India Hydrogen Market: Segmented: by Technology (Steam Methane Reforming, Partial Oxidation of Oil, Coal Gasification, Methanol Reforming, Ammonia Cracking and Electrolysis of Water); By Delivery Mode (Captive and Merchant); By Application (Chemical, Petroleum Refining, Metal Processing, Glass Industry, Edible Fats & Oils and Energy); By Region (North India, South India, Western India and East India) -Analysis of market share, size & trends for 2016-19 and forecasts to 2030
India Hydrogen Market is anticipated to surpass USD 404 million by 2030 from USD 159 million in 2020 at a CAGR of 7.65% throughout the forecast period, i.e. 2020-2030
Hydrogen is a vital chemical having a wide range of commercial applications. It is significant, chiefly, for its operation in the chemical industry as raw material and in metallurgical industries as a reduction agent. Hydrogen is a basic element required to produce ammonia and thus fertilizers and methanol for the development of various polymers. Another field of application involves refineries that use hydrogen in the manufacture of intermediary oil products. Therefore, approximately 55% of total hydrogen is used for synthesizing ammonia, 25% for refineries, and approximately 10% for the production of methanol. The principal application is in the extraction of crude oil in the refining industry. Hydrogen is the fuel of the future, given the rise in the level of pollution all across the globe, increasing concerns regarding climate change and global warming. As India is growing into a developed country, the demand is projected to rise for cleaner fuel to produce energy. The growing power demand is met with a greater solution from the hydrogen fuel cell.
Indian Hydrogen Market is anticipated to reach USD 404.37 million in 2030 from USD 159.35 million in 2019 growing at a CAGR of 7.65% during the forecast period, i.e., 2019-2030. Private businesses and government departments (such as the department of defense) are beginning to use fuel cells for supplying their materials processing equipment, including storage facilities/retail outlets. Walmart, Whole Foods, Bridgestone Firestone, Coca Cola, Central Grocers, Nestle Water, Fed Ex, and Genco are some of the businesses that deploy commercial fuel cell vehicles. Thus, propelling the growth of the hydrogen market in India. For several industrial sectors, hydrogen is a reagent used in the production of synthetic fabric, glass, electronic appliances, and metalworking. The rocket launchers also use hydrogen as fuel. Hydrogen is also a significant vector of renewable energy combined with fuel cells, as it enables energy to be generated directly on-board electric vehicles or in distant areas of the grid. Furthermore, supportive government policies coupled with increased research & development activities are likely to increase the demand for hydrogen.
Indian hydrogen market on the basis of technology is segmented into steam methane reforming, partial oxidation of oil, coal gasification, methanol-reforming, ammonia cracking, and electrolysis of water. Among these, steam-methane held a dominant share of XX% in 2019, in terms of revenue owing to cost-effectiveness and high conversion capability corresponding to this method. However, coal-gasification captured the second-largest market share in 2019 and is anticipated to grow at the highest CAGR.
Based on the mode of delivery, the Indian hydrogen market is categorized into captive and merchant. Among these, the merchant segment dominated the market with a share of XX% in revenue in 2019. Attributed to the rise in demand for hydrogen in many end-user industries, the merchant segment is expected to be the most profitable one. However, over the projection timeframe, captive systems would increase in sales at the fastest CAGR. Captive hydrogen production prevents numerous problems related to hydrogen delivery and distribution. The demand is therefore expected to expand significantly.
On the basis of application, the hydrogen market in India is segregated into chemical, petroleum refining, metal processing, glass industry, edible fats & oils and energy. The petroleum refining segment held a major share of the market of XX% in 2019 and is forecasted to grow at the fastest CAGR during 2019-30.
Reduced carbon emissions in energy production
Reducing the average total energy carbon intensity over time is one of the major obstacles today and has given rise to questions regarding renewable energy solutions such as hydrogen and related goods. Clean energy hydrogen is combustible which will minimize long-term reliance on petroleum and thus reduce greenhouse gas emissions and other contaminants. Higher hydrogen demand led to increased funds for institutes of research and development. For instance, TATA motors in collaboration with ISRO and Indian Oil launched a hydrogen fuel cell bus.
High Cost of hydrogen
In its free state hydrogen is not available, though it is the most abundant element. Therefore, specific methods must be used to separate it from organic compounds. At present, hydrogethe n is costlier than fossil fuels. The hydrogen costs range from $4 to $12/kg, compared with $1.60 to $4.80/gallon petrol. The biggest hurdle is high hydrogen prices. As a fuel, hydrogen is not economically feasible until its cost falls. At present, prices are high because of the relatively new hydrogen technologies and lack of economies of scale as well as growing demand.
Indian hydrogen market is segmented on the basis of regional analysis into four major regions. These include North India, South India, Western India, and Eastern India. Geographically, Western India held a major share of the market in 2019. The existence of refineries, chemical, and petrochemical industries such as Reliance Industries, Essar Oil, Indian Oil Company, Grasim Industries, Tata Chemicals, and others in the area holds the largest share of the hydrogen industry. A significant portion of the necessary hydrogen is produced from natural gas steam reforming, although a limited extent is applied to partial oxidation of residues. During the forecast period, Western India's hydrogen market should be rapidly increasing as hydrogen demand in hydrogen fuel cells is expected to rise in the forecast period.
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