India Hydrogen Market Size, Demand Drivers, Forecast 2024–2030

Published: 2025-05-03
Views: 23
Author: NilamMMR
Published in: Business

India Hydrogen Market Poised for Robust Growth, Projected to Reach USD 72.14 Million by 2023

Market Estimation & Definition

The India Hydrogen Market achieved a valuation of USD 72.14 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2030. Hydrogen, a colorless, odorless, and flammable chemical element, is the most abundant element in the universe and plays a pivotal role in various industrial applications, including petroleum refining, metal treatment, fertilizer production, and food processing. In India, hydrogen is primarily produced from natural gas, accounting for approximately three-quarters of the total dedicated hydrogen production. The country's demand for hydrogen is anticipated to rise from 6 million tonnes per annum in 2020 to 28 million tonnes by 2050 and 40 million tonnes by 2060 .

Market Growth Drivers & Opportunities

Several factors are driving the growth of the hydrogen market in India:

• Government Initiatives: The Indian government has approved a $2.3 billion plan to support the production, use, and export of green hydrogen, aiming to make India a global hub for this emerging industry. The initiative seeks to establish the capacity to produce at least 5 million metric tons of green hydrogen by 2030 .

• Industrial Demand: The refining of petroleum, treatment of metals, production of fertilizers, and processing of food goods are major sectors driving hydrogen consumption in India.

• Environmental Concerns: With rising environmental concerns and growing energy demand, there is an increasing necessity for sustainable energy sources like hydrogen.

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Emerging Trends Shaping the Future

• Green Hydrogen Production: Green hydrogen, produced through the electrolysis of water powered by renewable energy, is gaining traction as a clean energy solution. The government's support and falling production costs are expected to accelerate its adoption.

• Hydrogen in Transportation: Hydrogen is being explored as a fuel for transportation, including fuel cell vehicles, due to its potential to reduce emissions and dependence on fossil fuels.

• Technological Advancements: Advancements in hydrogen storage and transportation technologies are enhancing the feasibility of hydrogen as a widespread energy source.

Segmentation Analysis

The India Hydrogen Market is segmented based on type, application, and region:

• By Type:

  • Merchant Hydrogen: Produced using water electrolysis and natural gas methods, reducing the need for fuel transportation and the installation of new hydrogen infrastructure. The merchant segment held the largest market share, accounting for 58% in 2023 .

  • Captive Hydrogen: Produced on-site for specific industrial applications, offering benefits like cost savings and supply security.

• By Application:

  • Petroleum Refining: Hydrogen is used in refining processes to remove sulfur and other impurities.

  • Fertilizer Production: Hydrogen is a key component in the production of ammonia for fertilizers.

  • Food Processing: Hydrogen is utilized in hydrogenation processes in the food industry.

• By Region:

  • North India: Dominates the market due to the presence of major industrial hubs.

  • West India: Exhibits significant growth potential with expanding industrial activities.

  • South and East India: Emerging regions with increasing hydrogen adoption in industries.

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Country-Level Analysis

• India: India's hydrogen market is experiencing significant growth driven by government initiatives, industrial demand, and environmental concerns. The government's $2.3 billion plan to support green hydrogen production is a testament to the country's commitment to becoming a global hub for this emerging industry .

Competitive Landscape

Key players in the India Hydrogen Market include:

• Indian Oil Corporation Limited (IOCL): Engaged in hydrogen production for various industrial applications.

• Reliance Industries Limited: Investing in green hydrogen production technologies.

• NTPC Limited: Exploring hydrogen as a clean energy source for power generation.

• Adani Group: Developing infrastructure for hydrogen production and distribution.

Conclusion

The India Hydrogen Market is poised for substantial growth, driven by supportive government policies, increasing industrial demand, and a focus on sustainable energy solutions. With significant investments and advancements in technology, hydrogen is set to play a pivotal role in India's energy transition, contributing to a cleaner and more sustainable future.

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