Market Report
Report Summary Tracking investment initiatives, cost competitiveness, market movements, distribution & supply chains, hydrogen end-use application & implementation roadmap for technologies for transforming India into a green hydrogen global hub & exporter
Hydrogen Market & Opportunity in India
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Positive market momentum for hydrogen with 200+ projects announced globally – GW scale projects fast catching the pace as well
There has been a great buzz around entire H2 value chain projects across the globe with around 17 giga-scale production projects (i.e., >1 GW for renewable and over 200 thousand tons per annum of low-carbon hydrogen) already announced. Europe, Asia and Oceania are the leading regions comprising bulk of hydrogen value chain projects. With focus upon greener source of energy generation and reducing carbon emissions in transport projects it is quintessential to look H2 as a tenable alternative.
Currently, of the total projects close to 55% are housed in Europe. However, the demand centers are spread well across not only in Europe but also in countries like that of Japan and South Korea. The focus for Asian countries lie upon the road transportation applications, green ammonia, LH2 & LOHC projects, while Europe seems to have championed multiple integrated hydrogen economy projects. The major driver has been the development in cross industry and policy co-operation from which India can draw a leaf in order to build an even environment for H2 development in the country.
Why green H2 is pegged as a game-changer in India?
India has been no different when it comes to investments for H2 from the world in terms of sentiments to say the least. With companies like Reliance, Adani, IOCL and NTPC all geared up with ambitious green H2 plans, India certainly looks poised for a carbon free transition. Also, with National Hydrogen Mission the country aims to become the largest exporter and producer of green H2. Strategic collaborations, massive technological investments and ideal policy & regulatory interface for Indian firms is shaping the green H2 market in the country to acquire a fast pace by 2025. This shall be inline with projections that by 2050, 3/4th of all the hydrogen produced shall be green produced by renewable energy and electrolysis.
For India, the scene shall be dominated by low-cost renewable projects like solar PV electrolysis or wind-based electrolysis could see the green hydrogen cost as low as $1.5/kg to $2.3/kg which shall increase the competitiveness by 2030, respectively. Thus, India shall be the destination next for global investments for green hydrogen projects.
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