveals that 637 biorefineries have been discovered in the United States in 2022. It has more biorefineries in the world than other significant countries. The total production capacity of biofuels as of January 2023 stood at 23 billion gallons per year (gal/y), according to the EIA. Compared to the same time in January 2022, this reflects a growth of 6%. Of these, fuel ethanol enjoys the highest market share with 78%, renewable diesel and other biofuels are 13%, and biodiesel holds a 9% market share. As stated in the IEA's report on bioenergy, the US has 637 biorefineries up to 2022. Among major countries, the largest share of biorefineries is accounted for by the US. Total biofuel production capacity was at 23 billion gallons per year as of January 2023, 6% above that of January 2022. Fuel ethanol accounted for 78% of the biofuel production capacity, followed by renewable diesel and other biofuels at 13%, and biodiesel at 9%.

 

Many key players in the industry are shaping the United States' biorefinery industry through strategic activities, and companies are using innovation, partnership, and expansion plans for market share and industry leader position. These activities also contribute to innovation in renewable energy sources and the relative positioning of the United States globally. In August 2022, Chevron began building an expansion of its biorefinery at Emden, Germany. This capacity-expanding expansion includes the addition of a pretreatment system at the site and should further position the company to be able to more readily handle a greater diversity of feedstocks that are expected to come to the production line in biodiesel form. The Emden expansion initiative benefits both facilities, allowing the enterprise to upgrade certain feedstocks associated with low carbon intensity, such as those categorized as 'Generation 3' feedstocks under the RED II. Therefore, it will also play a great role in making market growth possible.

 

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There are several players headquartered in the US that offer hydrogen energy storage, such as Chevron, ADM, Valero, Honeywell International Inc., and Green Plains Inc., among others. To establish a strong product portfolio for the biorefinery market, these companies adopt strategic developments such as collaboration, agreements, and contracts, among others. Chevron is one of the major fuel cell manufacturing and sales companies. The company has a broad product portfolio. The company is making significant investments in research & development. It spent approximately 0.16% of its revenue on R&D activities to gain its position in the market. Similarly, ADM is one of the major companies operating in human and animal nutrition. The company is also considered one of the world's largest nutrition companies. It utilizes the power of nature to transform crops into ingredients and solutions for food, beverages, and supplements for people across the globe. The company also offers a wide-ranging set of solutions and services for livestock, aquaculture, and pets. The company is a link in the global food supply chain that provides ingredients for food, animal feed, industrial applications, and renewable fuels. In October 2021, ADM and Solugen joined forces to meet the growing demand for sustainable products by establishing its first biomanufacturing facility in the U.S. Midwest. ADM is to supply dextrose as feedstock to enable the production of plant-based organic acids for various industrial and consumer applications. The use of this feedstock to produce lower-carbon organic acids at scale and in developing new molecules as sustainable alternatives to fossil fuel-based materials represents an important step forward for both companies committed to sustainable solutions and minimized environmental impact. Such strategic partnerships will boost the biorefinery market in the US.

 

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The expansion of biorefineries in the U.S. is driven by favorable governmental policies like the Renewable Fuel Standard and ample supply of feedstocks in the form of agricultural residues and forestry byproducts, which are boosting the growth of biorefineries within the United States. Improvement in the field of biotechnology, together with the ever-rising demand for renewable energy sources and bio-based products, accelerates this growth further. Corporate sustainability objectives, the circular economy drive, and innovations in waste management add to the enhanced adoption rates of biorefineries. These work together to favor energy independence, environmental sustainability, as well as low-carbon alternatives advancing in the American biorefinery industry.

Biorefinery Market Projected to Garner Significant Revenues by 2029

The global Biorefinery Market is anticipated to grow from estimated USD 212.05 billion in 2024 to USD 314.62 billion by 2029, at a CAGR of 8.2% during the forecast period. The growth in the market will be attributed to the rise of demand for biofuels and biobased chemicals and material across various geographies. Government policies and regulations for the adoption of biofuels across various countries boost the market growth. All the digital technologies, including advanced sensors, data analytics, and automation, have been optimized in the operations of biorefineries. These technologies have led to lowered energy usage, decreased waste generation, and optimum process control-cum-effecting substantial financial savings. Technological advances in biorefineries have dramatically accelerated the market, as it has been instrumental in making things more efficient and less expensive while diversifying their products and making it more sustainable.

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Technology Segmentation

 

Physico-chemical technology prescribes chemical processes, such as hydrolysis, transesterification, hydrogenation, hydrotreating, oxidation, and pulping, in addition to physical processes such as pressing, pretreatment, milling separation, and distillation. Due to their ability to convert biomass efficiently and at scale as well as their compatibility with existing industrial processes, physico-chemical technologies will expand more rapidly than those using biological or biological conversion mechanisms while also containing multiple high value product deliverables (i.e., biofuels and biochemicals) for various feedstocks, reducing the overall price of the products.

 

Type Segmentation

 

The type segment is further bifurcated into 3 types: First generation, second Generation, and third generation. The first generation segment is expected be the largest growing market. First-generation biofuels are derived directly from food crops through conventional agricultural processes and are primarily produced from sugars, starches, and vegetable oils. The most usual types are produced from crops, such as bioethanol, which is derived from corn, sugarcane, wheat, and soybeans; biodiesel, which is manufactured from oil crops like soybeans; and biogas, a product formed from organic wastes. Among all the renewable fuels developed so far, these biofuels are the earliest and the most widely adopted, contributing to a milestone reduction in dependence on fossil fuel and decreased greenhouse gas emissions.

 

Regional Analysis

 

North American region contains enormous agricultural resources, which has open large-scale production of corn, soybeans, sugarcane, among many others as key feedstocks for first-generation biorefineries to ethanol and biodiesel. This region also contains a significant amount of agricultural residues for corn stover, forest residues, and waste, which would be of feedstock to second-generation biorefineries. The U.S. government, through the Environmental Protection Agency (EPA), had created renewable fuel standards that compel the blending of biofuels such as ethanol and biodiesel in the fuel supply. This policy has significantly upped the demand for biofuels and also for the Biorefinery Market. These are some of the key factors which boosts the growth of Biorefinery Market in North America.

 

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Key Players

 

Some of the major players in the Biorefinery Market are Chevron (US), ADM (US), Valero (US), Neste (Finland), and TotalEnergies (France) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

 

Chevron :

Chevron is one of the prominent players in the biorefinery market. The company acquired the Renewable Energy Group in 2022 and became the second-largest producer of bio-based diesel in the US. It offers a wide range of products, such as InfiniD, REG Biodiesel Blends, and UltraClean BlenD, among others. The company has nine active biorefineries in the US and Europe. It produced 408 million gallons of biodiesel and renewable diesel in 2023. The company has a significant presence in Europe and North America.

 

ADM:

 

ADM is one of the most prominent companies operating in both the human and animal nutrition sector. It is considered one of the World's largest nutrition companies. The company harnesses the power of nature to transform crops into ingredients and solutions for food, beverages, and supplements for people worldwide. ADM operates through several business segments, namely Ag services and oilseeds, Carbohydrate solutions, nutrition, and others. It offers biorefinery products through two different segments: Ag services and oilseeds and carbohydrate solutions.

 

Valero:

 

Valero is one of the World's largest low-carbon fuels producers, the World's 2nd largest corn ethanol producer, and the World's 2nd largest renewable diesel producer. The company is also developing a large-scale sustainable aviation fuel project, which is expected to be completed in the fourth quarter of 2024. Valero is a leading producer of transportation fuels and petrochemical products, such as low-carbon fuels, jet fuel, ethanol, gasoline, and renewable diesel. The company operates its business through three segments, namely, Refining, Renewable Diesel, and Ethanol. It offers its products from two business segments: Renewable Diesel and Ethanol.

Blue Ammonia Market Insights with statistics and Growth Prediction

The global Blue Ammonia Market is expected to grow from an estimated USD 78 million in 2023 to USD 7,664 million by 2030, at a CAGR of 62.3% according to a new report by MarketsandMarkets™.  Blue ammonia is a type of ammonia that is produced using natural gas as a feedstock, but with the carbon dioxide emissions from the production process captured and stored. This makes blue ammonia a lower-carbon alternative to traditional ammonia production, which releases large amounts of greenhouse gases into the atmosphere. Growing focus on reducing greenhouse gas emissions and increasing efforts toward empowering hydrogen economy will drive the demand for blue ammonia market.

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The blue ammonia market has been segmented based on end-use into transportation, power generation, and industrial feedstock. The industrial feedstock segment is expected to hold the largest share during the forecast period, in the industrial feedstock segment the fertilizer industry is expected to remain the largest consumer of blue ammonia. Ammonia is used to produce fertilizers, which are essential for crop production. As the global population grows and the demand for food increases, the demand for blue ammonia is also expected to grow. Blue ammonia can help to reduce the environmental impact of the fertilizer industry. The carbon dioxide emissions from the production of blue ammonia are captured and stored, which helps to mitigate climate change.

 

The blue ammonia market segments based on application into three segments: energy, mobility, and chemical & refinery. The mobility segment is expected to be the fastest growing during the forecast period. Owing to the rising adaption of the fuel cell electric vehicles and hydrogen fueling station. Due to the hydrogen fuel cell's electrochemical reaction only producing water vapor as a byproduct, FCEVs have zero emissions. Due to this feature, FCEVs are a desirable alternative for both consumers and governments aiming to reduce air pollution and battle climate change.

 

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North America is expected to be the largest blue ammonia market during the forecast period. The North America region, comprising of US, Canada, and Mexico. Governments are dedicated to combating climate change and lowering greenhouse gas emissions. North America is committed to reducing its greenhouse gas emissions, and blue ammonia is a lower-carbon alternative to traditional ammonia production. The fertilizer industry is the largest consumer of ammonia, and the demand for fertilizer is expected to grow in North America as the population grows and the demand for food increases.

 

Key Market Players:

 

Some of the major players in the Blue Ammonia Market are Yara International ASA (Norway), Saudi Arabian Oil Company Saudi Aramco (Saudi Arabia), MA'ADEN Ma'aden (Saudi Arabia), CF Industries Holdings, Inc. CF Industries (US), Qatar Fertiliser Company (QAFCO) Qatar Fertiliser Company (Qatar), Shell plc (United Kingdom), Air Products and Chemicals, Inc. Air Products and Chemicals (US), and OCI (Netherlands). 

Green Ammonia Market: Demand for long-term Storage of Renewable Energy

 

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 global Green Ammonia Market size is projected to grow from USD 16 million in 2021 and is projected to reach USD 5,415 million by 2030, at a CAGR of 90.2% during the forecast period. Ammonia is green hydrogen synthesized with nitrogen in an electrochemical Haber-Bosch system. Green ammonia is completely carbon-free ammonia. Electrolyzers are used in green hydrogen production and work in an alkaline water medium or proton exchange membrane or solid oxide medium. These electrolyzers use electricity derived from renewable sources, such as solar, wind, and tidal, to produce green hydrogen.

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Power generation is estimated to be the largest segment in the Green Ammonia Market in 2020.

Power generation segment is projected to be the largest segment in the Green Ammonia Market. The growth of this segment is mainly attributed to the high demand of energy requirements for various end use industries. With green ammonia production, renewable energy can be stored and reused for power generation at consumption points. This will make the generation of renewable energy more efficient and usable for the long term.

The Europe region is projected to account for the largest share in the Green Ammonia Market

The Europe region is projected to lead the Green Ammonia Market in terms of both value and volume from 2021 to 2026. Fast-track urbanization and the growing agricultural needs of the rising population have raised the demand for green hydrogen in Europe to reduce carbon emissions in the region.

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Siemens (Germany), NEL Hydrogen (Norway), ThyssenKrupp (Germany), ITM Power (UK), and McPhy Energy (France), amongst others, are the key players operating in the Green Ammonia Market. Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Green Ammonia Market.

Offshore Wind Market Showing Robust Growth

According to the new market research report "Offshore Wind Market by Component (Turbines (Nacelle, Rotors & Blades, Tower), Substructure, Electrical Infrastructure), Location (Shallow Water, Transitional Water, & Deepwater) and Region (North America, Asia Pacific, & Europe) - Global forecast to 2026", published by MarketsandMarkets™, the global offshore wind market size will grow to USD 56.8 billion by 2026 (forecast year) from USD 31.8 billion in 2021 (estimated year), at a CAGR of 12.3% during the forecast period. Offshore wind is one of the renewable energy sources and refers to electricity that is generated at offshore locations. Offshore wind farms comprise turbines, substructure, electrical infrastructure, logistics, assembly and installation. They can be installed in three locations in water bodies, i.e., shallow water, transitional water, and deepwater. Offshore wind is a crucial pillar in energy mix together with onshore wind for regions such as Europe, Asia Pacific, and North America to achieve their goals pertaining to climate neutrality.

The turbine segment is expected to dominate the offshore wind market, by component, during the forecast period.

The turbine segment accounted for the largest share of the offshore wind market, by component, in 2020. The turbine segment of Offshore Wind Market is further classified into three modules—nacelle, rotors and blades, and tower. Rotors and blades are most stressed part of the turbine and are responsible for catching the wind.

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The shallow water is expected to dominate the offshore wind market, by location, during the forecast period.

Shallow water covers more of market share in this segment as development of wind power in shallow water is generally cost effective, due to better weather conditions. But with the improvement in technologies and strong wind conditions present in transitional and deep sea water, more future projects are planned for deeper waters. However, offshore wind turbines are installed in all three water locations depending on the region, turbine capacity, and wind speed.

The nacelle is expected to dominate the offshore wind market, by turbine module, during the forecast period.

Nacelle is one of the important components of an offshore wind turbine and accounts for the maximum cost of the turbine, as it comprises all the main power generation equipment. The nacelle is the section of the turbine that houses the components that convert kinetic energy from the wind into mechanical energy, which is then used to turn a generator that generates electricity. It comprises the drivetrain, power take-off system elements, monitoring systems and other equipment, such as generator, gearbox, bearings, cooling system, yaw system, pitch system, transformer, converter, switchgear, brake, and sensors.

The substation is expected to show strong growth in offshore wind market, by electrical infrastructure, during the forecast period.

Substation and Wires & Cables are the sub-segments under electrical infrastructure. It consists of equipment necessary to transmit the electrical power generated from the offshore wind farms to the end users. Due to increasing demand for offshore wind power and connecting the power generated from these offshore wind to the main grid for distribution of energy to end users, substation market is witnessing a strong growth.

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Asia Pacific is expected to lead the offshore wind market

The Asia Pacific region includes China, Japan, Vietnam, Taiwan and South Korea. This region has shown strong demand for power owing to rapid urbanization and industrialization. With the shift towards decarbonization and sustainable development, there has been a strong demand for renewable power resources. Governments in this region are increasingly opening gates for development and installation of offshore wind. Technological advancements and clean energy consumption would further propel wind power deployment and open up opportunities in the emerging markets in APAC. Various countries are speeding up the installation of offshore wind in order to diversify their energy mix as well as to meet their goal of rection in carbon emission Moreover, favorable supportive schemes, huge investments in grid infrastructure to maximize wind power generation, and foreign direct investments would attract investors to the wind power industry.

The key players include General Electric (US), Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), Shanghai Electric Wind Power Equipment Co. (China). The leading players are adopting various strategies to increase their share in the Offshore Wind Market.

Environmental Technology Market: High Demand for Waste and Wastewater Treatment Services

 According to the new market research report "Environmental Technology Market by Component (Solutions, Services), Technological Solutions (Waste Valorization, Greentech, Nuclear Energy, Bioremediation), Application, Vertical (Municipal, Industrial), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the  Environmental Technology Market is estimated at USD 552.1 billion in 2021 and is projected to reach USD 690.3 billion by 2026, at a CAGR of 4.6% from 2021 to 2026. Increase in demand from different verticals and a stringent government regulation is one of the major factors contributing to the high growth of this market.

The services segment is expected to grow at a higher rate during 2021-2026.

The services segment is expected to grow at a higher rate during the forecast period due to the high demand for resource recovery services and the growing scarcity of natural resources. Also, the stringent regulations regarding environment protection and various developments in the environmental technology sector in regions such as North America, Asia Pacific, and Europe drives the growth for services segment.

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Industrial segment is expected to dominate the environmental technology market

Based on vertical, the industrial segment dominates the market during the forecast period. In industrial segment, the power, energy & utilities industry is the largest consumer of environmental technologies during the forecast period. Air treatment also plays a crucial role in the power generation industry. The presence of stringent emission control standards in these regions is expected to drive the demand for air treatment equipment, thus driving the growth for power, energy & utilities industry.

Asia Pacific is the largest region in the Environmental Technology Market

Asia Pacific is expected to be the largest market for environmental technology during the forecast period. China and Japan are the major contributors to the Environmental Technology Market growth in the region. The high demand for waste as well as water treatment solutions and services, as well as energy demand, is expected to drive the environmental technology market in the region.

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The key players in Environmental Technology Market are AECOM (US), Lennox International (US), Teledyne Technologies Incorporated (US), Thermo Fisher Scientific Inc. (US), Abatement Technologies (US), Veolia (France), Waste Connections (US), Total SA (France), Covanta Holding Corporation (US), SUEZ (US), Biffa (England) and Hitachi Zosen Corporation (Japan), Carbon Clean (UK), Cypher Environmental (Canada), Svante Inc. (Canada), CarbonCure Technologies Inc. (Nova Scotia), Sunfire GmbH (Germany), BacTech Inc. (Canada), TRC Companies, Inc. (US), and Arcadis N.V. (Netherlands). These players have adopted expansions, joint ventures, mergers, acquisitions, agreements, collaborations, product launches, and partnerships as their growth strategies.

Green Ammonia Market projected to grow at a CAGR of 54.9% from 2020 to 2030

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).