INDUSTRY OUTLOOK

Market Size & Growth

TheIndian industrial and medical gas market was valued at over₹15,000 crorein FY2023. Expected to grow at aCAGR of 10–12% through 2028,driven by demand from healthcare, infrastructure, manufacturing, and clean energy sectors.

Key Demand Drivers

Infrastructure Push & Govt Support

PLI schemes for steel, electronics, pharma, and solar modules indirectly boost gas demand. Expansion of medical infrastructure (oxygen plants in tier-2/3 towns)post-COVID. India’s National Green Hydrogen Mission (₹19,744 crore budget) is a huge catalyst for hydrogen production and storage infrastructure, with cryogenic expertise in demand.

Emerging Trends

On-site gas generation (oxygen/nitrogen plants at hospitals/factories) gaining traction. Shift towardscryogenic and specialty gases in pharma, electronics, aerospace. Digital monitoring of gas supply and usage (IoT-enabled cylinders, flow systems). Focus ongreen hydrogen and carbon capture technologies.

Regulations & Safety

Governed byPESO (Petroleum and Explosives Safety Organization) and Drug Controller (for medical oxygen). Companies need ISO certifications and DGCI approvals. Increasing regulation aroundcylinder tracking, purity levels, and plant safety audits.

Challenges

High capital intensity for cryogenic plant setup. Dependence on power tariffs and logistics cost (especially for bulk gas). Regional concentration of players—limited pan-India infrastructure. Safety and regulatory compliance is costly and critical.

Latest shareholding pattern of Premier Cryogenics Ltd.