Global Green Ammonia Market Set to Exceed $55 Billion by 2032, Driven by the Shift to Cleaner Energy

Green ammonia isn't exactly novel.  It is the same component that has been used in fertilizers and chemical operations for many years.  What has changed is the process by which it is generated.  By extracting hydrogen with renewable electricity and mixing it with nitrogen via ammonia synthesis, a carbon-free fuel is created that offers promise in a variety of industries, including shipping, energy storage, and industrial feedstock.

Roots Analysis has released a fresh update on the green ammonia market, painting a picture of explosive growth ahead. If trends hold steady, the sector, which was worth just about USD 701 million in 2024, could surge past USD 55 billion by 2032.

What's causing this momentum to build?  an increasing urgency on a worldwide scale to reduce carbon emissions and switch to more environmentally friendly energy sources.  Green ammonia, which is produced using renewable energy sources, is seen not just as a viable alternative but as a significant pillar for the energy transition as a result of the growing pressure on industry to decarbonize.

What's driving green ammonia market growth?

Strict environmental rules are dictating the pace.  Countries and businesses alike are being urged to reconsider how they generate and utilize energy.  With renewable energy costs continually lowering, green ammonia is gaining popularity as a clean fuel and adaptable industrial material.

Nonetheless, obstacles loom.  Upfront costs remain expensive, especially for organizations looking to modify existing ammonia factories.  Smaller businesses and developing countries also face challenges in modernizing infrastructure and acquiring reliable, cost-effective renewable energy.  Concerns about scalability and manufacturing efficiency make it evident that this will not be an easy shift.

Nonetheless, continual advances in electrolysis technology, improved renewable grids, and cooperation among governments, industries, and universities are helping to change the trend.  The burgeoning green hydrogen economy is also giving a significant boost, with green ammonia frequently viewed as a natural partner.

A Breakdown of the Market

Roots Analysis breaks the landscape into several segments 

§  Electrolyzer Technology: Alkaline water electrolysis holds the biggest chunk of the market today, accounting for over 65% of revenues. But keep an eye on solid oxide electrolyzers — they’re growing fast, at more than 100% CAGR over the next several years.

§  Power Source: Plants running purely on dedicated renewable power dominate, grabbing 98% of 2024 revenues. Hybrid setups (grid + renewables) are catching up quickly though.

§  Renewable Type: Hybrid renewable plants (mix of wind, solar, hydro) are leading right now, offering better consistency across seasons.

§  Production Scale: Mid-sized plants (0.1 to 0.5 million tons capacity) currently rule the market, but large-scale facilities (over 1 million tons) are poised to grow fastest.

§  Developer Size: Unsurprisingly, it’s the giants — companies with over 10,000 employees — that control the majority share today. However, mid-sized companies are racing ahead, posting an incredible 133% annualized growth rate.

§  Application: Industrial feed stock remains the top application today. But maritime fuels and other emerging uses are rapidly gaining attention.

Geographical Trends

Europe leads the charge, with more than a third of the global green ammonia revenue share in 2024. However, North America is heating up fast, with a projected CAGR of almost 98%, thanks to rising federal incentives, private investments, and clean energy mandates.

Key Players in Focus

Several big names are positioning themselves at the forefront of this green revolution. The report spotlights players like ACME Group, Amea Power, Amp Energy, Fertiglobe, Fortescue Future Industries, Iberdrola, Masdar, OCP Group, and TotalEnergies, among others. These companies are setting the pace by launching ambitious green ammonia projects across Australia, the Middle East, Europe, and Africa.

About Roots Analysis 

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