India's Hydrogen Market Soars: $21.9 Billion by 2030

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India's Hydrogen Market Soars: $21.9 Billion by 2030

India's Hydrogen Market Soars: $21.9 Billion by 2030

Industry News
Sep 13,23

A report, authored by MarketsandMarkets Research noted that global demand for hydrogen ranged between 90 million metric tons (mmt) and 100 mmt, with India contributing 7% of the global demand in 2022.

India's Hydrogen Market Soars: $21.9 Billion by 2030

According to a recent report, the hydrogen generation market in India is poised to reach a valuation of $21.9 billion by 2030. This growth is anticipated to occur at a compound annual growth rate (CAGR) of 11.1 % from 2023 to 2030. In parallel, the global hydrogen generation market, as highlighted in the same report, is forecasted to attain a value of $295.8 billion by 2030. Its expansion is projected at a CAGR of 9.3 % during the period from 2023 to 2030.

The term "hydrogen generation market" in this context encompasses the cumulative revenue generated by companies engaged in producing hydrogen using various technologies, including steam methane reforming, partial oxidation, coal gasification, and electrolysis.

The report, authored by MarketsandMarkets Research, a market research firm based in Pune, also noted that global demand for hydrogen ranged between 90 million metric tons (mmt) and 100 mmt, with India contributing 7% of the global demand in 2022. Additionally, in 2021, global hydrogen demand stood between 80 mmt and 90 mmt, with India's share at 9%, equivalent to 7 mmt to 8 mmt.

At present, ammonia and refinery applications collectively account for over 85% of the hydrogen demand in India. Notably, as of 2022, the adoption of green hydrogen remains below 1%.

India's National Green Hydrogen Mission has set ambitious goals, aiming to produce five million metric tons of green hydrogen annually and reduce the cost of green hydrogen to $1 per kilogram by 2030. To support these endeavours, the Indian government has allocated Rs 17,490 crore to incentivise the establishment of green hydrogen electrolyzer manufacturing facilities.

Prominent private sector conglomerates such as Reliance Industries and the Adani Group have already expressed keen interest in making substantial investments in green hydrogen production and the development of green hydrogen energy storage solutions.

Source: Economic Times