The rising concern of the countries to reduce carbon emission and to achieve energy transition goals such as zero emission targets taken by the countries has greatly promoted the demand for green ammonia worldwide. European Union and the G8 aims to reduce GHG emissions by 80% below 1990 levels by 2050. Furthermore, government inclination in various countries toward the use of renewable energy instead of coal or natural gas for power generation along with rising adoption of electric vehicles, and subsequent surge in the use of fertilizer for production have encouraged the growth of Green Ammonia market.
According to MarkNtel Advisors’ research report “Global Green Ammonia Market Analysis, 2020”, the Global Green Ammonia market is anticipated to grow at a CAGR of around 73.1% during 2020-25. Based on End User, Power Generation is expected to attain highest CAGR by 2025. The rising global population, declining cost of equipment along with various steps taken by numerous countries to reduce carbon emission and rising share of renewable energy such as solar and wind for the power generation mix in addition to the impending requirement of long-term storage for renewable energy are propelling the growth of Green Ammonia market.
Moreover, use of green ammonia in Transportation vertical is also growing at a rapid pace, Green Ammonia could be a viable option as an energy vector and fuel for providing electricity to power a motor. However, ammonia is used as main fuel in the marine engines as it can reduce upto 34.5% greenhouse gas emissions per ton-kilometer, thus enabling the shipping industry to achieve their CO2 reduction targets proposed by 2030 and 2050. Thus, this is leading to a positive impact on the growth of Green Ammonia market.
“Global Green Ammonia Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Green Ammonia providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America and Europe Acquired the Majority Market Share
North America and Europe acquired the majority market share on an account of increasing inclination toward electric vehicles, extensive government spending toward green fuel, and initiation of various green energy plans in the regions to curb the carbon emission in the region. In 2018, Canadian Government launched "Life Cycle Clean Fuels Policy” where it charged USD 10 a ton on carbon dioxide emissions and increased to USD 50 a ton by 2022.
Further, to meet their carbon emission targets in the future, surging deployment of renewable energy such as wind power and solar PV is being done for power generation. Thus, the production of hydrogen green ammonia uses renewable energy for power generation as it is efficient and emits less carbon which is expected to bolster the growth of the Green Ammonia Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Green Ammonia Market Analysis,
According to MarkNtel Advisors, the key players with a considerable market share in the Global Green Ammonia market are Siemens AG, ThyssenKrupp AG, Nel ASA, GreenHydrogen ApS, Enapter S.r.l., Starfire Energy Inc., Engie SA, Yara International, Wesfarmers Chemicals, Energy & Fertilisers Ltd. etc.
Key questions answered in the study: