New York, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Green Ammonia Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" - https://www.reportlinker.com/p06373092/?utm_source=GNW
Global Green Ammonia Market is anticipated to witness a robust growth in the forecast period, 2024-2028.Zero-Carbon Ammonia, or Green Ammonia, has the potential to reduce carbon emissions and move towards net zero-carbon in the upcoming decades.
Global efforts to reduce carbon emissions have prompted increasing interest in it.According to Haldor Topsøe, in 2020, ammonia (brown or grey) production was 180 t/yr, and more than 80% of it was used in nitrogen fertilizer production.
Yet it causes less than 1% of global greenhouse gas emissions.
Moreover, it has widespread applications in marine as fuel and food production, and ammonia is also considered a means to store renewable energy for later use and a carrier of hydrogen transportation. Furthermore, increasingly stringent emissions regulations and ambitious zero-carbon energy goals have forced different companies and organizations across the globe to look for sustainable alternatives such as green hydrogen, thus driving the demand of the overall green ammonia market.
Increasing Demand of Renewable Energy Sources
As per the International Renewable Energy Agency (IRENA), in 2020, ammonia manufacturing accounted for around 45% of the world’s hydrogen usage, or about 33 million tonnes (Mt) of hydrogen.According to their projections, this transition would result in a 688 Mt ammonia market by 2050, nearly four times larger than today’s market.
This transition would occur in a scenario consistent with the Paris Agreement goal of limiting the global temperature rise to 1.5 degrees Celsius (°C). All these factors will likely increase the demand for the overall green ammonia market as well.
Demand for Green Ammonia as a Marine Fuel
Green Ammonia is gaining popularity as a shipping and marine fuel in the transportation industry, partly because it emits no carbon and has no Sulphur, which reduces particulate emissions and improves air quality.Ammonia as a marine fuel is currently being tested in several projects.
By 2024, Yara International intends to provide ammonia as a marine fuel to a North Sea supply vessel that has been upgraded.To provide the shipping industry with an alternative marine fuel and lower greenhouse gas emissions, a cross-industry consortium of Japanese companies (including Mitsui and Itochu) is contemplating the introduction of ammonia-fueled commercial vessels as well as the development of ammonia supply infrastructure in Japan.
All these factors are expected to support the growth of global green ammonia market.
Increasing Usage as a Green Hydrogen Carrier
The need for hydrogen as a clean fuel is rising on a global scale. But since hydrogen has a boiling point of -252.9 °C, which makes it extremely challenging to retain and export in its pure form as a liquid, supply comes with its own special set of difficulties. Ammonia is frequently cited as a potential remedy. Given its high hydrogen content and low boiling point of -33.34 °C, ammonia is being promoted as a potential hydrogen transporter in several sectors of industry.
Recent Developments
In 2021, a group of green ammonia research projects in Minnesota officially began.The research is funded at around USD30 million and includes several aspects of ammonia production and utilization.
Around USD10 million is funded by the Minnesota legislature and more than USD18 million by the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E). The project aims to produce cost-effective green ammonia that can accommodate the various size requirements of farms and agricultural cooperatives in rural areas.
Market Segmentation
Global Green Ammonia Market is segmented based on Production Method, and End-Use.Based on Production Method, market is divided into Alkaline Water Electrolysis, Proton Exchange Membrane, and Solid Oxide Electrolysis.
Based on End-Use, the market is divided into Transportation, Power Generation, Fertilizers, and Others.
Market players
BASF SE, Yara International ASA, Maire Tecnimont S.p.A., ACME Group, Fertiglobe plc, NEL Hydrogen AS, ThyssenKrupp AG, ITM Power plc., Haldor Topsoe Holding A/S, Green Hydrogen Systems A/S, Greenfield Nitrogen LLC and Siemens Energy AG are the key players operating in the market.
Report Scope:
In this report, global plastic films & sheets market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Green Ammonia Market, By Production Method:
o Alkaline Water Electrolysis
o Proton Exchange Membrane
o Solid Oxide Electrolysis
• Green Ammonia Market, By End-Use:
o Transportation
o Power Generation
o Fertilizers
o Others
• Green Ammonia Market, By region:
o Europe
France
Germany
United Kingdom
Russia
Sweden
Denmark
Switzerland
o North America
United States
Canada
Mexico
o Asia-Pacific
China
India
Japan
Australia
South Korea
o Middle East and Africa
Saudi Arabia
UAE
Qatar
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global Plastic Films & Sheets market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06373092/?utm_source=GNW
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