The India Hydrogen Market reached a value of US $ 72.14 Mn. in 2023. India Hydrogen Market size is estimated to grow at a CAGR of 6.3%.

Market Overview

Hydrogen, the most abundant element in the universe, is a clean and efficient energy carrier. In India, hydrogen is primarily utilized in petroleum refining, ammonia production, and as a coolant in power plant generators. The country's hydrogen demand is expected to rise from the current 6 million tonnes per annum to 28 million tonnes by 2050, with projections reaching 40 million tonnes by 2060.

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Key Market Drivers

• Government Initiatives: India has approved a $2.3 billion plan to support the production, use, and export of green hydrogen, aiming to become a global hub for this emerging industry.

• Industrial Demand: The fertilizer and refining sectors are significant consumers of hydrogen, driving demand for both gray and green hydrogen.

• Environmental Concerns: The push for decarbonization in hard-to-abate sectors like steel, cement, and heavy transport is encouraging the adoption of hydrogen as a clean energy source.

Green Hydrogen Segment

Green hydrogen, produced via electrolysis using renewable energy, is gaining traction in India. The green hydrogen market is estimated to grow at a CAGR of around 20.76% during the forecast period 2025–2030. India aims to produce 5 million metric tons of green hydrogen annually by 2030.

Key Players

Major companies operating in the Indian hydrogen market include:

• Reliance Industries Limited

• Adani Group

• NTPC Limited

• GAIL (India) Limited

• Bharat Petroleum Corporation Limited (BPCL)

• Larsen & Toubro (L&T)

• Air Products

• Siemens

• Thyssenkrupp

• Cummins India

These companies are investing in hydrogen production, infrastructure, and technology to capitalize on the growing market.

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Challenges

• High Production Costs: The cost of green hydrogen production remains high, necessitating technological advancements and economies of scale.

• Infrastructure Development: Establishing a comprehensive hydrogen infrastructure, including storage, transportation, and distribution networks, is essential for market growth.

• Policy and Regulation: Clear and supportive policies are required to encourage investment and development in the hydrogen sector.

Conclusion

The India Hydrogen Market is poised for significant growth, supported by government initiatives, industrial demand, and environmental considerations. With strategic investments and policy support, India aims to become a global leader in hydrogen production and utilization.

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