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Green Ammonia Market to be Worth $73.05 Billion by 2030: Grand View Research, Inc.
The product is gaining popularity in the transportation industry, especially in maritime shipping. According to International Maritime Organization (IMO), the maritime industry alone emits 3.0% of carbon annually. The pressure to reduce carbon emissions has led players in the industry to switch towards sustainable fuel. Green ammonia, when compared to other fuels, is the most efficient fuel in terms of storage, cost, and availability.
The market is driven mainly by the need to reduce carbon emissions globally. Green ammonia has the potential to eliminate the carbon footprint from chemical production as it is expected to be a commodity chemical in coming years. Additionally, government policies, subsidies, and regulations are stimulating the production and consumption of green ammonia.
According to the International Energy Agency (IEA), China is one of the major producers of ammonia which contributed to 30.0% of the global production. Asia Pacific is estimated to be a key market due to the presence of numerous manufacturers catering to various industries, including fertilizer and transportation, along with the high scope for R&D activities in developing economies of the region. Renewable products are thus estimated to witness exponential growth in the region during the forecast period.
The European geopolitical conflict has led to a significant rise in petrochemical and gas prices, due to which the conventional process of producing ammonia is very expensive. Comparatively, producing green ammonia is sustainable as well as cost-effective. The aforementioned factors are thus estimated to trigger market growth in the near future.
Grand View Research has segmented the global green ammonia market report based on the technology, end-use, and region:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James
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Grand View Research, Inc.
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