Green Ammonia Market is estimated to reach US$ 5.9 billion by 2031

Global Green Ammonia Market size was worth US$ 0.2 billion in 2023 and is estimated to reach US$ 5.9 billion by 2031, growing at a CAGR of 52.95% during the forecast period 2024-2031.

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Market Dynamics

Green Ammonia as a Maritime Fuel

The shipping industry currently accounts for approximately 3% of global greenhouse gas emissions, largely due to its reliance on diesel and high-sulfur fuels. Heavy fuel oil, the most prevalent bunker fuel used by ships, is a byproduct of crude oil distillation. When this high-sulfur fuel is combusted, it releases toxic sulfur oxides (SOx) into the atmosphere.

Facing increasing pressure to cut emissions, the maritime sector is actively transitioning to cleaner energy alternatives.

The International Maritime Organization (IMO) has enforced a stricter sulfur limit for marine fuels, reducing it to 0.5 percent mass by mass (m/m) for ships operating outside designated emission control areas. This regulatory shift is paving the way for higher-quality marine fuels, thereby creating significant growth opportunities for green ammonia as a sustainable maritime fuel option.

Market Segments

• By Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM), Solid Oxide Electrolysis (SOE)

• By End-User (Transportation, Power Generation, Industrial Feedstock)

• By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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Market Regional Share

Green Hydrogen Projects Bolstering Europe’s Sustainable Energy Landscape

Europe is poised to secure a significant share of the global market thanks to its flourishing green hydrogen projects. These initiatives are key drivers of regional growth in green ammonia, spurred by an increasing number of fuel cell projects and robust government support for deploying fuel cells across both residential and commercial applications.

Moreover, the swift adoption of electric vehicles in Europe is expected to expand the demand for fuel cells, further enhancing the market for green ammonia. This surge is largely attributable to a growing preference for sustainable energy alternatives in both power generation and transportation, underscoring Europe’s commitment to a greener, low-carbon future.

Key Market Players

Key players are ThyssenKrupp, Siemens Energy, Man Energy Solutions, Nel Hydrogen, Green Hydrogen Systems, ITM Power, Mcphy Energy, Hydrogenics, Star Fire Energy and AquaHydrex.

Recent Developments

• In May 2024, Cepsa has picked thyssenkrupp nucera as the preferred supplier for a 300-megawatt electrolyzer for its new green hydrogen plant in Spain, set to open. The deal was revealed at the World Hydrogen Summit in Rotterdam. The electrolyzer will play an important role in producing green hydrogen, helping Cepsa’s efforts to create sustainable energy solutions.

• In September 2023, OPAL Fuels entered into a joint venture with South Jersey Industries, an energy infrastructure holding firm, to develop, build, own, and operate RNG facilities.