Westford, USA,, April 23, 2023 (GLOBE NEWSWIRE) — As per the latest report by SkyQuest, the global market for blue ammonia is anticipated to reach USD 23 million by 2030, with a CAGR of 5.49% during the forecast period of 2023-2030. The report highlights that the market is expected to witness a significant growth in North America and Asia Pacific owing to increasing concerns for reducing carbon emissions, growing demand for renewable energy sources, rising government initiatives promoting clean energy solutions, investments in research and development activities, and technological advancements. According to the report, the global blue ammonia production capacity is estimated to grow to 2.7 million tonnes by 2030 from 20,000 tonnes in 2020.
Moreover, the demand for hydrogen as a clean fuel is expected to fuel the growth of the blue ammonia market. A report by IRENA suggests that the demand for hydrogen could increase by 8-14 times by 2050 to meet climate goals
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Browse in-depth TOC on “Blue Ammonia Market”
- Pages – 242
- Tables – 90
- Figures – 76
The significance of market is increasing owing to its potential as a clean energy source that can mitigate carbon emissions. The production of blue ammonia through renewable energy sources by converting nitrogen and hydrogen into ammonia can be used as a fuel or a carbon-free fertilizer. The market is predicted to experience significant growth in the upcoming years, fueled by government initiatives and investments in research and development for sustainable energy solutions.
Prominent Players in Blue Ammonia Market
- Mitsubishi Heavy Industries, Ltd.
- CF Industries Holdings, Inc.
- Yara International ASA
- Toshiba Energy Systems & Solutions Corporation
- Kawasaki Heavy Industries, Ltd.
- Saudi Basic Industries Corporation (SABIC)
- Linde plc
- Air Products and Chemicals, Inc.
- Mitsubishi Corporation
- Sumitomo Corporation
- Johnson Matthey Plc
- Ørsted A/S
- ENGIE SA
- BASF SE
- Siemens Energy AG
- AMMONIA Casale S.A.
- Thyssenkrupp AG
- Royal Dutch Shell plc
- ExxonMobil Corporation
- TotalEnergies SE.
Transportation Segment to Drive Higher Sales Due to the Growing Demand for Carbon-neutral Fuels
Recent analysis reveals that the construction and infrastructure segment played a significant role in the rapid development market in 2021. This trend is expected to continue from 2022 to 2030 as there is a growing demand for carbon-neutral fuels. SkyQuest report suggests that blue ammonia could potentially be utilized as fuel for shipping, with a potential demand of up to 60 million metric tons per year by 2030. The International Maritime Organization’s regulations mandating a reduction in carbon emissions from shipping are driving this demand.
In addition, North America is predicted to become a major player in the Blue Ammonia market from 2022 to 2030, according to research analysis. SkyQuest’s projections for the region indicate a CAGR of 14.82% during the forecast period, driven by increasing investments in renewable energy, rising demand for clean energy sources, and favorable government initiatives promoting the adoption of green hydrogen and ammonia. The US Department of Energy’s (DOE) Energy Earthshots Initiative aims to accelerate the development of clean energy technologies, including blue ammonia to reduce the cost of clean hydrogen by 80% and achieve a target of $1 per kilogram of hydrogen by 2030.
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Steam Methane Reforming Segment to Exhibit Strong Growth Due to Established Infrastructure and Lower Investment Costs than Other Technologies
According to a recent analysis, the dominance of steam methane reforming in the Blue Ammonia market is expected to continue from 2022 to 2030. The established infrastructure and lower investment costs than other technologies, such as solid oxide electrolysis and alkaline electrolysis, drive this trend. The SkyQuest report indicates that steam methane reforming (SMR) accounts for around 80% of the total ammonia production globally.
Furthermore, the Asia Pacific is projected to remain a major player in the blue ammonia market by 2030, with a CAGR of 20.97% during forecast period the due to increasing investments in clean energy and government initiatives to reduce carbon emissions. Several leading manufacturers are located in this region, and there is significant demand for ammonia-based fertilizers. The Japanese government has set a target to produce 3 million tons per year by 2030 as part of its carbon neutrality goal 2050, which is expected to drive the growth of market in the region.
Recently in this report, a comprehensive analysis of the major players in the blue ammonia market has been recently conducted. Collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market, are encapsulated in the market analysis. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Blue Ammonia Market
- Copenhagen Infrastructure Partners (CIP) has teamed up with Sustainable Fuels Group (SFG) to purchase a majority stake in a blue ammonia project. The project is situated on the Gulf Coast and has signed a contract with International-Matex Tank Terminals (IMTT) for ammonia storage and handling services. CIP’s Energy Transition Fund (CI ETF I) will finance the project, which is projected to produce 4,000 tons of blue ammonia every day. The facility will have an annual production capacity of 3 million tons by 2027 once both phases become fully operational. The financial details of the deal have not been disclosed publicly yet.
- Yara Clean Ammonia (Yara), a subsidiary of Yara International ASA, and Enbridge Inc. have signed a letter of intent to collaboratively develop and build a large-scale low-carbon blue ammonia production plant as equal partners. The proposed facility, which will employ autothermal reforming with carbon capture, will be situated at the Enbridge Ingleside Energy Center near Corpus Christi, Texas.
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Key Questions Answered in Blue Ammonia Market Report
- What specific growth drivers will impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?
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