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Green Ammonia Market Size (2024 - 2029)

The green ammonia market is poised for significant expansion, driven by increasing agricultural production and the growing demand for renewable energy. Despite the high capital investment posing a challenge to industry growth, the market is expected to benefit from new opportunities, particularly with the emerging use of green ammonia as a marine fuel. The market's expansion is further supported by the rising application in power generation, particularly in North America, which currently leads in market share.

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Market Size of Green Ammonia Industry

Green Ammonia Market Summary
Study Period 2019 - 2029
Market Volume (2024) 3.13 Million tons
Market Volume (2029) 42.18 Million tons
CAGR (2024 - 2029) 68.23 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Medium

Major Players

Green Ammonia Market Major Players

*Disclaimer: Major Players sorted in no particular order

Green Ammonia Market Analysis

The Green Ammonia Market size is estimated at 3.13 Million tons in 2024, and is expected to reach 42.18 Million tons by 2029, growing at a CAGR of 68.23% during the forecast period (2024-2029).

There is a growing focus on sustainable energy and green recovery efforts, which are accelerating the interest in green ammonia. Governments and industries continue to invest in ammonia production from renewable sources, driving the market toward growth.

  • Increased agriculture production and the rising demand for renewable energy are the major factors expected to drive the global green ammonia market in the coming years.
  • High capital investment is one of the key factors restraining overall market growth.
  • The emerging application of green ammonia as a marine fuel will likely offer the market new growth opportunities.
  • North America dominates the market owing to the rising application of green ammonia in power generation in the United States.

Green Ammonia Industry Segmentation

Green ammonia is made with hydrogen from water electrolysis powered by alternative energy. It offers high efficiency and yield, requires low maintenance, and is eco-friendly as it does not emit CO2.

The green ammonia market is segmented by application and geography. By application, the market is segmented into fertilizers, maritime/shipping fuel, power generation, and other applications (hydrogen carrier, etc.). The report also covers the market size and forecasts for the green ammonia market in 9 countries across major regions. The market sizing and forecasts for each segment are provided on the basis of volume (tons).

By Application
Fertilizers
Maritime/Shipping Fuel
Power Generation
Other Applications (Hydrogen Carrier, etc.)
By Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Rest of North America (Canada and Mexico)
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Rest of the World
South America
Middle East and Africa
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Green Ammonia Market Size Summary

The green ammonia market is poised for significant growth, driven by increasing demand in power generation and agriculture. The post-pandemic surge in power generation needs has bolstered the consumption of green ammonia, while its application as a carbon-neutral fertilizer is gaining traction due to the rising global population and the need for sustainable food production. The market is also witnessing new opportunities with the emerging use of green ammonia as a marine fuel. However, high capital investment remains a challenge for the industry's expansion. North America leads the market, particularly in the United States, where the demand for green ammonia is fueled by its applications in power generation and agriculture.

The global green ammonia market is characterized by a partial consolidation, with major players like Siemens, ThyssenKrupp AG, Yara International, Nel Hydrogen, and MAN Energy Solutions holding significant market shares. These companies are actively involved in initiatives to enhance green ammonia production and distribution. For instance, Yara International is focusing on establishing a carbon-free ammonia fuel bunker network in Scandinavia, while LSB Industries, Inc. is collaborating with ThyssenKrupp Uhde USA and Bloom Energy to produce zero-carbon ammonia in Oklahoma. These developments underscore the strategic efforts by key players to capitalize on the growing demand for green ammonia across various sectors, including agriculture, power generation, and transportation.

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Green Ammonia Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Agricultural Production

      2. 1.1.2 Rising Demand for Renewable Energy

      3. 1.1.3 Other Drivers

    2. 1.2 Market Restraints

      1. 1.2.1 High Capital Investment

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 By Application

      1. 2.1.1 Fertilizers

      2. 2.1.2 Maritime/Shipping Fuel

      3. 2.1.3 Power Generation

      4. 2.1.4 Other Applications (Hydrogen Carrier, etc.)

    2. 2.2 By Geography

      1. 2.2.1 Asia-Pacific

        1. 2.2.1.1 China

        2. 2.2.1.2 India

        3. 2.2.1.3 Japan

        4. 2.2.1.4 South Korea

        5. 2.2.1.5 Rest of Asia-Pacific

      2. 2.2.2 North America

        1. 2.2.2.1 United States

        2. 2.2.2.2 Rest of North America (Canada and Mexico)

      3. 2.2.3 Europe

        1. 2.2.3.1 Germany

        2. 2.2.3.2 United Kingdom

        3. 2.2.3.3 France

        4. 2.2.3.4 Italy

        5. 2.2.3.5 Rest of Europe

      4. 2.2.4 Rest of the World

        1. 2.2.4.1 South America

        2. 2.2.4.2 Middle East and Africa

Green Ammonia Market Size FAQs

The Green Ammonia Market size is expected to reach 3.13 million tons in 2024 and grow at a CAGR of 68.23% to reach 42.18 million tons by 2029.

In 2024, the Green Ammonia Market size is expected to reach 3.13 million tons.

Green Ammonia Market Report Snapshots

Green Ammonia Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)