India Hydrogen Market Poised for Accelerated Growth Amid Green Energy Transition

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%.

India Hydrogen Market is gaining strong momentum as the country accelerates its transition toward clean energy and low-carbon fuel alternatives. Hydrogen, recognized as a versatile and environmentally friendly energy carrier, is increasingly being adopted across refining, fertilizers, power generation, and transportation sectors. With rising environmental concerns and supportive government initiatives, the India Hydrogen Market is positioned for sustained long-term expansion.

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India Hydrogen Market Overview

Hydrogen (H2) is a colorless, odorless, and highly flammable chemical element and is the most abundant element in the universe. Known for its high energy density and clean combustion properties, hydrogen has become a critical component in India's evolving energy ecosystem. Its applications span petroleum refining, fertilizer manufacturing, metal treatment, food processing, and power generation, making it an essential industrial gas.

In India, hydrogen plays a strategic role in strengthening energy security while reducing dependence on fossil fuels. The increasing adoption of hydrogen across industrial processes highlights its cost efficiency, operational flexibility, and environmental benefits. Globally, hydrogen trade represents a small yet steadily expanding share of total trade, and India continues to maintain a strong export position while minimizing import dependency.

Market Size & Forecast

2023 Market Size: USD 72.14 Mn.
2030 Projected Market Size: USD 110.64 Mn.
CAGR (2024-2030): 6.3%

India Hydrogen Market Dynamics

The growth of the India Hydrogen Market is primarily driven by rising energy demand, rapid industrialization, and increasing focus on decarbonization. Currently, hydrogen is produced from natural gas, fossil fuels, biomass, and water through electrolysis. Natural gas remains the dominant feedstock, accounting for the majority of hydrogen production worldwide.

Growing awareness of climate change and tightening emission norms are encouraging industries and policymakers to shift toward sustainable fuel alternatives such as hydrogen. The Indian government's push to reduce carbon emissions from the transportation sector has indirectly boosted interest in hydrogen-based mobility solutions, including fuel cell electric vehicles (FCEVs). Additionally, hydrogen's widespread use as a coolant in power plant generators is further supporting market expansion.

India's hydrogen demand is largely driven by fertilizer plants and oil refineries. According to industry estimates, national hydrogen consumption is steadily increasing and is expected to multiply significantly over the coming decades. Hydrogen's ability to decarbonize hard-to-abate sectors such as steel, chemicals, and long-haul transportation strengthens its position as a future-ready energy solution.

With an energy content of approximately 130 MJ/kg-significantly higher than petrol and diesel-hydrogen offers superior fuel efficiency. However, high production costs and limited hydrogen refueling infrastructure currently pose challenges to widespread adoption. Despite this, ongoing technological advancements and scale-driven cost reductions are expected to improve affordability over time.

Future Outlook of the India Hydrogen Market

The future of the India Hydrogen Market is closely aligned with the development of green hydrogen. At present, most hydrogen produced in India is derived from fossil fuels, commonly referred to as grey hydrogen. Over the next few decades, a significant transition toward green hydrogen-produced using renewable energy sources-is anticipated.

India is among the world's leading producers of grey hydrogen and is actively working to integrate hydrogen into its national energy mix. Expanding hydrogen usage is expected to enhance energy self-sufficiency while supporting India's climate commitments. A balanced transition strategy involving grey, blue, and green hydrogen is expected to dominate in the short to medium term.

Private sector participation is also accelerating market growth. Major energy companies are investing heavily in renewable energy and hydrogen infrastructure to achieve long-term carbon neutrality goals. These investments are expected to create a robust ecosystem for hydrogen production, storage, and utilization across India.

Government support remains a key growth catalyst. The launch of the National Hydrogen Mission underscores India's ambition to emerge as a global hub for green hydrogen production and exports. Policy incentives, infrastructure development, and public-private collaboration are expected to significantly boost the India Hydrogen Market during the forecast period.

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India Hydrogen Market Segment Analysis

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 transportation segment is expected to witness the fastest growth over the forecast period. Rising adoption of hydrogen-powered buses, trains, and fuel cell electric vehicles is driving segment expansion. Hydrogen mobility offers higher fuel efficiency and zero tailpipe emissions, aligning with India's long-term clean transportation goals.

India Hydrogen Market Key Players

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

Strategic Importance of the India Hydrogen Market

The India Hydrogen Market is emerging as a cornerstone of the country's clean energy transition. Hydrogen's potential to reduce emissions, improve air quality, and enhance energy security makes it a vital component of India's sustainable development strategy. Continuous investments, favorable policies, and technological innovation are expected to transform India into a leading hydrogen economy in the coming decades.

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