North America Green Ammonia Market Analysis by Size, Share, Growth, Trends, Opportunities and Forecast (2024-2032) | UnivDatos Market Insights
North America is one of the major regions in the Green Ammonia market with a CAGR of 81.9% from 2024-32F. This is because of the increasing awareness among people about sustainable living and additionally, government initiatives are driving the Green Ammonia market in the region. For example, in the United States, the California Fuel Partnership in their vision report targeted for 1 million FCEVs and 1,000 hydrogen fueling stations by 2030. In addition to this, many companies are investing in research and development in the fields of Green Ammonia which is further driving the growth of this market across the region. For instance, The largest producer of ammonia in the US, CF Industries Holdings, has signed a contract with ThyssenKrupp AG for a 20MW green hydrogen project at its factory in Louisiana (U.S.). When completed in 2023, this green ammonia project will be the largest of its kind in North America.
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Green Ammonia Overview in North America
Green Ammonia is expected to grow at an accelerating rate with a lucrative CAGR of 81.9% as ammonia is a potential carrier and fuel where energy is released by breaking chemical bonds. Ammonia is the second-most widely produced chemical commodity across the globe. Furthermore, the use of green ammonia as a marine fuel in order to cut down carbon emissions is also fueling the demand for cleaner high quality marine fuels which in turn is propelling the market growth.
However, The Covid-19 pandemic has negatively impacted the North America Green Ammonia Market as fossil power generation has faced immense challenges in terms of revenues, projects, CAPEX, and installations. Also, the North America Green Ammonia Market is in initial phases and most of the projects are in pilot or demonstration phases. Thus, the opening of these projects may, however, be at risk due to the global economic downturn which may prioritize other business areas and the workforce. These factors are expected to cause a mild impact on the North America Green Ammonia Market. However, these projects are expected to regain momentum in the upcoming years.
The U.S. is the biggest consumer and one of the major manufacturing hubs for Green Ammonia
The U.S. had the highest revenue in the Green Ammonia market in the North American region. This is mainly owing to the increasing awareness among people about renewable energies and the increasing number of choice options in the region. In addition to this, the growing investment in clean energy initiatives and various government policies in the country is further propelling market growth. For example, the U.S. Department of Energy (DoE) announced USD 50 million for new and innovative research for trucks, off-road vehicles, and fuels that power them. The department also takes the initiative to fund projects that do R&D into wide-scale H2 production and utilization in the U.S. allocating USD 64 million to accelerate hydrogen projects.
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Conclusion
The North America Green Ammonia market is experiencing significant growth globally. Elevating attention to global warming and promoting an understanding of renewable energy are vital drivers of the North America Green Ammonia Market. The growing popularity of the unfavorable effect of fossil fuels on the environment has brought about a surge in demand for clean and sustainable alternatives, consisting of green ammonia. Moreover, by fostering a deeper comprehension of the advantages of renewable energy sources, individuals, companies, and governments to include green ammonia as a critical component of their efforts to combat climate change.
For instance, in August 2022, the World Economic Forum launched a report detailing the urgent need for a rapid transition towards carbon neutrality by mid-century. The report stresses the importance of leveraging innovative technologies like green ammonia to achieve this goal. According to the UnivDatos Market Insights analysis, the rising investment in renewable energy will drive the scenario of the North America Green Ammonia market and as per their “North America Green Ammonia” report, the market was valued at USD 7.9 million in 2023, growing at a CAGR of 89.1% during the forecast period from 2024 - 2032 to reach USD 1,758.8 million by 2032.