Blue Ammonia Market projected to reach USD 3,269.9 Million by 2030, growing at a CAGR of 60.3% during the forecast period of 2023-2030 – pronounced by MarketDigits in its recent study.
Blue Ammonia Market projected to reach USD 3,269.9 Million GlobeNewswire
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Blue Ammonia Market Report
Global Blue Ammonia Market Report Scope:
- Market size value in 2022: USD 75 Million
- Market size value in 2030: USD 3,269.9 Million
- CAGR (2023-2030): 60.3%
- Forecast Period: 2023–2030
- Historic Data: 2019
- Forecast Units: Value (USD Million/USD Billion)
- Segments Covered: Technology, Application, Region and Geography
- Geographies Covered: North America, Europe, Asia Pacific, and RoW
Major vendors in the Global Blue Ammonia Market:
- Yara International
- ExxonMobil Corporation
Market Overview
Blue Ammonia is an environmentally responsible method for producing ammonia through steam methane reformation. It involves capturing and storing carbon dioxide and combining it with hydrogen to produce ammonia. The end product of blue ammonia is identical to conventionally manufactured ammonia, but with the added benefit of capturing and preventing CO2 emissions. This shift towards less carbon-intensive products aligns with the Sustainable Development Goals (SDGs) of reducing carbon emissions and promoting sustainable practices. Blue ammonia has applications in various industries, including pharmaceuticals, textiles, cleaning products, and wastewater treatment.
The demand for blue ammonia has increased in recent years due to government initiatives and investments in blue ammonia infrastructure. As the world adopts low-emission fuels, the blue ammonia market is expected to grow significantly.
Market Dynamics
Drivers:
- Carbon Emission Reduction Imperatives
- Growing demand for blue ammonia to generate power
- Renewable Hydrogen Production
- Diverse Application Potential
Opportunities:
- Increasing efforts toward empowering hydrogen economy
- The rise of carbon credit and offset programs
- Technological Advancements and Innovation
The expanding hydrogen economy offers a significant opportunity for the Global Blue Ammonia Market. Blue ammonia can play a pivotal role in storing, transporting, and utilizing hydrogen efficiently. It aligns with sustainability and green energy solutions, particularly in sectors such as fuel cells, transportation, and industrial processes. Research and development efforts aim to enhance the production process, reduce costs, and improve overall efficiency. Innovations such as advanced catalysts, optimized manufacturing processes, and improved carbon capture techniques can further drive the growth of blue ammonia.
Regional Analysis
The North American region currently dominates the Blue Ammonia Market, driven by its commitment to sustainable and low-carbon energy solutions. The region invests in research and development activities focused on integrating renewable energy sources into ammonia production. The United States, in particular, is investing significantly in green hydrogen production. Regulatory support and government initiatives promoting carbon capture and utilization strengthen the market’s prospects in North America.
Asia Pacific is expected to achieve the highest Compound Annual Growth Rate (CAGR) from 2022 to 2030. The region’s growing population, industrialization, and commitment to reducing carbon emissions drive the demand for sustainable ammonia. Countries like China, India, and Japan are making substantial investments in green hydrogen production, aligning with the growth of the blue ammonia market.
Technology Analysis
The Steam Methane Reforming segment is anticipated to hold the largest market share during the forecast period. Steam methane reforming is a cost-effective and energy-efficient method of manufacturing pure hydrogen, making it the leading technology in blue ammonia production.
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SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 12: Responsible Consumption and Production
- SDG 13: Climate Action
- SDG 17: Partnerships for the Goals
The article discusses the production and market growth of blue ammonia, which is an environmentally responsible method of producing ammonia with reduced CO2 emissions. This aligns with SDG 7 (Affordable and Clean Energy) as blue ammonia can serve as a low-emission fuel in power generation and transportation sectors. It also relates to SDG 9 (Industry, Innovation, and Infrastructure) as it involves the development and implementation of new technologies for ammonia production. Additionally, the article mentions the diverse application potential of blue ammonia, which contributes to responsible consumption and production (SDG 12). The reduction of CO2 emissions through the production of blue ammonia also supports SDG 13 (Climate Action). Finally, the mention of government initiatives and investments in blue ammonia infrastructure highlights the importance of partnerships for achieving sustainable development goals (SDG 17).
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 7.2: Increase the share of renewable energy in the global energy mix
- Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
- Target 12.2: Achieve sustainable management and efficient use of natural resources
- Target 13.2: Integrate climate change measures into national policies, strategies, and planning
- Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships
Based on the article’s content, the targets identified include increasing the share of renewable energy in the global energy mix (Target 7.2), upgrading infrastructure and retrofitting industries to make them sustainable (Target 9.4), achieving sustainable management and efficient use of natural resources (Target 12.2), integrating climate change measures into national policies, strategies, and planning (Target 13.2), and encouraging effective partnerships for sustainable development (Target 17.17).
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator 7.2.1: Renewable energy share in the total final energy consumption
- Indicator 9.4.1: CO2 emissions per unit of value added in manufacturing industries
- Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP
- Indicator 13.2.1: Number of countries that have communicated the establishment or operationalization of an integrated policy/strategy/plan
- Indicator 17.17.1: Amount of United States dollars committed to public-private and civil society partnerships
The article does not explicitly mention these indicators, but they can be used to measure progress towards the identified targets. These indicators include the renewable energy share in the total final energy consumption (Indicator 7.2.1), CO2 emissions per unit of value added in manufacturing industries (Indicator 9.4.1), material footprint and its relation to GDP (Indicator 12.2.1), the establishment or operationalization of integrated climate change policies/strategies/plans (Indicator 13.2.1), and the amount of financial commitments to partnerships (Indicator 17.17.1).
SDGs, Targets, and Indicators Table
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Target 7.2: Increase the share of renewable energy in the global energy mix | Indicator 7.2.1: Renewable energy share in the total final energy consumption |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable | Indicator 9.4.1: CO2 emissions per unit of value added in manufacturing industries |
| SDG 12: Responsible Consumption and Production | Target 12.2: Achieve sustainable management and efficient use of natural resources | Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP |
| SDG 13: Climate Action | Target 13.2: Integrate climate change measures into national policies, strategies, and planning | Indicator 13.2.1: Number of countries that have communicated the establishment or operationalization of an integrated policy/strategy/plan |
| SDG 17: Partnerships for the Goals | Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships | Indicator 17.17.1: Amount of United States dollars committed to public-private and civil society partnerships |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: globenewswire.com
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