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.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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.
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)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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.
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.
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.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 4.53 Billion |
| Market Size 2032 | USD 12.33 Billion |
| Compound Annual Growth Rate (CAGR) | 11.1% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Energy Source, End-users, and Region |
| Countries Covered | India |
| Key Companies Profiled | 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 Market Opportunities | Increasing investments from both domestic and international sources Advances in electrolysis technology |
| Key Market Dynamics | Growth in the functional beverage market Reducing dependence on conventional fossil fuels |
India Green Hydrogen Market Highlights:
Frequently Asked Questions (FAQ) :
The India Green Hydrogen market size was valued at USD 4.53 Billion in 2022.
The market is projected to grow at a CAGR of 11.1% during the forecast period, 2023-2032.
The key players in the market are 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.
The proton exchange membrane electrolyzer category dominated the market in 2022.
The solar category had the largest share of the market.
The power generation & energy storage category had the largest share of the market.
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