Global Market Research Company US India Hydrogen Market Forecast and Opportunities, | Page 10

Industry Brief
India Hydrogen Market Set To Cross $365 Million by 2022
According to TechSci Research report “India Hydrogen Market By Technology, By Mode, By
Application, Competition Forecast& Opportunities, 2012 – 2022’’, hydrogen market in
India is forecast to reach $ 365 million by 2022. In 2016, Gujarat Alkalies and Chemicals
Limited held the largest market share; however, with the announced merger of Linde and
Praxair expected to be completed in the coming few years, the new combined entity is
anticipated to capture the largest market share in India hydrogen market by 2022. Evolving
technologies and rising demand for on-site hydrogen from refineries and chemical and
petrochemical plants is likely to aid Linde-Praxair’s dominating market position.
In India, major sources of hydrogen include steam reforming of naphtha and natural gas, chlor-
alkali production and electrolysis of hydrogen. Petroleum refineries also install on-purpose
hydrogen production facilities to address the growing need for hydro-desulfurization of fuels
such as diesel and petrol. India hydrogen market is dominated by the captive mode of
consumption as it is used to produce ammonia and methanol. West India accounts for the
largest share in hydrogen market in the country, due to the presence of refineries and chemical
and petrochemical companies such as Reliance Industries, Essar Oil, Indian Oil Corporation,
Grasim Industries, Tata Chemicals and others in the region.
“Growing economy is expected to give a boost to chemical consumption in the country, which
would create huge opportunities for investments in the chemical sector, thereby aiding India
hydrogen market during the forecast period. Growing government regulations towards
desulfurization of petroleum products and intensifying demand for cleaner fuels are some of the
other factors that would positively influence the hydrogen market in India over the course of
next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
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TechSci Research