India: Hydrogen Market 2024

Hydrogen Market Size in India

The Indian hydrogen market was estimated at $X in 2022, stabilizing at the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Hydrogen Production in India

In value terms, hydrogen production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 36% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Hydrogen Exports

Exports from India

After four years of decline, overseas shipments of hydrogen increased by 418% to X cubic meters in 2022. Over the period under review, exports saw a perceptible increase. Over the period under review, the exports hit record highs at X cubic meters in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, hydrogen exports skyrocketed to $X in 2022. Overall, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by 478%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Bangladesh (X cubic meters), Nepal (X cubic meters) and Bhutan (X cubic meters) were the main destinations of hydrogen exports from India, together accounting for 100% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nepal (with a CAGR of +59.6%), while the other leaders experienced mixed trend patterns.

In value terms, Bangladesh ($X), Nepal ($X) and Bhutan ($X) appeared to be the largest markets for hydrogen exported from India worldwide, together accounting for 99% of total exports.

In terms of the main countries of destination, Nepal, with a CAGR of +66.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average hydrogen export price amounted to $X per cubic meter, remaining constant against the previous year. In general, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2020 when the average export price increased by 171%. Over the period under review, the average export prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bhutan ($X per cubic meter), while the average price for exports to Nepal ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+93.0%), while the prices for the other major destinations experienced more modest paces of growth.

Hydrogen Imports

Imports into India

In 2022, the amount of hydrogen imported into India skyrocketed to X cubic meters, increasing by 630% compared with 2021. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 10,350% against the previous year. Over the period under review, imports attained the maximum at X cubic meters in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, hydrogen imports surged to $X in 2022. Overall, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 5,399% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X cubic meters) was the main supplier of hydrogen to India, accounting for a 91% share of total imports. Moreover, hydrogen imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates stood at +134.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.7% per year) and Germany (-59.4% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of hydrogen to India, comprising 87% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled +104.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-7.0% per year) and Germany (-52.6% per year).

Import Prices by Country

In 2022, the average hydrogen import price amounted to $X per cubic meter, falling by -12.4% against the previous year. In general, the import price, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 299% against the previous year. The import price peaked at $X per cubic meter in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per cubic meter), while the price for the United Arab Emirates ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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