Research Nester published a report titled “Ammonia Market: Global Demand Analysis & Opportunity Outlook 2036” which delivers detailed overview of the global ammonia market in terms of market segmentation by technology, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global ammonia market is segmented by technology into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis, out of which, the solid oxide electrolysis segment is anticipated to hold the largest market share throughout the forecast period, i.e., 2024-2036. The segment is further projected to attain a market revenue of USD 496.38 Million by the end of 2028. The growth of the segment can be attributed to the numerous benefits associated with the technology, which is why, it is widely used for the production of ammonia.
The global ammonia market is estimated to grow with a CAGR of 62.84% during the forecast period. The growth of the market can be attributed to the increasing adoption of energy-efficient technology worldwide, followed by the increasing adoption of energy-as-a-service model to meet the rising demand for energy worldwide. The market is further projected to garner a revenue of USD 851.3 Million by the end of 2036 from USD 13.15 Million in 2019.
Based on geography, the global ammonia market is segmented into North America, Europe, Asia Pacific, and Rest of the World, out of which, the market in Europe is anticipated to reach USD 558.03 Million by the end of 2036 and hold the largest market share throughout the forecast period. The Europe ammonia market is further anticipated to grow with the highest CAGR of 65.37% during the forecast period, backed by the rising number of hydrogen projects in the region, along with the numerous initiatives generated by the governments of the countries in the region to promote the adoption of hydrogen projects.
Growing Concern for Environmental Pollution Generated Due to Rising GHG Emissions
In the statistics by Climate Watch, total greenhouse gas emissions worldwide reached 48939.71 MtCO2e in 2018 from 32645.91 MtCO2e in 1990.
Ammonia is used worldwide in industries for various end use applications. Over the years, ammonia has been produced by using conventional processes, that uses fossil fuels majorly. The conventional production process emits a significant amount of carbon dioxide to the environment, which is raising the need to adopt sustainable measures, and in turn drive the market growth.
However, the high initial capital investment required for the producing ammonia is expected to operate as key restraint to the growth of global ammonia market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global ammonia market which includes company profiling of Nel ASA, Siemens AG, ITM Power, thyssenkrupp Industrial Solutions, MAN Energy Solutions SE, McPhy Energy S.A., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global ammonia market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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https://www.researchnester.com/reports/ammonia-market/4518
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