Green Ammonia Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 "Rising Government Support and Policies to Achieve the Renewable Energy Targets, and Persistent Cordial Work to Decarbonizing Industrial Processes Fueling Demand for Green Ammonia Market Globally”

The world is witnessing a paradigm shift toward renewable energy sources, driven by the pressing need to reduce carbon emissions and mitigate the impact of weather change. Governments around the world are imposing policies and providing support to obtain their renewable energy targets, which is developing a conducive environment for the boom of the global green ammonia market. green ammonia, produced through the conversion of renewable energy sources along with wind, solar, or hydroelectric power, offers a feasible alternative to traditional ammonia manufacturing strategies, which are important contributors to greenhouse fuel emissions. Moreover, the growing government aid and guidelines aimed at reaching renewable electricity targets, and how those efforts are driving the increase of the inexperienced ammonia market globally.

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Governments are playing a crucial role in promoting the use of renewable energy sources and reducing reliance on fossil fuels. Various policy instruments are being employed to encourage the deployment of green ammonia production facilities, such as tax credits, subsidies, and feed-in tariffs. For instances,

• In the United States, the Federal Production Tax Credit (PTC) provides eligible electricity generators with a tax credit of 2.5 cents per kilowatt hour generated, making green ammonia production more competitive with traditional methods.
• In Europe, the European Union's Emission Trading System (ETS) sets a cap on carbon emissions and provides financial incentives for companies to adopt cleaner production methods, including green ammonia.
• In India, the National Solar Mission set a target of generating 1 lakh MW of solar power by 2022, which is likely to drive the demand for green ammonia.

Another important factor driving the increase of the global green ammonia market is the effort to decarbonize industrial processes. traditional ammonia production is based closely on natural gas, which is a massive supply of greenhouse gas emissions. As industries look to reduce their carbon footprint, the demand for green ammonia is probably to grow. Governments and businesses are collaborating to discover methods to replace natural fuel with renewable electricity sources in business processes, together with the Haber-Bosch process utilized in ammonia production. For instances,

• In April 2022, Air Liquide and Plug Power signed an agreement to jointly develop and commercialize a hydrogen-based ammonia production technology for the steel industry. This technology has the potential to significantly reduce the carbon footprint of steel production.
• In January 2022, the International Association of Natural Gas & LNG Producers (IOGP) published a report detailing the progress made in decarbonizing the oil and gas industry. The report highlights the importance of developing low-carbon hydrogen and ammonia production technologies as part of the transition to a net-zero emission future.
• In November 2022, the World Economic Forum published a report titled "Accelerating the Transition to Low-Carbon Ammonia." The report examines the current state of ammonia production and identifies key areas where innovations can help reduce emissions. It also highlights the potential for low-carbon ammonia to play a critical role in reaching net-zero emissions goals by mid-century.

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Conclusion:

The rising government support and policies aimed at achieving renewable energy targets, along with continuous efforts to decarbonize industrial processes, are driving the demand for green ammonia on a global scale. Governments worldwide recognize the urgency to transition towards sustainable energy solutions and are implementing various measures to incentivize investment and promote research and development. With each passing day, the green ammonia market expands, offering a promising pathway to a greener and more sustainable future. Contact UnivDatos Market Insights, a rapidly growing dynamic market research firm led by a core of dedicated professionals for further information. According to the UnivDatos Market Insights analysis, the burgeoning adoption of electric vehicles massively transformed the global scenario of the “Green Ammonia Market” report, the global market was valued at USD 30 million in 2022, growing at a CAGR of 181.6% during the forecast period from 2023 - 2030 to reach USD 121 billion by 203O.