India Hydrogen Market is estimated to grow at a CAGR of 6.3% Says Maximize Market Research

India Hydrogen Market Overview:

The India Hydrogen Market has emerged as a significant sector within the global energy landscape, reaching a valuation of USD 72.14 million in 2023. The market is anticipated to witness a compound annual growth rate (CAGR) of 6.3% over the next few years, highlighting the increasing interest and investment in hydrogen as a sustainable energy source. Hydrogen, represented by the chemical symbol 'H2', is a colorless, odorless, and highly combustible element, making it a versatile component in various industrial applications.

As the most abundant element in the universe, hydrogen accounts for 0.14% of the Earth's crust by weight, surpassing helium in natural availability. Its numerous benefits, including cost-effectiveness, efficiency, and environmental friendliness, have spurred its adoption in industries such as petroleum refining, metal treatment, fertilizer production, and food processing. In 2019, hydrogen was ranked as the 322nd most traded commodity globally, accounting for 0.055% of total international trade. During that year, India exported hydrogen worth USD 276 million while importing hydrogen valued at USD 10.4 million.

𝐘𝐨𝐮𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐈𝐬 𝐉𝐮𝐬𝐭 𝐚 𝐂𝐥𝐢𝐜𝐤 𝐀𝐰𝐚𝐲:https://www.maximizemarketresearch.com/request-sample/21091/

Drivers in the India Hydrogen Market:

The production of hydrogen stems from various sources, including fossil fuels, biomass, and water. Natural gas is the predominant feedstock, contributing to 75% of total hydrogen production, which is approximately 70 million metric tons annually, representing around 6% of global natural gas consumption. The increasing demand for sustainable energy solutions, coupled with stringent regulations aimed at reducing carbon emissions, is significantly driving the growth of the hydrogen market in India.

Environmental concerns are becoming more pressing, with rising energy demands necessitating a shift toward cleaner energy sources like hydrogen. The Indian government is enacting strict regulations to curb carbon emissions, particularly in the automobile sector, which has contributed to a surge in electric vehicle (EV) sales. Additionally, hydrogen's application as a coolant in power generation plants is further bolstering market growth.

India Hydrogen Market Trends:

Looking ahead, it is projected that by 2050, a substantial portion of hydrogen production in India will transition to green hydrogen, which is derived from renewable energy sources. Currently, India produces 6 million metric tons of grey hydrogen annually, accounting for about 8.5% of global hydrogen demand. The integration of hydrogen into India's energy mix is expected to bolster energy self-sufficiency and assist the country in meeting its climate change commitments by lowering carbon emissions.

𝐂𝐥𝐢𝐜𝐤 𝐇𝐞𝐫𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬:https://www.maximizemarketresearch.com/request-sample/21091/

What is India Hydrogen Market Regional Insight?

At present, the India's total production of hydrogen comes from fossil fuels. By 2050, three-fourth of all hydrogen is expected to be green. India produces 6 million metric tonnes of grey hydrogen each year, accounting for about 8.5% of global demand. Increased hydrogen usage in the country's energy mix is expected to increase energy self-sufficiency. In addition, having a focus on green hydrogen is expected to help India to fulfill its climate change commitments by reducing carbon emissions. In the short term, a sensible strategy is expected to boost hydrogen's share over grey, blue, and green.

𝐂𝐥𝐢𝐜𝐤 𝐡𝐞𝐫𝐞 𝐟𝐨𝐫 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 + 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐠𝐫𝐚𝐩𝐡𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭:https://www.maximizemarketresearch.com/request-sample/21091/

Segmentation Analysis of the India Hydrogen Market:

by Type

Merchant
Captive

by Technology

Steam Methane Reforming
Coal Gasification

by Application

Petroleum and Refinery
Ammonia and Methanol Production
Transportation
Power Generation
Others

Who is the largest manufacturers of India Hydrogen Market worldwide?

1. Reliance Industries Limited
2. Indian Oil Corporation Ltd.
3. GAIL (India) Limited
4. Ballard Power System
5. Air Liquide
6. Air Products
7. Thyssenkrupp
8. KBR/Johnson Matthey
9. Cummins
10. Fuel Cell Energy
11. Plug Power
12. Bloom Energy
13. Linde
14. INOX Air
15. DCW Limited

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐯𝐢𝐬𝐢𝐭:https://www.maximizemarketresearch.com/market-report/india-hydrogen-market/21091/

Key Offerings:

Past Market Size and Competitive Landscape
India Hydrogen Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
India Hydrogen Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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About Maximize Market Research:

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

Contact Maximize Market Research:

MAXIMIZE MARKET RESEARCH PVT. LTD.
⮝ 3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
✆ +91 9607365656

This release was published on openPR.