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The veteran goalkeeper will be playing in his fourth World Cup and third at home.
Sreejesh is the third player to win back-to-back FIH Goalkeeper of the Year award.
As India finished fourth on the podium with an overall medal tally of 61, Malayali athletes accounted for six of them.
The Olympic bronze medallists won 3-2 against South Africa in the semifinals on Saturday.
India lost 2-3 to Belgium in the second match of the two-leg tournament in Antwerp.
Sreejesh foiled an attempt from Nicolas de Kerpel when the shoot out was locked 4-4 and Akashdeep Singh found the net to make it 5-4 for the Tokyo Games bronze medallists.
The Indian hockey goalkeeper's wife Dr Aneeshya received the prize from former world chess champions Viswanathan Anand.
The three final contenders determined via online/SMS voting are (in alphabetical order): K V Athulya (football), S Soorya (volleyball), and P R Sreejesh (hockey).
The six final contenders picked by an expert panel are: P R Sreejesh (hockey), Sanju Samson (cricket), S Soorya (volleyball), Sandra Babu (athletics), Nihal Sarin (chess), and K V Athulya (football).
Jarmanpreet Singh (22') and Harmanpreet Singh (57') were the goal scorers for India while Victor Charlet (16', 59'), Victor Lockwood (35'), Charles Masson (48'), Timothee Clement (60') struck for the winners.