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India Green Hydrogen Market Analysis

ID: MRFR//14553-HCR | 128 Pages | Author: Garvit Vyas| June 2024

The India green hydrogen market is set to reach a significant value by 2032, at a 22.50% CAGR between years 2023-2032. The current state of the Indian Green Hydrogen Market demonstrates constant dynamics determined by a variety of factors that affect its market environment. The main driving factor is the goal that India aims at ensuring a sustainable low carbon future.
As the increasing attention is turned to reducing carbon emissions and dealing with climate change, a clean and renewable energy carrier that can provide green hydrogen has gained prominence. Thus, government plans of grand scale like the National Hydrogen Mission emphasise on promoting development with green hydrogen sector as part of their programmes to favourably impact market trends and offer opportunities for national and international parties alike.
Technology innovation is influential in altering the market behavior of India Green Hydrogen Market. The development of new electrolysis technology, renewable energy integration, and storage solutions foster the efficient production process that ensures cost-effective green hydrogen. With the help of newly developed technologies, India has access to their renewable energy sources including solar and wind power that will produce green hydrogen without harming the environment.
These technological innovations affect market trends leading to investments in research, development as well implementation of green hydrogen projects nationwide.
The government policies and the regulatory frameworks form one of key drivers that affect market dynamics in India Green Hydrogen Market. In India, the government has come up with a number of incentives, subsidies and regulatory policies aimed at enhancing development green hydrogen production.
Measures in initiatives like financial support for pilot projects, policy frameworks encouraging electrolyzer manufacture and partnership with the private sector are enabling a set up favorable to growth of green hydrogen industry. Such policy initiatives favor market dynamics that promote investments and encourage both domestic as well the international investors to invest in green hydrogen trade.
Economic considerations and energy security add to the market forces that drive this market. In the quest for India to have a mixed market and reduce reliance on imported fossil fuels, green hydrogen becomes an option. The economic feasibility of green hydrogen production that is the production cost and its competitiveness with bog standard Hydrogen has a significant impact on investment decisions along market dynamics.
Green the potentials in job, economic growth as well as energy self-sufficiency through green hydrogen projects also influence of landscape market. Geopolitical factors are in the mix as is evident through India’s positioning strategy regarding its position on green hydrogen markets amid global energy transition. India’s partnership with international bodies, technology transfer agreements and deliberations in the meetings of global forums also play a part responsible role that it plays when things come to emerging green hydrogen economy.
It is also geopolitical considerations that inform the market dynamics given that they condition investments spanning across borders, trade partnerships and knowledge sharing in terms of green hydrogen. Public sentiments and public attitudes also play a significant role in shaping the India Green Hydrogen Market dynamics. Raising awareness about environmental problems along with air quality fears and climate change concernced the support of public for sustainable energy alternatives.
The coherence of green hydrogen projects with public preferences related to the clean and renewable type of energy adds aspect dynamics as it implies a favorable market response to greenness. Infrastructure development is one of the key forces that governs how market dynamics work on India Green Hydrogen Market.
The companies should invest in electrolyzer manufacturing, renewable energy projects and hydrogen distribution infrastructure so that when the green hydrogen initiatives are developed and deployed easily. Infrastructure projects have a ripple effect on market dynamics as their role is to create an environment for scaling up green hydrogen production, storage, and distribution capacities.

India Green Hydrogen Market Overview:

India's Green Hydrogen Market Size was valued at USD 4.53 Billion in 2022. The India Green Hydrogen market industry is projected to grow USD 12.33 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.1% during the forecast period (2023 - 2032). The availability of renewable energy resources and advances in electrolysis technology are the main market drivers anticipated to propel the Green Hydrogen market in India.

India Green Hydrogen Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

India Green Hydrogen Market Trends

  • Rising integration of renewable energy resources is driving market growth.

The market's increased integration of renewable energy resources is influencing the growth. Green hydrogen is made through electrolysis, a process that requires a significant amount of electricity. By leveraging renewable energy sources for electrolysis, the carbon footprint of hydrogen production can be substantially reduced. This trend aligns with India's ambitious targets for expanding its renewable energy capacity. The deducting costs of solar and wind energy technologies further enhance the economic viability of green hydrogen production. As a result, partnerships and collaborations between renewable energy developers and hydrogen producers are becoming more common, contributing to the growth of a sustainable and interconnected energy ecosystem.

Furthermore, India’s increased promotion of green hydrogen production is part of reducing carbon emissions and transitioning to a low-carbon economy. The government has introduced various policies and initiatives to incentivize and support the growth of the green hydrogen market. For instance, the National Hydrogen Mission aims to promote the production and use of hydrogen, focusing on green hydrogen. Financial incentives and regulatory frameworks are being established to encourage investments in green hydrogen projects. These policy measures create a favorable environment for businesses to enter and thrive in the green hydrogen market. Thus driving the Green Hydrogen market revenue.

India Green Hydrogen Market Segment Insights:

Green Hydrogen Technology Insights

The India Green Hydrogen market segmentation, based on technology, includes Proton Exchange Membrane Electrolyzers, Alkaline Electrolyzers, Solid Oxide Electrolyzers, and Others. The Proton Exchange Membrane Electrolyzer segment dominated the market mostly. It utilizes a solid polymer electrolyte membrane, ensuring high efficiency and adaptability for various applications. Its ability to produce high-purity hydrogen and operate at lower temperatures makes it a prominent choice, fostering growth in the green hydrogen sector in India.

Green Hydrogen Energy Source Insights

The India Green Hydrogen market segmentation, based on energy sources, includes Solar, Wind, and Others. The solar category generated the most income. It contributes prominently to the production of green hydrogen. Utilizing photovoltaic technology, solar-driven electrolysis enables sustainable hydrogen production, aligning with India's commitment to clean energy. This segment reflects the nation's emphasis on harnessing solar power for green hydrogen production, fostering a more environmentally friendly energy landscape.

Figure 1: India Green Hydrogen Market, by Energy Source, 2022 & 2032 (USD Billion)

India Green Hydrogen Market, by Energy Source, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Green Hydrogen End-users Insights

The India Green Hydrogen market segmentation, based on end-users, includes Power Generation and Energy Storage, Automotive and transportation, Refineries, and petrochemicals, and Others (Food and beverages, Steel, Cement Industries, etc.). The power generation & energy storage category generated the most income. With a direct emphasis on sustainable energy solutions, these sectors are adopting green hydrogen as a key component. Power Generation leverages green hydrogen for cleaner energy production. At the same time, Energy Storage utilizes it to address intermittency challenges, contributing to India's more reliable and sustainable energy ecosystem.

Green Hydrogen Country Insights

The transition towards sustainable and clean energy solutions is influencing the market's growth in India. The government's focus on deducting carbon emissions and fostering renewable energy initiatives has propelled the green hydrogen sector. With abundant solar and wind resources, India is well-positioned to produce green hydrogen through electrolysis. Several projects and collaborations between government bodies, private enterprises, and international stakeholders are driving innovation and investment in green hydrogen technology. The Indian government's National Hydrogen Mission further underscores the commitment to fostering a hydrogen economy. As demand for clean energy intensifies, India's green hydrogen market is poised for expansion, offering opportunities for economic growth, technological advancement, and a reduction in environmental impact.

India Green Hydrogen Market Key Players & Competitive Insights

Leading market players are investing majorly in research and development to spread their product lines, which will help the Green Hydrogen market grow even more. The participants are also undertaking a variety of strategic activities to spread their footprint with new market developments, including product launches, contractual agreements, mergers and acquisitions, major investments, and collaboration with other organizations. The Green Hydrogen industry offers cost-effective items to spread and survive in a competitive and rising market climate.

The players in the India Green Hydrogen market are attempting to raise market demand by investing in research and development operations, including 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) and JSW Energy Neo Ltd.

Key Companies in the India Green Hydrogen Market include

  • 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.

Green Hydrogen Industry Developments

In 2022:The government of India announced the Green Hydrogen Mobility Project in Leh and the Kawas Green Hydrogen Blending with Natural Gas project in Gujarat.

India Green Hydrogen 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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