PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1255270
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1255270
According to SPER Market Research, the Global Green Ammonia Market is estimated to reach USD 41.97 billion by 2032 with a CAGR of 73.15%.
The need of generating clean energy and reducing carbon footprints is expected to cause green ammonia to become more widely used in the next years, which will raise demand. It is also projected that market expansion would be fuelled in the near future by the rising demand for the product as marine fuel and shipping in the transportation sector because it emits no carbon and leaves no sulphur traces, leading to enhanced air quality. Nitrogen from the air and hydrogen from water combine to form green ammonia. It is a versatile fuel for heat and electricity that may be used in gas turbines, internal combustion engines, generator sets, industrial furnaces, and fuel cells. It is notably useful for naval transportation.
Green ammonia is the ideal choice due to the pressure on the shipping industry to reduce carbon emissions because it has a lower volumetric energy density than other fuels, which makes storage viable. The market is also expanding as a result of favourable laws and regulations governing low-carbon emissions and rising fuel demand from the marine industry. Ammonia produced from renewable sources is anticipated to become a common chemical this is because more governments are taking steps to reduce or eliminate their carbon emissions. The product is probably going to rise to prominence during the projected period as a key resource for moving renewable energy between locations.
The expansion of COVID-19 had a detrimental effect on the global green ammonia market in previous year. Downstream businesses are being significantly impacted by the severe restrictions and national lockdowns that have been implemented by government authorities to stop the deadly virus's spread. It has had a significant impact on global supply networks. Even Nevertheless, during the COVID era, there was still a significant need for fertilizers from the agricultural sector. Green ammonia demand is anticipated to rise in the short term as the market gradually starts to reopen as a result of increased demand from the maritime sector.