India Hydrogen Market Growth Analysis, Market Dynamics, Key Players and Innovations, Outlook and Forecast 2018-2025

India Hydrogen Market : Global Opportunity Analysis and Industry Forecast, 2018-2025

PORTLAND, OR, UNITED STATES, February 11, 2025 /EINPresswire.com/ -- Allied Market Research published a report on the global hydrogen market, titled, "Hydrogen Market by Delivery Mode (Captive, Merchant), By Type (Blue Hydrogen, Grey Hydrogen, Green Hydrogen), By End Use (Refining, Power Generation, Transportation, Food Processing, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". As per the report, the global hydrogen industry was valued at $155.9 billion in the year 2022 and is expected to garner $292.0 billion by 2032, with 6.5% CAGR during the forecast period of 2023 to 2032.

Factors influencing the growth of the global hydrogen market:

The global hydrogen market is expanding rapidly due to rise in adoption of hydrogen in power generation and an increasing use of hydrogen in electric vehicles for fuel cells. Moreover, the high cost of hydrogen production restrains the market to some extent. On the contrary, a surge in need for clear energy will offer remunerative growth opportunities in the forthcoming future.

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𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 (𝐂𝐨𝐥𝐨𝐫 𝐂𝐨𝐝𝐞𝐬)

Hydrogen is classified by color codes based on how it is produced:

𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧
Production: Electrolysis of water using renewable energy (like solar, wind, or hydro).
Emission: Zero CO₂ emissions (truly "clean hydrogen").
Application: Energy storage, clean fuel for transport, and decarbonization of industry.
Challenge: High production costs and reliance on renewable energy availability.

𝐁𝐥𝐮𝐞 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧
Production: Steam methane reforming (SMR) of natural gas, but with carbon capture, utilization, and storage (CCUS).
Emission: Reduced CO₂ emissions (up to 90% can be captured).
Application: Industrial use, power generation, and as a cleaner alternative to gray hydrogen.
Challenge: Cost of CCUS and availability of infrastructure.

𝐆𝐫𝐚𝐲 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧
Production: Steam methane reforming (SMR) without capturing CO₂.
Emission: High CO₂ emissions (most widely used production method today).
Application: Fertilizer production, refining, and industrial processes.
Challenge: Significant carbon footprint, not aligned with net-zero goals.

𝐓𝐮𝐫𝐪𝐮𝐨𝐢𝐬𝐞 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧
Production: Pyrolysis of methane to produce hydrogen and solid carbon instead of CO₂.
Emission: No direct CO₂ emissions (solid carbon can be used in industrial applications).
Application: Carbon black production and decarbonization of chemical processes.
Challenge: Requires new technologies and infrastructure.

𝐏𝐢𝐧𝐤, 𝐘𝐞𝐥𝐥𝐨𝐰, 𝐚𝐧𝐝 𝐏𝐮𝐫𝐩𝐥𝐞 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧
Production: Electrolysis using nuclear energy (pink) or solar/geothermal (yellow/purple).
Emission: Minimal to zero emissions.
Application: Power plants and storage solutions in nuclear-rich regions.
Challenge: Public perception of nuclear energy and its waste.

𝐁𝐥𝐚𝐜𝐤/𝐁𝐫𝐨𝐰𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧
Production: Gasification of coal (brown) or lignite (black) to produce hydrogen.
Emission: High CO₂ emissions, most polluting form of hydrogen production.
Application: Historically used in industries, but being phased out due to its high environmental impact.

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The green hydrogen segment to experience fastest growth by 2032

On the basis of type, the green hydrogen segment would showcase the highest growth with 6.9% CAGR during the forecast period. The manufacturing process of green hydrogen does not emit any carbon; hence it is sustainable option instead of grey hydrogen. It reduces greenhouse gas emissions and the environmental effect of hydrogen use. The grey hydrogen, on the other hand, held the major share in 2022, accounting for more than four-fifth of the total market share, and is expected to dominate the market during the forecast period. Grey hydrogen currently holds the dominant position in hydrogen production, primarily owing to its abundant availability of natural gas and comparatively low cost. Numerous industrial applications and processes depend on grey hydrogen as a fuel source or feedstock.

The refining segment to maintain its dominance from 2023 to 2032

In terms of end use, the power generation segment would cite a noteworthy growth with 6.8% CAGR during the forecast period. Hydrogen can serve as a fuel source for power generation, providing a promising route towards more sustainable and cleaner energy production. Its application in power generation holds the potential for enhanced air quality, increased energy adaptability and decreased greenhouse gas emissions. On the other hand, the refining segment generated the major share in 2022, contributing to more than two-fifths of the overall market share and is expected to maintain its dominance during the forecast period. Hydrogen plays a vital role in the refining sector, especially in the context of petroleum refining. It is employed for various purposes to enhance the quality of refined products.

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Top players profiled in the global hydrogen market report:
INDIAN OIL CORPORATION LTD.
RELIANCE INDUSTRIES LTD
SHELL PLC.
FUELCELL ENERGY, INC.
LINDE PLC
NEL ASA
PLUG POWER INC.
MESSER GROUP GMBH.
AIR LIQUIDE S.A.
AIR PRODUCTS AND CHEMICALS, INC.

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