Hydrogen Market is anticipated to provide more opportunities for the growth of the market
Hydrogen is a non-toxic, highly combustible diatomic gas, which has been used as a fuel since several decades. The demand for hydrogen in India has been increasing significantly, owing to a surge in the need for hydrogen in the petroleum refining processes, metal processing, and others. In addition, rise in the use of hydrogen in power generation and implementation of stringent environmental regulations towards a cleaner form of energy are the key factors contributing to the growth of the India hydrogen market.
However, high transportation cost and stagnant prices act as the major restraints of the market. On the contrary, the India hydrogen market is yet to explore its full potential. The use of liquid organic hydrogen carrier (LOHC) technologies for storage and transportation of hydrogen is anticipated to provide lucrative opportunities for the growth of the market.
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The key players operating in the market include Praxair India Private Limited, Linde India Limited, INOX Air Products, Bhuruka Gases Limited, Air Liquide India, and Aditya Birla Chemicals (India) Ltd. The other prominent players include Gujarat Alkalies And Chemicals Limited, DCW Limited (DCW), TATA Chemicals Limited, and GHCL Ltd.
The report segments the India hydrogen market based on delivery mode, technology, end user, and region. By delivery mode, the market is divided into captive and merchant. The merchant delivery model is estimated to grow at the highest CAGR of 7.1% during the forecast period. As per the consumption, the captive delivery model generated a revenue of $44 million in 2017 and is expected to reach $67 million by 2025.
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The steam methane reforming segment is a significant contributor to the market and is projected to occupy two-sevenths of the market share by 2025. Based on end user, the market is fragmented into chemical, petroleum refining, metal processing, glass industry, edible fats & oils, energy, and others. By production, the chemical industry occupied more than half of the share of the India hydrogen market. Region-wise, the market is analyzed across North India, South India, Western India, and East India.
Key Findings of the India Hydrogen Market:
• The energy segment is projected to grow at a CAGR of 8.4%, in terms of value, during the forecast period.
• The methanol reforming segment is expected to grow at the highest CAGR of 8.6%, in terms of value, throughout the forecast period.
• The chemical segment accounted for more than half of the share of the India hydrogen market in terms of volume in 2017.
• The north India segment is projected to grow at a CAGR of 6.9%, in terms of value, from 2018 to 2025.
The hydrogen production in South India has been witnessing several developments. This factor is expected to boost the market growth during the forecast period. The Indian Institute of Technology, Hyderabad, has been working on low temperature plasma catalysis for the conversion of greenhouse gases, such as carbon dioxide and methane into syngas/H2.
The Institute of Science and Technology, Hyderabad, had developed the proton exchange membrane-based water electrolyzer to produce hydrogen through the Nafion membrane. In Western India, hydrogen has been offering support to future requirements for clean energy. The growth in initiatives for reducing greenhouse emission and the increase in technological developments in cities, such as Pune and Mumbai, are expected to drive the growth of the market.
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