The India Hydrogen market reached 6.1 million tonnes in FY2023 and is expected to further grow at a CAGR of 3.45% during the forecast period until FY2034.
The India hydrogen market is positioned for robust expansion, primarily propelled by the utilization of hydrogen in ammonia production. Ammonia, a vital industrial chemical extensively employed in agriculture as a nitrogen fertilizer, depends on hydrogen in the essential feedstock. This critical procedure for synthesizing ammonia involves the combination of nitrogen from the air with hydrogen under specific conditions. Due to India’s notable focus on agriculture and the imperative to enhance ammonia production for ensuring food security and agricultural productivity, there is anticipated to be a substantial increase in the demand for hydrogen. Also, the India Hydrogen market is influenced by a cluster of factors that align with the country's ambitious energy and sustainability goals. The Indian government has been proactively advocating for a shift towards cleaner and more sustainable energy sources, recognizing the crucial role hydrogen can play in achieving these objectives. The National Hydrogen Mission, a key component of India's energy strategy, is expected to provide a comprehensive framework and incentives to propel the growth of the hydrogen sector. The surge in hydrogen adoption is not only limited to the energy sector but extends across various industries. Hydrogen is poised to play a pivotal role in transportation, manufacturing, and chemicals, offering a versatile and clean alternative in these sectors. In summary, the surge in hydrogen in India reflects a strategic and holistic approach to address environmental concerns, achieve energy security, and foster sustainable economic development. As the country embraces the hydrogen revolution, it is poised to emerge as a key player in the global transition towards a hydrogen-based economy. In the end of the forecast period, India Hydrogen market is likely to reach roughly 8.9 million tonnes.
Based on the region, the Hydrogen market is segmented into West, South, North, and South. Although, West India has observed to be dominating the market in the historic period of FY2015-FY2023 and captured about 39% of the market in FY2023. Western states like Gujarat and Maharashtra are the primarily users of Hydrogen for production of downstream chemicals like ammonia and methanol and is anticipated to remain as the leading consumers in the forthcoming years.
Based on end-use segment, the India Hydrogen market is segmented into Ammonia, Refining, Methanol, Fuel, and Others. Among these industries, Ammonia is the leading segment and held a market share of roughly 45% in FY2023.
Players in the India Hydrogen market include Air Products and Praxair. Other players in the global Hydrogen market are INOVYN, Africa PVC Industries Ltd, SASOL, Egyptian Petrochemicals Co., LG Chem, Mexichem SAB de CV, Neproplast, Messer, Iwatani/Tokuyama, Kawasaki, LG Chem, and Others.
Years considered for this report:
Historical Period: FY2015-FY2022
Base Year: FY2023
Estimated Year: FY2024
Forecast Period: FY2025- FY2034
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Objective of the Study:
• To assess the demand-supply scenario of Hydrogen which covers production, demand and supply of Hydrogen market in India.
• To analyse and forecast the market size of Hydrogen in India.
• To classify and forecast India Hydrogen market based on end-use and regional distribution.
• To examine competitive developments such as expansions, green field projects/ brown field expansions. mergers & acquisitions, etc., of Hydrogen market in India.
To extract data for India Hydrogen market, primary research surveys were conducted with Hydrogen manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for India Hydrogen market over the coming years.
ChemAnalyst calculated Hydrogen demand in India by analysing the volume of Hydrogen consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to calculate the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Hydrogen manufacturers and other stakeholders
• Organizations, forums and alliances related to Hydrogen distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Hydrogen manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, India Hydrogen market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in FY2023
6.1 million tonnes
Market size Volume by FY2034
8.9 million tonnes
Growth Rate
CAGR of 3.45% from FY2024 to FY2034
Base year
FY2023
Estimated Year
FY2024
Historical Data
FY2015 – FY2022
Forecast period
FY2025 – FY2034
Quantitative units
Demand in million tonnes and CAGR from FY2024 to FY2034
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End-Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Ammonia, Refining, Methanol, Fuel, and Others)
I am satisfied with overall performance of ChemAnalyst. Weekly updates before the final report were especially helpful and reassuring. Additional requests on the interim and/or final reports were handled in a swift and professional manner
Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
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What is the anticipated market growth rate of India Hydrogen market for the forecast period ?
Ans:
The India Hydrogen is anticipated to grow at a CAGR of 3.45% for the forecast period.
Q2.
Which industry of India had the highest demand for Hydrogen in FY2023 in India?
Ans:
The Ammonia industry consumed the majority of Hydrogen in FY2023 in India with a market share of approximately 45%.
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