According to UnivDatos, the “APAC Green Ammonia Market” was valued at USD 14.9 Million and is expected to grow at a strong CAGR of around 80.9% during the forecast period (2024-2032). Owing to rising investment in renewable energy.

The APAC region is projected to dominate the forecast period as the region has the highest number of automotive manufacturers and production units that cater to the demand for green ammonia. The foremost factors attributed to the boom of the market are the increasing favorable government policies, technological advancements, investment by governments and private players, economic growth, and policies to reduce decarbonization. Moreover, the increasing awareness among people about renewable energies and increased focus on using ammonia to deliver hydrogen as a clean-burning fuel for industries. Additionally, numerous green hydrogen projects and the growing investment in the region are also driving the market growth. Likewise, factors such as supportive government policies, efforts to meet the rising power, transportation fuel demand using renewable energy sources, and decrease the dependency on fossil fuels to reduce carbon emissions are significant contributors to the growth of the market. Similarly, while the decarbonization of ammonia production for fertilizers is already critical to meeting net-zero emissions targets, green ammonia also has immense potential to serve as a next-generation zero-carbon fuel. In this way, it represents a highly flexible way of storing renewable energy and a key complementary technology to direct electrification. Under the Paris Agreement (signed in 2015 by all countries in the region), they must reduce their greenhouse emissions to limit the global temperature increase to no more than 2 degrees Celsius and pursue efforts to limit the increase to 1.5 degrees Celsius. Renewable Energy adoption is necessary to meet these targets and most countries in the region example, Japan has the basic Hydrogen Strategy to have 200,000 FCVs by 2025 and 800,000 FCVs by 2030 and thus expand its number of Hydrogen stations to 320 by 2025.

Access sample report (including graphs, charts, and figures) - https://univdatos.com/reports/apac-green-ammonia-market?popup=report-enquiry

Further, the APAC Green Ammonia Market is expected to grow at a strong CAGR of approximately 80.9% during the forecast period (2024-2032). China is anticipated to emerge as one of the fastest-growing clean hydrogen markets due to the various government plans launched by the government of China to achieve renewable energy targets, climate change mitigation efforts, and decarbonizing industrial processes. Moreover, supportive government policies & regulations, and technological advancements have also fostered the demand for green ammonia in the region.

For a detailed analysis of the APAC Green Ammonia Market browse through

Based on technology, the market is divided into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. Among these, the alkaline water electrolysis dominated the green ammonia and is expected to show the same trend in the forecast period. Alkaline water electrolysis is one of the most common types of technologies used to split water into the gases hydrogen and oxygen which uses a potassium hydroxide (KOH) solution and a nickel cathode, and has been the most widely adopted method for producing green ammonia due to its simplicity, maturity, and cost-effectiveness. The considerable supply of KOH and the established supplier network for this chemical decreased production prices and improved scalability. Whilst other electrolysis techniques, which include proton exchange membrane (PEM) and solid oxide electrolysis (SOE), show promise, they face challenges in terms of higher operating temperatures, corrosion resistance, and scaling troubles, which preclude their massive adoption.

Based on end-users, the market is segmented into industrial feedstock, power generation, transportation, and others. Among these, the industrial feedstock segment has dominated the market in 2022 and is expected to dominate during the forecast period. Industrial feedstock, typically derived from natural gas, provides a well-set up supply chain and infrastructure, which makes it less complicated to scale up production and meet the high needs of various industries. Moreover, currently, the main role of ammonia is as the basic feedstock for inorganic fertilizers that currently support food production for around half of the world’s population. Around 70% of ammonia is used to make fertilizers, with the remainder used for a wide range of industrial applications, such as plastics, explosives, and synthetic fibers. Secondly, the price of manufacturing green ammonia from industrial feedstock is typically less as compared to different renewable sources, which include biomass or solar power, which makes it more economically feasible for mass production. Furthermore, major players in the shipping industry such as Maersk, Fleet Management, Keppel Offshore & Marine, Sumitomo, and Yara International, have come together and have launched a feasibility study on the use of green ammonia as maritime fuel.

Contact Us:

UnivDatos

Email - contact@univdatos.com

Website - www.univdatos.com