The South Korea Green Ammonia Market Size was estimated at 27.15 (USD Million) in 2023.The South Korea Green Ammonia Industry is expected to grow from 47.09(USD Million) in 2024 to 141.28 (USD Million) by 2035. The South Korea Green Ammonia Market CAGR (growth rate) is expected to be around 10.503% during the forecast period (2025 - 2035).
Driven by the country's great dedication to lowering carbon emissions and moving to sustainable energy sources, the South Korea Green Ammonia Market is showing notable developments. Ambitious goals for carbon neutrality set by the South Korean government have motivated investments in green technology like green ammonia manufacturing. This trend fits the country's more general plan to improve energy security and decrease fossil fuel dependence. As worldwide interest in clean energy grows, the South Korean market has many chances as it tries to use its technology developments. Being investigated is the creation of green ammonia as a flexible energy carrier, for use in hydrogen generation and as a shipping fuel.Given South Korea's strategic goals in strengthening its energy infrastructure, this adaptability is especially important as it will be a major focus of investment and innovation. Recent market changes include more cooperation among government agencies, business leaders, and research organizations to create green ammonia initiatives. The development of cooperative ventures aimed at generating green ammonia from renewable energy sources shows the increasing need for cooperation in conquering technological and financial obstacles. Furthermore, the South Korean government is encouraging research and development projects to inspire innovations in manufacturing techniques and efficiency, suggesting a strong support structure for the local green ammonia industry.With its emphasis on sustainability, technical developments, and cooperative initiatives pushing the sector ahead, the South Korea Green Ammonia Market is set for expansion. The market shows a definite tendency toward innovation, alliances, and a dedication to sustainability as the nation works to establish itself as a leader in the worldwide green energy scene.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The South Korean government has shown a significant commitment to green technologies, including the green ammonia sector. The Korean Ministry of Trade, Industry and Energy aims to achieve carbon neutrality by 2050 and has initiated several programs to fund and support innovative green technologies. In 2021, the government allocated over USD 7 billion to promote environmentally friendly projects, indicating a growing trend towards sustainable energy solutions.This massive investment is expected to accelerate the growth of the South Korea Green Ammonia Market Industry as it will likely attract both domestic and foreign investments, boosting local production capabilities and technological advancements.
With the global shift towards renewable energy sources, there is an increasing demand for hydrogen as an energy carrier. South Korea has set ambitious goals, with the government targeting 6.2 million tons of hydrogen production annually by 2040 as part of its Hydrogen Economy Roadmap. Green ammonia is a vital component of this roadmap, as it can be utilized for hydrogen storage and transport. The South Korea Green Ammonia Market Industry stands to benefit from this shift as companies focus on producing ammonia through renewable energy sources to meet the demand for clean hydrogen.
Ammonia has long been a critical component in various industrial processes, particularly in agriculture and fertilizers. As industries in South Korea strive to reduce their carbon footprint, there is a shift towards sustainable ammonium production methods. The global ammonia consumption is projected to reach approximately 200 million tons by 2025, largely driven by agricultural needs. South Korea, being a significant player in the agricultural sector, is increasingly adopting green ammonia solutions, encouraging regional players to invest in the South Korea Green Ammonia Market Industry to meet both domestic and international demands for sustainable products.
Recent advancements in production technologies have made the synthesis of green ammonia more economically viable. South Korean companies have been investing heavily in Research and Development (R&D) and innovative manufacturing techniques. For instance, researchers at the Korea Institute of Energy Research are exploring high-efficiency electrolysers that significantly lower production costs. With expectations that the costs of green ammonia will decrease by up to 30% by 2030 due to these advancements, the South Korea Green Ammonia Market Industry is poised for exponential growth as companies will be more inclined to shift to sustainable production methods.
The South Korea Green Ammonia Market exhibits significant potential as it focuses on advanced technologies that drive the production of green ammonia, which is essential for sustainable agriculture, energy storage, and transportation. Within the technology segment, there are three crucial techniques utilized for the electrolysis process that are pivotal to hydrogen production: Alkaline Water Electrolysis, Proton Exchange Membrane Electrolysis, and Solid Oxide Electrolysis. Each of these methods has its own unique advantages that cater to different operational requirements and efficiencies, contributing collectively to the overall value chain of green ammonia production. Alkaline Water Electrolysis has established itself as a long-standing and reliable technology due to its simplicity and cost-effectiveness. This process is typically favored for its mature technology and its capacity to utilize inexpensive materials, thereby making it accessible for various industrial applications aimed at hydrogen production. On the other hand, Proton Exchange Membrane Electrolysis is gaining traction due to its higher efficiency and the potential for rapid response to fluctuating renewable energy sources. This technology is significant as it supports the growing need for flexibility in energy systems, especially as South Korea intensifies its focus on renewable energy sources. Solid Oxide Electrolysis represents a newer but promising technology in the green ammonia landscape, showcasing high efficiency, particularly when paired with excess heat from industrial processes. This method is essential as it contributes to the development of a circular economy, facilitating the integration of various energy sources, thus bolstering South Korea’s commitment to reducing greenhouse gas emissions as part of its national strategy. As the South Korea Green Ammonia Market evolves, the interplay of these technologies will be crucial in maximizing production capabilities, enhancing overall market competitiveness, and aligning with governmental plans aimed at carbon neutrality by 2050. The particular segmentation within the technology domain demonstrates how each means of electrolysis brings distinct benefits to the renewable energy landscape in South Korea, thus making advancements in these areas essential as the country navigates its way towards a more sustainable future. With a steady push towards innovation in electrolysis methods, there exists a plethora of opportunities for growth within the South Korea Green Ammonia Market, driven by the relentless pursuit of optimizing green hydrogen production methods. Overall, the robust development of technology in this market segment not only represents a vital component of South Korea's ambitions in energy transition but also sets a precedent for further research and advancements in hydrogen production and utilization technologies.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The South Korea Green Ammonia Market, particularly in the Application sector, exhibits a significant growth trajectory driven by a robust push towards sustainable energy solutions. Power Generation is gaining traction as a clean alternative to fossil fuels, aligning with government strategies to reduce carbon emissions and enhance energy security. The Transportation segment also plays a crucial role, as ammonia is recognized for its potential as a fuel for shipping and heavy-duty vehicles, providing a pathway to decrease reliance on conventional fuels in the automotive industry.Furthermore, Industrial Feedstocks are essential for the production of fertilizers and chemicals, with green ammonia facilitating a shift towards sustainability in various industrial processes. As South Korea leverages its technological advancements and energy policies, these application areas are expected to reflect major growth, contributing to the overall landscape of the South Korea Green Ammonia Market. The interplay of these segments underscores opportunities for innovation and investment, while also addressing challenges such as infrastructure development and regulatory compliance.
The South Korea Green Ammonia Market is witnessing significant growth, driven by increasing demand for sustainable energy solutions and government initiatives aimed at carbon neutrality. With the global shift towards decarbonization, various stakeholders in this market are focusing on innovative technologies and processes to produce ammonia using renewable energy sources. The competitive landscape is shaped by several local and international players who are vying to establish their foothold in the green ammonia segment. As countries strive to reduce their reliance on fossil fuels, companies in South Korea are actively investing in research and development to enhance production efficiency and establish robust supply chains. The focus on reducing greenhouse gas emissions has further propelled the adoption of green ammonia in various applications, including agriculture and energy storage. The competitive dynamics of this market present both challenges and opportunities as companies navigate technological advancements and regulatory frameworks.Daewoo Engineering and Construction has established a strong presence in the South Korea Green Ammonia Market by leveraging its extensive engineering capabilities and experience in large-scale industrial projects. The company specializes in developing infrastructure that supports the green ammonia production process, focusing on optimizing efficiency and sustainability. Daewoo Engineering and Construction’s strength lies in its ability to integrate advanced technology solutions into its projects, enabling it to deliver state-of-the-art facilities for green ammonia generation. Additionally, the company's commitment to enhancing its environmental performance has positioned it favorably within the market as it aligns with national goals for carbon reduction and sustainable energy. With a robust portfolio of completed projects and a reputation for quality, Daewoo Engineering and Construction continues to be a key player driving innovation in the green ammonia sector.Korea Electric Power Corporation plays a pivotal role in the South Korea Green Ammonia Market through its commitment to transitioning towards renewable energy sources. The company is actively involved in the development of green ammonia production technologies, serving as a vital link between electricity generation and ammonia synthesis. Korea Electric Power Corporation's strengths include its extensive infrastructure in energy generation and its significant investment in key projects aimed at sustainability and efficiency. The corporation is working on several initiatives to produce green ammonia, including collaboration with research institutions and strategic partnerships with other players in the energy sector. Furthermore, the company's focus on mergers and acquisitions has enabled it to enhance its technological capabilities and expand its market reach. With innovations in energy storage and the integration of renewable energy systems, Korea Electric Power Corporation is solidifying its position as a leader in the green ammonia arena within South Korea.
The South Korea Green Ammonia Market is experiencing significant developments as the government focuses on achieving carbon neutrality by 2050. Recent initiatives include partnerships among key players such as Daewoo Engineering and Construction and Hanwha Solutions, aiming to enhance green ammonia production capabilities. In September 2023, SK Innovation announced a strategic collaboration with the Korean Gas Corporation to explore green hydrogen as a primary feedstock for ammonia production. Moreover, Korea Electric Power Corporation is investing in infrastructure to support the import of green ammonia as a clean energy source, which may impact future energy generation and emissions reduction efforts. Market valuation is also on the rise, with increased investment from companies like LG Chem and POSCO Holdings, reflecting a growing interest in sustainable energy solutions. Additionally, in June 2022, Doosan Heavy Industries and Construction embarked on a joint venture with GS Caltex, focusing on developing green ammonia technology. With these ventures and increasing government support, the South Korea Green Ammonia Market is positioned for notable growth and transformation, fostering innovations aimed at environmental sustainability.
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 27.15(USD Million) |
| MARKET SIZE 2024 | 47.09(USD Million) |
| MARKET SIZE 2035 | 141.28(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 10.503% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | Daewoo Engineering and Construction, Korea Electric Power Corporation, Korean Gas Corporation, Hyundai Energy Solutions, Korea Advanced Institute of Science and Technology, SK Innovation, Posco Holdings, LG Chem, Korea Gas Corporation, Korea National Oil Corporation, Korea Institute of Energy Research, Hanwha Solutions, Doosan Heavy Industries and Construction, GS Caltex, Samsung C and T |
| SEGMENTS COVERED | Technology, Application |
| KEY MARKET OPPORTUNITIES | Increased renewable energy integration, Government incentives for clean energy, Growing demand for hydrogen fuel, Expansion of maritime green fuels, Potential in fertilizer production |
| KEY MARKET DYNAMICS | government policy support, increasing renewable energy adoption, rising hydrogen demand, technological advancements in production, shifting industrial decarbonization efforts |
| COUNTRIES COVERED | South Korea |
Frequently Asked Questions (FAQ) :
The South Korea Green Ammonia Market is projected to reach a market size of 141.28 USD Million by 2035.
In 2024, the market value of the South Korea Green Ammonia Market is expected to be 47.09 USD Million.
The expected CAGR for the South Korea Green Ammonia Market from 2025 to 2035 is 10.503 percent.
The Alkaline Water Electrolysis technology segment is expected to dominate the market, reaching 55.77 USD Million by 2035.
The market value for Proton Exchange Membrane Electrolysis is expected to reach 43.2 USD Million by 2035.
Key players in the South Korea Green Ammonia Market include Daewoo Engineering and Construction, Korea Electric Power Corporation, and Hyundai Energy Solutions among others.
The market size for Solid Oxide Electrolysis is projected to be 42.31 USD Million by 2035.
Key growth drivers include the rising demand for clean energy solutions and advancements in electrolysis technologies.
The market faces challenges such as high initial investment costs and the need for infrastructural development.
The increasing demand for green energy is expected to significantly drive market growth and innovation within the sector.
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