Green Ammonia Market

Green Ammonia Market: Industry Trends and Global Forecasts, till 2032: Distribution by Type of Electrolyzer Technology (Alkaline Water Electrolysis, Solid Oxide Electrolyzer Cell, and Polymer Electrolyte Membrane Electrolysis), Type of Power Source (Grid and Dedicated Renewables), Type of Renewable (Hydropower, Solar PV, Wind Power, and Hybrid), Production Plant Capacity (Low, Medium, High and Very High), Developer Company Size (Very Small / Small, Mid-sized, Large and Very Large), Application Area (Industrial Feedstock, Maritime/Shipping Fuel and Other Application Areas), Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) and Leading Players

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Green Ammonia Market Overview

The global green ammonia market size is estimated to be $701 million in 2024 and is anticipated to grow at a CAGR of more than 72%, during the forecast period 2024-2032. The new research study consists of industry trends, detailed market analysis, technology landscape, service provider landscape, supplier landscape, patent analysis, value chain analysis, SWOT analysis, and market forecast and opportunity analysis. The growth in the green ammonia market size over the next decade is likely to be the result of anticipated increase in demand for sustainable alternatives to conventional ammonia production methods.

Green Ammonia Market, by type of Electrolyzer technology, 2023-2035 (USD Billion)

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Ammonia, a colorless pungent gas, is widely used as an industrial feedstock for the production of fertilizers, and other chemicals on a global scale. In fact, around 80% of the ammonia produced is being utilized in the manufacturing of fertilizers. However, conventional ammonia production methods rely heavily on fossil fuels, resulting in significant greenhouse gas emissions and environmental hazards. To address these concerns, the market has witnessed the emergence of clean ammonia, such as green ammonia and blue ammonia.

Green ammonia is produced using renewable energy sources, such as wind, solar, and hydroelectric power, thereby offering several advantages, including carbon neutrality and minimized ecological footprint. Further, green ammonia can be employed as transportation fuel, hydrogen carrier system and as a means of energy storage, making it a versatile and eco-friendly alternative for industries aiming to reduce their carbon footprint. The growth of the green ammonia industry has been further accelerated by the commitment of nations under the Paris Agreement to combat climate change. Signatories to the agreement are focused on reducing greenhouse gas emissions and transitioning towards cleaner energy sources. This has created a favorable regulatory environment and market conditions for the adoption of green ammonia, thereby facilitating the development of more than 170 green ammonia projects across the globe.

Driven by the increasing demand for clean energy solutions, and the global commitment to emission reduction, the green ammonia market is poised to experience exponential market growth during the forecast period.

Market Share Insights

The green ammonia market research report presents an in-depth analysis of the various companies that are engaged in the global green ammonia industry, across different segments, as defined in the table below:

Green Ammonia Market: Report Attributes / Market Segmentations

Key Report Attribute Details
Historical Trend 2021-2023
Base Year 2023
Forecast Period 2024-2032
Market Size 2024 $701 Million
CAGR 72.5%
Type of Electrolyzer Technology
  • Alkaline Water Electrolysis
  • Solid Oxide Electrolyzer Cell
  • Polymer Electrolyte Membrane Electrolysis
Type of Power Source
  • Grid 
  • Dedicated Renewables
Type of Renewable
  • Hydropower
  • Solar PV
  • Wind Power
  • Hybrid
Production Plant
  • Low
  • Medium
  • High 
  • Very High
Developer Company
  • Very Small / Small
  • Mid-sized 
  • Large 
  • Very Large
Application Area
  • Industrial Feedstock
  • Maritime/Shipping Fuel 
  • Other Application Areas
Geography
  • North America (Canada, US)
  • Europe (Austria, Denmark, Finland, Germany, Ireland, Norway, Spain, Sweden, UK, Ukraine)
  • Asia (Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Thailand, Vietnam)
  • Latin America (Brazil, Chile, Colombia, Mexico, Paraguay, Peru, Portugal)
  • Middle East and Africa (Angola, Djibouti, Egypt, Jordan, Kazakhstan, Kenya, Mauritania, Morocco, Namibia, Oman, Saudi Arabia, South Africa, Trinidad and Tobago, UAE, Uzbekistan)
Leading Players
  • ACME Group
  • Amea Power
  • Amp Energy
  • Aquamarine
  • Bear Head Energy
  • CWP Global
  • Envision Technology Group
  • Fertiglobe
  • Fortescue Future Industries (FFI)
  • Greenko
  • Hassan Allam Utilities
  • Helios Industry
  • Hydreen (HLC Green Energy)
  • HYRASIA ONE
  • Iberdrola
  • Infinity Power
  • InterContinental Energy
  • Masdar
  • OCP Group
  • Sany Heavy Energy
  • Solatio Energia
  • TGS
  • Sonangol
  • The Hydrogen Utility™ (H2U)
  • Total Eren (acquired by Total Energies)
  • Transhydrogen Alliance (THA)
  • Unigel
(Full list of 230+ companies and organizations is available in the report)
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  • Overall Market Landscape 
  • Technology Landscape
  • Service Provider Landscape
  • Supplier Landscape
  • Patent Analysis 
  • Market Forecast and Opportunity Analysis 


One of the key objectives of this market report was to estimate the current market size, opportunity and the future growth potential of the green ammonia market, over the forecast period. Based on multiple parameters, likely adoption trends, green ammonia price forecast, we have provided an informed estimate on the market evolution during the forecast period 2024-2032.

The market report also features the likely distribution of the current and forecasted opportunity within the green market across various segments, such as distribution by type of electrolyzer technology (alkaline water electrolysis, solid oxide electrolyzer cell, and polymer electrolyte membrane electrolysis), type of power source (grid and dedicated renewables), type of renewable (hydropower, solar PV, wind power, and hybrid), production plant capacity (low, medium, high and very high), developer company size (very small / small, mid-sized, large and very large), application area (industrial feedstock, maritime/shipping fuel and other application areas), geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa), and leading players.

In order to account for future uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s evolution. Further, all actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.

Green Ammonia Market Key Segments

Market Share by Type of Electrolyzer Technology

The global green ammonia market is categorized into different types of electrolyzer technologies, such as alkaline water electrolysis (AWE), solid oxide electrolyzer cell (SOEC), and polymer electrolyte membrane electrolysis (PEM). Among these technologies, the solid oxide electrolyzer cell segment is projected to witness highest growth rate during the forecast period. This can be attributed to its notable advantages, including high electrical efficiency, surpassing conventional electrolyzers with a remarkable improvement of over 30%, and low material cost. Moreover, SOEC offers the versatility to operate in co-electrolysis mode, facilitating the production of syngas from water steam and carbon dioxide.

Market Share by Application Area

The global green ammonia market is segmented into industrial feedstock, maritime / shipping fuel and other application areas. Owing to the increased focus on reducing emissions in the maritime industry and the growing adoption of green fuels to meet stricter environmental regulations, the maritime / shipping fuel segment is likely to grow at a higher CAGR as compared to other application areas during the forecast period, 2025-2032.

Market Share by Geography

This segment highlights the distribution of green ammonia market across various geographies, such as North America, Europe, Asia, Latin America, and Middle East and Africa. According to our projections, the green ammonia market in Europe is likely to capture majority of the share in 2024, and this trend is unlikely to change in the future. It is also worth highlighting that the market in Asia-Pacific is expected to grow at a relatively healthy CAGR (~80%), during the forecast period, 2024-2032.

Key Market Insights

The “Green Ammonia Market: Industry Trends and Global Forecasts, till 2032: Distribution by Type of Electrolyzer Technology (Alkaline Water Electrolysis, Solid Oxide Electrolyzer Cell, and Polymer Electrolyte Membrane Electrolysis), Type of Power Source (Grid and Dedicated Renewables), Type of Renewable (Hydropower, Solar PV, Wind Power, and Hybrid), Production Plant Capacity (Low, Medium, High and Very High), Developer Company Size (Very Small / Small, Mid-sized, Large and Very Large), Application Area (Industrial Feedstock, Maritime/Shipping Fuel and Other Application Areas), Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) and Leading Players” report features an extensive study of the current market landscape, market size and future opportunities within the green ammonia market, during the given forecast period. The market report highlights the efforts of several stakeholders engaged in this rapidly emerging market segment of the sustainable energy domain. Key takeaways of the green ammonia market report is briefly discussed below.

Applications of Green Ammonia Industry

Green ammonia, also known as renewable ammonia, is a type of ammonia that is manufactured utilizing renewable energy sources. Consecutively, it is gaining recognition as an environmentally sustainable and emission-free alternative to grey ammonia, offering a wide range of potential applications across various sectors. At present, ammonia is being utilized as the industrial feedstock for the production of fertilizers, and other chemicals, including polyimides, nitric acid, and nylon. However, as large-scale production of green ammonia becomes more prevalent and technological advancements continue to evolve, its potential applications are expected to expand. For instance, green ammonia can be utilized in energy storage systems for electricity generation, offering a sustainable solution for balancing intermittent renewable energy sources. In addition, it can also serve as a transport fuel for the shipping industry, reducing carbon emissions and promoting cleaner maritime transportation. Furthermore, green ammonia can act as a carrier for hydrogen, enabling the utilization of green hydrogen in various sectors. With these expanding applications, green ammonia is poised to play a crucial role in the transition towards a more sustainable and low-carbon future.

Competitive Landscape of Green Ammonia Market

The current market landscape features the presence of over 115 companies that are engaged in the development of over 170 green ammonia projects worldwide. Overall, the green ammonia market seems to be dominated by the presence of large, and very large companies having the required expertise to contribute significantly to the growth and development of the industry. It is also worth mentioning that nearly 65% of the green ammonia companies are based in Asia-pacific and Europe.

Market Trends: Strategic Partnerships are Driving Advancements in Green Ammonia Market

Stakeholders in the green ammonia industry have forged several partnerships with organizations to drive technological advancements in the sustainable energy domain. For instance, in December 2023, Sembcorp Industries entered into a strategic partnership with two Japanese firms, namely Sojitz Corp and Kyushu Electric Power in order to supply green ammonia produced in India to Japan, thereby reducing carbon-emissions in Japan. The partnership aligns with the Japanese government's objective of achieving net-zero emissions by 2050. Earlier in April 2023, Yara Clean Ammonia (a subsidiary of Yara International) and VNG forged an alliance in order to facilitate the supply of clean ammonia (blue ammonia and green ammonia) as a hydrogen and energy carrier into the German market. The partnership aims to develop projects that promote the use of clean ammonia and contribute to decarbonizing the power supply mix in Germany, with Rostock as the point of import. Such partnerships are expected to drive green ammonia market growth during the forecast period.

Impact of Russia-Ukraine War on Green Ammonia Market

Russia is widely recognized as the largest manufacturer of ammonia-based fertilizers. In fact, Russia plays a crucial role in supplying natural gas to the European Union (EU), accounting for 40% of its requirements. Moreover, Germany relies heavily on Russia for around 50% of its natural gas demand. It is important to note that the pipelines across Ukraine serve as the conduit for natural gas delivery from Russia to multiple countries. As a result, the ongoing Russia-Ukraine conflict has had a substantial impact on the supply of conventional ammonia (grey ammonia). Specifically, ammonia exports from Yuzhnyy, Ukraine, have been halted due to the conflict, resulting in concerns regarding energy security. Additionally, given that the European countries have pledged to diminish / entirely cease their procurement of natural gas from Russia in the coming years, experts predict that the Russia-Ukraine conflict may result in long-term changes in demand for Russian ammonia.

However, amidst these challenges, the emergence of green ammonia as an alternative to conventional ammonia holds immense promise. As mentioned earlier, unlike conventional production methods, green ammonia production is decoupled from natural gas dependency, thereby insulating ammonia prices from natural gas fluctuations. Furthermore, the production process of green ammonia is environment friendly, devoid of carbon dioxide emissions. This aligns with the pressing need to transition to low-carbon or relatively cleaner energy sources and enhance overall energy efficiency worldwide.

Market Size of the Green Ammonia Market

Driven by the increasing demand for sustainable energy solutions across various geographies, the green ammonia market is anticipated to grow at a CAGR of 72.5% during the forecast period (2024-2032). As the detrimental environmental impact of grey ammonia becomes more evident, there is a growing need for cleaner alternatives, such as green ammonia and blue ammonia. Additionally, the substantial support and initiatives from governments worldwide play a crucial role in driving the growth of the green ammonia market.

Europe Holds the Largest Share of the Green Ammonia Market

Currently, close to 33% of the market opportunity in the green ammonia industry is captured by ongoing projects in Europe. This can be attributed to the establishment of the Iberdrola – Puertollano green ammonia plant in Spain, which has an annual green ammonia production capacity of 200,000 metric tons. This plant has significantly accelerated green ammonia production in the region. Moreover, the green ammonia industry foresees the operation of over 10 production plants in Europe by 2026, with cumulative annual green ammonia production capacity exceeding 1 million metric tons. Similarly, due to the establishment of several large-scale production facilities in the Asia-Pacific region, particularly in India and Australia, Asia-Pacific is expected to become the hub of green ammonia production during the forecast period.

Leading Companies in the Green Ammonia Market

Examples of key companies engaged in the green ammonia industry (which have also been captured in this market report, arranged in alphabetical order) include ACME Group, Amea Power, Amp Energy, Aquamarine, Bear Head Energy, CWP Global, Envision Technology Group, Fertiglobe, Fortescue Future Industries (FFI), Greenko, Hassan Allam Utilities, Helios Industry Hydreen (HLC Green Energy), HYRASIA ONE, Iberdrola, Infinity Powe, InterContinental Energy, Masdar, OCP Group, Sany Heavy Energy, Solatio Energia, TGS, Sonangol, The Hydrogen Utility™ (H2U), Total Eren (acquired by Total Energies), Transhydrogen Alliance (THA), Unigel. This market report includes an easily searchable excel database of all the companies engaged in the green ammonia industry worldwide.

Report Coverage

The green ammonia market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain, across different segments. Amongst other elements, the market report includes:

  • A preface providing an introduction to the full report, Green Ammonia Market, 2021-2023 (Historical Trends) and 2024-2032 (Forecasted Estimates).
  • An outline of the systematic research methodology adopted to conduct the study on green ammonia market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure accuracy and reliability of our findings.
  • An overview of economic factors that impact the overall green ammonia market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
  • An executive summary of the insights captured during our research. It offers a high-level view on the current state of the green ammonia market and its likely evolution in the mid-long term.
  • A detailed assessment of green ammonia projects currently underway / planned for the future, based on several relevant parameters, including year of commercial operation, project status, type of electrolyzer technology employed, type of electricity used, type of dedicated renewable, location of the production plant and total investment amount. Further, it highlights a detailed assessment of the overall market landscape of developer companies, along with information on their year of establishment, company size and location of headquarters.
  • A detailed assessment of the current market landscape of green ammonia production technology providers, featuring analysis based on several parameters, such as year of establishment, company size (in terms of employee count) and location of headquarters. In addition, the chapter provides details regarding the various green ammonia technologies currently being employed or are under development.
  • A detailed assessment of the current market landscape of green ammonia service providers, featuring analysis based on several parameters, such as year of establishment, company size (in terms of employee count) and location of headquarters.
  • A detailed assessment of the current market landscape of green ammonia suppliers, featuring analysis based on several parameters, such as year of establishment, company size (in terms of employee count) and location of headquarters.
  • A value chain analysis featuring a discussion on various steps involved in the development of green ammonia production plant, such as feedstock sourcing, electrolysis, ammonia synthesis, purification and storage, distribution and logistics, and utilization, as well as the cost requirements across each of the aforementioned stages.
  • An in-depth analysis of the patents that have been filed / granted for green ammonia production approaches and technologies, based on important parameters, such as type of patent, patent application year, patent publication year, geography, emerging focus area, type of organization, leading industry and non-industry players (in terms of number of patents filled / granted), and individual patent assignees (in terms of size of intellectual property portfolio). 
  • A discussion on affiliated trends, key drivers and challenges, under a SWOT framework, which are likely to impact the industry’s evolution, along with a Harvey ball analysis, highlighting the relative effect of each SWOT parameter on the overall green ammonia industry.
  • A detailed estimate of the current market size, current opportunity, and the future growth potential of the green ammonia market over the next decade. Based on multiple parameters, such as likely adoption trends and green ammonia price forecast, we have provided an informed estimate on the market evolution during the forecast period 2024-2032. The report also features the likely distribution of the current and forecasted opportunity within the green ammonia market. Further, in order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s growth.
  • Detailed projections of the current and future green ammonia market across various types of electrolyzer technologies, such as alkaline water electrolysis, solid oxide electrolyzer cell, and polymer electrolyte membrane electrolysis. 
  • Detailed projections of the current and future green ammonia market across various types of power source, such as grid and dedicated renewables.
  • Detailed projections of the current and future green ammonia market across various types of renewables, such as hydropower, solar PV, wind power, and hybrid.
  • Detailed projections of the current and future green ammonia market across various range of production plant capacities, such as low, medium, high and very high.
  • Detailed projections of the current and future green ammonia market across various developer company sizes, such as very small / small, mid-sized, large and very large.
  • Detailed projections of the current and future green ammonia market across various application areas, such as industrial feedstock, maritime/shipping fuel and other application areas.
  • Detailed projections of the current and future green ammonia market across various geographies, such as North America (Canada, US), Europe (Austria, Denmark, Finland, Germany, Ireland, Norway, Spain, Sweden, UK, Ukraine), Asia (Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Thailand, Vietnam), Latin America (Brazil, Chile, Colombia, Mexico, Paraguay, Peru, Portugal), and Middle East and Africa (Angola, Djibouti, Egypt, Jordan, Kazakhstan, Kenya, Mauritania, Morocco, Namibia, Oman, Saudi Arabia, South Africa, Trinidad and Tobago, UAE, Uzbekistan). 
  • Detailed projections of the current and future market shares of the leading players engaged in the green ammonia market.

Recent Developments in Green Ammonia Market

Several recent developments have taken place in the green ammonia industry, some of which have been outlined below. These developments substantiate the overall market trends that we have outlined in our analyses.

  • In January 2024, the ACME Group entered into a strategic partnership with IHI Corporation to facilitate the delivery of 400,000 metric tons of green ammonia from Odisha, India to Japan. With the support and incentives offered by the Indian government under the National Green Hydrogen Mission and the State Government of Odisha, the collaboration aims to compete with the relatively cheaper but less environment-friendly blue ammonia supply.
  • In January 2024, Infinium and Amogy forged a strategic alliance in order to investigate the capabilities of Amogy's ammonia-cracking technology in generating green hydrogen as a raw material for Infinium's e-fuels production.
  • In January 2024, NTPC Green Energy signed a memorandum of understanding (MoU) with the Government of Maharashtra for the development of green hydrogen, green ammonia, and green methanol projects in the state. This collaboration aims to drive the advancement of sustainable energy solutions and contribute to the growth of the green energy sector in Maharashtra, with an investment of around INR 80,000 crore.

Author(s): Ronit Sharma, Jayita Sood

Frequently Asked Questions

Question 1: Is there a market for green ammonia? How big is the green ammonia market?

Answer: The global market for green ammonia is estimated to be more than USD 700 million in 2024.

Question 2: Who are the largest producers of green ammonia?

Answer: Prominent players engaged in the production of green ammonia (which have also been captured in this market report, arranged in alphabetical order) include Aquamarine, Envision Technology Group, Fertiglobe, Helios Industry, Iberdrola, Sany Heavy Energy, Sonangol, TGS, The Hydrogen Utility™ (H2U), and Unigel.

Question 3: What is the current price of green ammonia?

Answer: The current market price of green ammonia is estimated to be around USD 700 per metric ton. It is important to note that the cost of green ammonia can vary depending on several factors, including the availability of renewable resources, such as solar and wind energy, as well as the pricing of carbon credits and electricity.

Question 4: What is the trend in green ammonia?

Answer: Industries and governments are recognizing the potential of green ammonia as a sustainable energy carrier, with a focus on areas, such as maritime fuel, hydrogen production, and e-fuels. This growing trend is supported by policies, incentives, and collaborations aimed at advancing the adoption of green ammonia and contributing to a more sustainable future.

Question 5: What is the growth rate (CAGR) in the green ammonia market?

Answer: The global green ammonia market is expected to grow at a CAGR of 72% from 2024 to 2032.

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