India Hydrogen Energy Storage Market Size & Outlook
India hydrogen energy storage market, 2018-2030 (US$M)
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India hydrogen energy storage market highlights
- The India hydrogen energy storage market generated a revenue of USD 719.8 million in 2023 and is expected to reach USD 1,047.8 million by 2030.
- The India market is expected to grow at a CAGR of 5.5% from 2024 to 2030.
- In terms of segment, industrial was the largest revenue generating application in 2023.
- Residential is the most lucrative application segment registering the fastest growth during the forecast period.
Hydrogen energy storage market data book summary
| Market revenue in 2023 | USD 719.8 million |
| Market revenue in 2030 | USD 1,047.8 million |
| Growth rate | 5.5% (CAGR from 2023 to 2030) |
| Largest segment | Industrial |
| Fastest growing segment | Residential |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Residential, Commercial, Industrial |
| Key market players worldwide | Lincoln Electric Holdings Inc, Air Products & Chemicals Inc, Cummins Inc, Engie SA, ITM Power PLC, Iwatani Corp, Linde PLC, NEL ASA, Steelhead Composites |
Other key industry trends
- In terms of revenue, India accounted for 4.5% of the global hydrogen energy storage market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China hydrogen energy storage market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,047.8 million by 2030.
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Hydrogen Energy Storage Market Scope
Hydrogen Energy Storage Market Companies
| Name | Profile | # Employees | HQ | Website |
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India hydrogen energy storage market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to hydrogen energy storage market will help companies and investors design strategic landscapes.
Industrial was the largest segment with a revenue share of 39.5% in 2023. Horizon Databook has segmented the India hydrogen energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
India accounts for one of the major Hydrogen Energy Storage Markets in the Asia Pacific regions owing to the presence of a large number of refineries utilizing hydrogen in various processes. Further, the government of India is aiming to improve hydrogen infrastructure owing to which the government is expected to take several initiatives regarding hydrogen infrastructure in the future.
In addition, various companies and research institutes in the country are conducting R&D for the generation and storage of hydrogen in a cost-effective manner with cleaner technologies. For instance, Oil and Natural Gas Corporation Ltd. (ONGC) is currently conducting research for generation of hydrogen by electrolysis in the ONGC Energy Center (OEC).
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Target buyers of India hydrogen energy storage market databook
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Our clientele includes a mix of hydrogen energy storage market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the India hydrogen energy storage market , including forecasts for subscribers. This country databook contains high-level insights into India hydrogen energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India hydrogen energy storage market size, by application, 2018-2030 (US$M)
India Hydrogen Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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