Green Ammonia Global Market Report 2023: Zero-Carbon Ammonia Has the Potential to Reduce Carbon Emissions and Move Towards Net Zero-Carbon in the Upcoming Decades
Global Green Ammonia Market was valued at USD 4.07 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 39.16%, owing to a significantly increasing demand for renewable energy. Green ammonia refers to the ammonia produced by processes that utilize renewable energy sources such as solar, wind, and hydro. In the production of green ammonia, hydrogen is extracted through the electrolysis of water using renewable energy, followed by the Haber-Bosch process. Green Ammonia plays an important role in achieving the net zero-carbon emissions target set by Paris Agreement 2050. Green Ammonia for power generation is expected to reach approximately 5700 thousand tonnes by 2030. Multiple renewable energy sources will be integrated with engineering and physical technologies to conserve and store energy in the coming years. Sustainable production and the application of carbon-free products on a significant basis could reduce the problem of rising carbon emissions. Consumers prefer green ammonia over ammonia produced from fossil fuels, as it encourages the decarbonization of power and shipping industries. Several end-use industries are moving in the direction of green ammonia due to its zero-carbon emission ability. Thus, the rising consumer awareness is expected to propel the demand for green ammonia during the forecast period to make viable and safer alternative fuels. Many governments are taking up the responsibility to implement regulations and policies to achieve zero-carbon emissions. Green Ammonia could help achieve the targets as it helps in generating electricity without any emissions. Governments of the nations are tracking the widespread execution of green ammonia manufacturing and its uses, which is important in accelerating the development and positioning of this technology. Countries are also aiming for the usage of renewable energy sources in their production method, as these options can be responsible for accomplishing the target of net-zero emissions.