Escalating Adoption of Electric Vehicle is Proliferating the Growth of Green Ammonia Market

The increasing concern of the countries towards the rising pollution level due to rising CO2 emission and to achieve energy transition goals such as zero emission has surged the demand for renewable energy worldwide which further bolster the demand for green ammonia. Furthermore, escalating adoption of electric vehicle propelling the demand fuel, mushrooming investment for the development of green ammonia plant and along with surging application of green ammonia other than power generation, such as for fertilizer production has encouraged the growth of green ammonia market.  .

 

Solid Oxide Electrolysis (SOE) grabbed the majority market share in 2019 due to the snowballing demand for fuel cell to store and use green hydrogen produced by the process of solid oxide electrolysis. Moreover, Alkaline Water Electrolysis (AWE) and Proton Exchange Membrane (PEM) is expected to grow at a steady rate in the forthcoming period.

Based on Application, Energy Storage is projected to grow at a subsequent rate in the forecasted period in order to meet the surging demand of electricity through the storage of energy and reusing it in long-term for power generation and mushrooming investment towards the development of efficient power plants to reduce the greenhouse gas. Zero Carbon Fuel is estimated to attain highest CAGR by 2025 on account of rising electrification of application in transportation sector is mushrooming the demand for carbon-free fuel for transport.

Based on End-User, Transportation segment acquired the significant market share 2019 as green ammonium is increasing use as a main fuel to diminish the greenhouse gas. Furthermore, surging adoption of electric vehicle is placing a positive impact on the growth of green ammonia market.

Power Generation is anticipated to grow at the fastest rate. The growth is attributed to escalating use of renewable energy such as such as solar and wind for the power, burgeoning population along with decrease in the cost of equipment along with burgeoning need for long-term storage for renewable energy is proliferating the growth of green ammonia market.

 

The key players with a considerable market share in the Global Green Ammonia market include Siemens, MAN Energy Solutions, ITM Power, Nel Hydrogen Solutions, Yara International, and Haldor Topsoe.