The Europe region is projected to dominate the forecast period as the region has the highest number of automotive manufacturers and production units that cater to the demand for green ammonia. The foremost factors attributed to the boom of the market are the increasing favorable government policies, technological advancements, investment by governments and private players, economic growth, and policies to reduce decarbonization. Moreover, the increasing awareness among people about renewable energies and increased focus on using ammonia to deliver hydrogen as a clean-burning fuel for industries. Additionally, numerous green hydrogen projects and the growing investment in the region are also driving the market growth. For instance, In August 2022, Eni SpA launched a $20 million initiative to investigate the possibility of converting waste CO2 emissions into green ammonia in Italy. The project aims to create a sustainable circular economy model for ammonia production. Moreover, the Government Hydrogen Deployment Plan by France is to set out to provide a national strategy towards the integration of hydrogen into the country’s energy mix with planned short-term and long-term targets. This includes achieving 10% de-carbonization by 2023 through hydrogen and zero emission roads, rails solutions with 5,000 light utility vehicles, 100 hydrogen stations, and 200 heavy vehicles with locally produced hydrogen by 2023. Likewise, factors such as supportive government policies and efforts to meet the rising power and transportation fuel demand using renewable energy sources and decrease the dependency on fossil fuels to reduce carbon emissions are significant contributors to the growth of the market. Similarly, while the decarbonization of ammonia production for fertilizers is already critical to meeting net-zero emissions targets, green ammonia also has immense potential to serve as a next-generation zero-carbon fuel. In this way, it represents a highly flexible way of storing renewable energy and a key complementary technology to direct electrification. For instance, in June 2022, BASF SE partnered with Carbon Clean Solutions, a UK-based carbon capture and utilization company, to develop a green ammonia facility in Antwerp, Belgium. The project aims to produce 50,000 metric tons of green ammonia per year using captured CO2 emissions.
A few key private and public stakeholders in Italy are investing in green hydrogen. As per the draft document of Italian, by 2030- hydrogen could make up 2% of Italy’s final energy demand and could help eliminate up to 8 million tons of CO2, with a 20% energy demand coverage possible by 2050. Furthermore, major companies are collaborating and investing for setting up production plants.
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Further, the Europe Green Ammonia Market is expected to grow at a strong CAGR of approximately 186.1% during the forecast period (2023-2030). Europe is anticipated to emerge as the fastest-growing clean hydrogen market due to the various government plans launched by the European countries, to achieve renewable energy target, climate change mitigation efforts, and decarbonizing industrial processes. Moreover, the supportive government policies & regulation, and technological advancements has also foster the demand for the green ammonia in the region.
Based on technology, the market is divided into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. Among these, the alkaline water electrolysis dominated the green ammonia and is expected to show the same trend in the forecast period. Alkaline water electrolysis is one of the most common types of technologies used to split water into the gases hydrogen and oxygen which uses a potassium hydroxide (KOH) solution and a nickel cathode, and has been the most widely adopted method for producing green ammonia due to its simplicity, maturity, and cost-effectiveness. The considerable supply of KOH and the established supplier network for this chemical decreased production prices and improved scalability. Whilst other electrolysis techniques, which include proton exchange membrane (PEM) and solid oxide electrolysis (SOE), show promise, they face challenges in terms of higher operating temperatures, corrosion resistance, and scaling troubles, which preclude their massive adoption. For instance, In 2022, the Queensland government granted coordinated project status to a USD 4.7 billion proposal to build a green hydrogen and ammonia plant in Gladstone. The project includes plans to build up to 3 gigawatts of electrolysis and produce up to 5,000 tonnes of green ammonia a day. It would be powered by 100% renewable energy, from new-build solar and wind.
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Based on end-users, the market is segmented into industrial feedstock, power generation, transportation, and others. Among these, the industrial feedstock segment has dominated the market in 2022 and is expected to dominate during the forecast period. Industrial feedstock, typically derived from natural gas, provides a well-set up supply chain and infrastructure, which makes it less complicated to scale up production and meet the high needs of various industries. Moreover, currently, the main role of ammonia is as the basic feedstock for inorganic fertilizers that currently support food production for around half of the world’s population. Around 70% of ammonia is used to make fertilizers, with the remainder used for a wide range of industrial applications, such as plastics, explosives, and synthetic fibers. Additionally, Secondly, the price of manufacturing green ammonia from industrial feedstock is typically less as compared to different renewable sources, which includes biomass or solar power, which makes it more economically feasible for mass production. For instance, In March 2022, Mitsui & Co., Ltd. and CF Industries announced plans for New Blue Ammonia Capacity in the United States. The new facility will produce blue ammonia by leveraging carbon capture and sequestration processes to reduce carbon emissions by more than 60% compared to conventional ammonia.
