The green ammonia market is expected to grow from an estimated in USD 0.3 billion in 2024 to USD 6.2 billion by 2030, at a CAGR of 66.0% during the forecast period. Rising investment in renewable energy projects and a decline in power generation cost is expected to drive the market.
A few major players that have a wide regional presence dominate the green ammonia market. The leading players in the green ammonia market include Siemens Energy (Germany), ACME Group (India), Iberdrola, S.A. (Spain), ThyssenKrupp AG (Germany), Nel ASA (Norway), and Yara (Norway) among others.
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The major strategies these players adopt include product launches and new product development, contracts & agreements, investments & expansions, joint ventures, and partnerships & collaborations. Partnerships and collaborations were the two most adopted strategies from 2020 to 2024.
Siemens Energy is a global leader in the energy industry, providing a diverse variety of products, solutions, and services throughout the energy value chain. It primarily operates in two segments: renewable energy (SGRE) and gas and electricity. The Gas and Power division provides systems, products, solutions, and services for both central and distributed power production and transmission, as well as solutions for a wide range of industrial applications, primarily in the oil and gas industry. The SGRE section manufactures, builds, installs, and develops a diverse range of goods and technologies, such as gas and steam turbines, generators, control systems, grid technology, storage solutions, and advanced renewable energy services.
ACME Group ACME Cleantech Solutions Pvt. Ltd., often known as the ACME Group, is a prominent worldwide sustainable and renewable energy company. ACME Group, known for its ingenuity, has established the world's first integrated pilot project for a green hydrogen and ammonia factory in Bikaner, Rajasthan. Green Hydrogen is created in this project utilizing 5MWp of solar power, which can be scaled up to 10 MWp. The facility will contribute to a reduction of about 4400 tons of CO2 emissions annually. This R&D pilot has provided the Company with knowledge, expertise, and learning, which are currently being used in large-scale Green Hydrogen and Green Ammonia facilities being developed internationally. In addition, ACME aims to become the world's largest green energy source by 2030, generating 10 million tons of green ammonia and hydrogen per year. ACME has begun collaborating with numerous governments, partners, and stakeholders to build initiatives in countries such as Oman, India, Egypt, Australia, and Chile.
ThyssenKrupp AG is an international conglomerate consisting of largely independent industrial and technology businesses. The company operates through six business segments: Materials Services, Industrial Components, Automotive Technology, Steel Europe, Marine Systems, and Multi Tracks. The Multi Tracks segment encompasses a variety of businesses, ranging from plant engineering to automotive supplies. This segment also includes vertical investments and businesses for which ThyssenKrupp is exploring various ownership structures in the short to medium term, potentially involving complete or partial sales or partnerships with external entities. One notable entity within the Multi Tracks segment is ThyssenKrupp Uhde, a partnership with Avril, Axens, CEA, IFPEN, ThyssenKrupp Industrial Solutions, and Total Energies. Uhde specializes in alkaline water electrolysis technology for producing sustainable aviation fuel, ammonia, and hydrogen. ThyssenKrupp AG operates manufacturing plants in France and across Europe, and it has a presence in the Asia Pacific, Americas, Europe, Middle East, and Africa regions.
Nel ASA designs solutions for producing, storing, and distributing hydrogen generated from renewable energy sources. The company specializes in turnkey solutions for hydrogen energy storage, catering to various industries and energy and gas companies. Nel ASA operates through two business segments: Nel Hydrogen Fueling and Nel Hydrogen Electrolyzer. The Nel Hydrogen Electrolyzer segment offers hydrogen production equipment, plants, and power-to-gas systems. It produces green hydrogen by harnessing energy from renewable sources such as solar and wind, and these electrolyzers are also used to produce green ammonia. The hydrogen generation equipment is utilized in a wide range of industrial applications and products, including ammonia, refineries, methanol, edible oil, chemicals, metallurgy, glass, electronics, generator cooling, and polysilicon, which is used in photovoltaic solar panels and other industrial markets. With a global presence in nearly 20 countries, Nel ASA operates manufacturing facilities in Notodden, Norway, and Connecticut, USA.
Yara is a significant worldwide chemical firm that manufactures nitrogen fertilizers, nitrates, ammonia, urea, and other nitrogen-based products. The company has three business segments: fertilizer and chemical products, freight/insurance services, and other products and services. The firm manufactures ammonia, nitrates, and NPK fertilizers (nitrogen, phosphorus, and potassium). Yara Clean Ammonia, a decarbonization-focused subsidiary of Yara International, aims to capitalize on growth prospects in low-emission fuel for transportation and electricity, carbon-free food production, and ammonia for industrial uses. Yara creates carbon-free fertilizers using renewable energy sources and is a significant facilitator in the production of CO2-free or green ammonia, a vital element in green fertilizers. The startup intends to generate green ammonia to cut greenhouse gas emissions by 10% by 2025. The corporation has sales activities in over 60 countries and 28 manufacturing facilities. It operates more than 200 ports, warehouses, blending plants, and bagging facilities.
Related Reports:
Green Ammonia Market by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM), SOE), End-Use Application (Transportation, Power Generation, Industrial Feedstock (Industrial, Fertilizers)), Region - Global Forecast & Trends to 2030
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