India Green Hydrogen Market Revenue Growth, Opportunity, Business Insights, Forecast By 2032
Research Reports
Feb 15, 2024
India Green Hydrogen Market overview:
India Green Hydrogen Market to grow at a exhibiting a compound annual growth rate (CAGR) of 22.50% during the forecast period (2023 – 2032).
Government Initiatives: The Indian government has shown commitment to promoting green hydrogen through various policy measures and initiatives. The National Hydrogen Mission was in the planning stages, with a focus on creating a conducive ecosystem for green hydrogen production and utilization.
Renewable Energy Integration: India’s push for renewable energy, particularly solar and wind power, serves as a key enabler for green hydrogen production. Electrolysis of water using electricity generated from renewable sources is a common method for producing green hydrogen.
Public and Private Sector Involvement: Both public and private sectors in India have shown interest in green hydrogen projects. Several companies are exploring partnerships and investments to scale up green hydrogen production and usage.
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Research and Development: Research and development efforts are underway to enhance the efficiency and reduce the cost of green hydrogen production technologies. Collaboration between research institutions, industry players, and government bodies is contributing to technological advancements.
Market Competitive Landscape:
- Cummins India
- Hydrogen Pro AS
- MHI
- Stiesdal A/S
- Siemens
- Thyssenkrupp
- Acme Group
- Azure Power
- Adani Group
- Reliance Industries Ltd.
- NTPC Limited
- GAIL Limited
- L&T
- Air Products
- Bharat Petroleum Corporation Limited (BPCL)
- JSW Energy Neo Ltd.
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Market Drivers:
Renewable Energy Potential: India has abundant renewable energy resources, such as solar and wind power. The availability of these resources makes it feasible to produce green hydrogen through electrolysis, where electricity generated from renewables is used to split water into hydrogen and oxygen.
Government Initiatives and Policies: The Indian government has been actively promoting the adoption of green hydrogen as part of its commitment to sustainable and clean energy. Policy support, financial incentives, and regulatory frameworks are being established to encourage investments and research in green hydrogen technologies.
Climate Change Goals: India, like many other nations, is committed to addressing climate change and reducing its carbon footprint. Green hydrogen, produced using renewable energy, is seen as a key contributor to achieving carbon neutrality goals and mitigating the impact of climate change.
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Energy Security: Green hydrogen offers a potential solution to enhance energy security by diversifying the energy mix. By reducing dependency on fossil fuels and incorporating green hydrogen into the energy landscape, India can create a more resilient and secure energy system.
Industrial Decarbonization: Industries in India are increasingly recognizing the importance of decarbonization to meet sustainability targets. Green hydrogen can serve as a clean alternative for industries currently relying on conventional hydrogen production methods that involve carbon-intensive processes.
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Market Segmentation
Green Hydrogen Technology Outlook
Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer, Others
Green Hydrogen Energy Source Outlook
Solar, Wind, Others
Green Hydrogen End-users Outlook
Power Generation & Energy Storage, Automotive & Transportation, Refineries & Pharmaceuticals, Others (Food & Beverages, Steel, Cement Industries, etc.)
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