Europe is one of the major regions in the Green Ammonia market with a CAGR of 77.2% from 2024-32F. This is because of the increasing awareness among people about sustainable living and additionally, government initiatives are driving the Green Ammonia market in the region. For instance, The EU hydrogen strategy aims to create at least 6 GW of electrolyzer capacity by 2024, enough to produce up to 1 Mt/yr of green hydrogen. In addition, the company HEGRA (co-owned by Yara, Aker Clean Hydrogen, and Statkraft), aims to electrify and decarbonize the ammonia plant at Herøya (Norway), enabling large-scale green ammonia production. Furthermore, this project will reduce CO2 emissions by 800,000 tonnes annually, equivalent to 300,000 fossil-fueled cars. With this, the company marks the beginning of developing a Norwegian value chain for green ammonia and hydrogen.
Request To Download Sample of This Strategic Report - https://univdatos.com/get-a-free-sample-form-php/?product_id=59280
Green Ammonia Overview in Europe
Green Ammonia is expected to grow at an accelerating rate with a lucrative CAGR of 77.2% as ammonia is a potential carrier and fuel where energy is released by breaking chemical bonds. Ammonia is the second-most widely produced chemical commodity across the globe. Furthermore, the use of green ammonia as a marine fuel in order to cut down carbon emissions is also fueling the demand for cleaner high quality marine fuels which in turn is propelling the market growth.
The de-carbonization strategy of the European Commission which is part of the EU Green Deal includes the latest push of the region for wider adoption of low-carbon technologies including green ammonia. Furthermore, the growth of this market is also driven by various green hydrogen projects developing in several European countries such as Germany, Netherlands, and Norway among others, and several government strategies to produce green hydrogen.
Germany is the biggest consumer and one of the major manufacturing hubs for Green Ammonia
The Germany have strong presence in the green ammonia market owing to the increasing awareness among people about renewable energies and increased focus on using ammonia to deliver hydrogen as a clean-burning fuel for industries. Germany’s government has also planned to invest around US $10.5 billion in building up hydrogen as a green fuel. Additionally, numerous green hydrogen projects and the growing investment in the country is also driving the market growth. For instance, Uniper plans to establish a German national hub for hydrogen in Wilhelmshaven. This plan includes an import terminal for green ammonia which will be equipped with an ammonia cracker for producing green hydrogen and will also be connected to the planned hydrogen network. In October 2021, the UK-based oil and gas company INEOS announced that it will build a large-scale, 100-megawatt electrolyser to produce green hydrogen at the Koln site in Germany. The company will execute this through its subsidiary INOVYN. Firstly, the company will produce green hydrogen to feed into its green ammonia production. The green hydrogen project aims to reduce direct and indirect carbon emissions by over 120,000 tonnes per year.
Ask for Report Customization - https://univdatos.com/get-a-free-sample-form-php/?product_id=59280
Browse Related Reports:
· Carbon Offset and Carbon Credit Trading Service Market
Conclusion
The Europe Green Ammonia market is experiencing significant growth globally. Elevating attention to global warming and promoting an understanding of renewable energy are vital drivers of the Europe Green Ammonia Market. The growing popularity of the unfavorable effect of fossil fuels on the environment has brought about a surge in demand for clean and sustainable alternatives, consisting of green ammonia. Moreover, by fostering a deeper comprehension of the advantages of renewable energy sources, individuals, companies, and governments to include green ammonia as a critical component of their efforts to combat climate change.
For instance, in August 2022, the World Economic Forum launched a report detailing the urgent need for a rapid transition towards carbon neutrality by mid-century. The report stresses the importance of leveraging innovative technologies like green ammonia to achieve this goal. According to the UnivDatos Market Insights analysis, the rising investment in renewable energy will drive the scenario of the Europe Green Ammonia Market and as per their “Europe Green Ammonia” report, the market was valued at USD 36.7 million in 2023, growing at a CAGR of 77.2% during the forecast period from 2024 - 2032 to reach USD 6,821.2 million by 2032.
