India Hydrogen Market Poised for Growth at 6.3% CAGR, Driven by Green Initiatives and Energy Security Concerns

The India hydrogen market is expected to reach a value of US$ 92.11 million by 2027, growing at a robust CAGR of 6.3%, according to a recent report. This growth is fueled by government initiatives promoting green hydrogen, rising energy security concerns, and increasing demand for clean fuel alternatives.

Embark on a journey into the vibrant realm of the India Hydrogen market; experience its dynamic pulse by clicking here for an exclusive preview: https://www.maximizemarketresearch.com/request-sample/21091 

Market Overview:

• The India hydrogen market currently stands at US$ 92.11 million and is projected to reach US$ 142.8 million by 2027.
• Growing emphasis on renewable energy sources and decarbonization goals are driving the adoption of green hydrogen.
• Increasing dependence on imported fossil fuels necessitates exploring alternative energy sources like hydrogen for energy security.
• Rising demand for clean fuel alternatives in transportation and industrial sectors further propels market growth.

Report Scope:

This report provides a comprehensive analysis of the India hydrogen market, encompassing:

• Market size and growth projections
• Key market drivers and trends
• Segmentation by application, production method, and end-user
• Competitive landscape
• Future outlook

Research Methodology:

The report leverages a combination of primary and secondary research methodologies, including:

• In-depth interviews with industry leaders and key stakeholders
• Analysis of relevant government reports, industry publications, and market databases
• Quantitative data analysis using advanced statistical tools

Segmentation:

The report segments the market based on:

• by Type

  • Merchant
  • Captive

  by Technology

  • Steam Methane Reforming
  • Coal Gasification

  by Application
  • Petroleum and Refinery
  • Ammonia and Methanol

  Production
  • Transportation
  • Power Generation
  • Others

The India Hydrogen Market is divided into two segments: Merchant and Captive, based on Type. With a 58% market share in 2020, the merchant category was the largest. Water electrolysis and natural gas technologies are used to manufacture merchant hydrogen, which eliminates the requirement for fuel transportation and the construction of new hydrogen infrastructure. Over the projection period, the merchant hydrogen cost of distribution and conveyance is driving the expansion of the India hydrogen market.

The India Hydrogen Market is divided into several segments based on the application, including Petroleum and Refinery, Ammonia and Methanol Production, Transportation, Power Generation, and Others. With a 31% market share in 2020, the ammonia and methanol production segment maintained the highest proportion. A significant percentage of the hydrogen produced is used by ammonia factories. Fossil fuel is the primary feedstock used in ammonia plants to create hydrogen on-site. Ammonia is widely employed in the fertiliser manufacturing process due to its expanding utilisation, low cost, and growing consumer base.

Over the course of the projection period, the Transportation segment is anticipated to rise at a CAGR of 7.2%. The substantial increase in demand for Fuel Cell Electric Vehicles (FCEV) across the nation is responsible for the category growth. Numerous modes of transportation, such as fuel cell electric cars, buses, and trains, use hydrogen. Compared to conventional internal combustion engines, hydrogen is more fuel-efficient and produces no exhaust emissions. The national hydrogen plan was amended in March 2019 by the Ministry of Economy, Trade, and Industry (METI) of India, with the goal of deploying 200,000 FCEV units by 2025 and 80,000 units by 2030.

Key Players:

• Reliance Industries Limited
• Indian Oil Corporation Ltd.
• GAIL (India) Limited
• Ballard Power System
• Air Liquide
• Air Products
• Thyssenkrupp
• KBR/Johnson Matthey
• Cummins
• Fuel Cell Energy
• Plug Power
• Bloom Energy
• Linde
• INOX Air
• DCW Limited
• TATA Chemicals
• Bhoruka Gas
• Air Water
• Grasim Industries
• Adani Enterprises

About the Report:

This report offers valuable insights for businesses and stakeholders involved in the India hydrogen market, enabling them to identify growth opportunities, assess potential challenges, and make informed investment decisions.

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About Maximize Market Research:
At Maximize Market Research, our commitment to excellence permeates every facet of our comprehensive approach to market research and consulting. Our team comprises a diverse array of experts from various industries, ensuring a rich tapestry of knowledge and experience that we bring to our clients' projects. We take pride in our extensive coverage across a broad spectrum of sectors, guaranteeing our ability to address the unique requirements of clients operating in diverse fields, whether it be medical devices, pharmaceuticals, technology, or any other industry. Our suite of services encompasses meticulously validated industry estimations, strategic consultancy, and competitive analysis, all meticulously designed to furnish clients with the insights and guidance essential for thriving in today's dynamic business landscape. With an unwavering focus on precision and actionable intelligence, we aspire to be the trusted ally that businesses depend on to navigate the intricacies of the market and emerge as trailblazers in their respective domains.

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