In 2021, the green ammonia market contributed $16.4 million in revenue, and by 2030, it is projected to rise to $6,559.1 million, progressing at a 94.6% rate, ascribed to numerous ongoing industrial projects for chemical production in Oman, Oceania, and Mauritania. Moreover, it is aimed to achieve the 15-metric-ton capacity of the announced projects in 2030, which is about 8% of the ammonia production presently by 54 projects. In addition, the strict regulations, and increased efforts to attain zero-emission goals are expected to cause market propulsion with rising production of ammonia through clean methods.
Under the production segment, the AWE category is expected to experience the highest growth, accounting for 95% in the coming future, ascribed to the rise in the green hydrogen projects in numerous countries such as China, Germany, and Australia due to increasing investments in the development of the hydrogen-based economy. Moreover, the increasing investments in the hydrogen infrastructure provide numerous opportunities for green ammonia production by alkaline water electrolysis.
APAC contributes a significant revenue share to the green ammonia market, amounting to $7.06 million, ascribed to the strict government regulations, and environmental concerns with UN commitment to attain zero emissions in 2050. Furthermore, wind and solar energy are expected to proliferate the AWE, due to stringent emission laws and growing focus to attain zero-carbon goals.
Moreover, clean ammonia serves as both viable fuel and eco-friendly raw material for fertilizers, including the massive potential of solar and wind as renewable sources that are projected to dominate the renewable energy market in the coming years. In addition, key companies are increasingly investing to advance their position in the market. For instance, Thyssenkrupp Industrial Solutions has developed a system that utilizes air, water, and renewable energy, by using chlor-alkali electrode technology-based AWE process.
Therefore, the AWE category boosts the market, led by the pacing up of the green hydrogen projects in various countries.
