India Green Hydrogen Market

India Green Hydrogen Market, By Technology (Alkaline Electrolysis, Proton Exchange Membrane, Solid Oxide Electrolysis, Anion Exchange Membrane); By Energy Source (Solar, Wind, Other Renewable Sources); By End-User Industry (Oil & Gas Refineries, Steel Industry, Fertilizers & Chemicals, Power, Transportation & Mobility); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2031
- Published Date: March 2025
- Report ID: BWC25149
- Available Format: PDF
- Page: 140
Report Overview
The government’s supportive initiatives and policies, an increasing focus on attaining decarbonization goals, and strengthening renewable energy capacity are expected to drive India Green Hydrogen Market during the forecast period between 2025 and 2031.India Green Hydrogen Market – Industry Trends & Forecast Report, 2031
India Green Hydrogen Market size was estimated at USD 4.54 billion in 2024. During the forecast period between 2025 and 2031, India Green Hydrogen Market size is projected to more than double at a robust CAGR of 11.8% reaching a value of USD 9.91 billion by 2031. Prominent drivers of the market include India’s efforts to curb carbon emissions, enhance energy security, and promote clean fuel alternatives through the National Green Hydrogen Mission, launched on January 4, 2023. As the third-largest global CO₂ emitter, India aims to increase green hydrogen’s share in its hydrogen demand to 46% by 2030. The mission, with an initial outlay of USD 2.4 billion, includes incentives for electrolyzer manufacturing and hydrogen production, targeting a capacity of five million metric tons per annum by 2030. India’s abundant land, skilled workforce, and supportive policies position it as a global hub for green hydrogen. Green hydrogen’s applications span refining, steel, transportation, and energy storage, replacing fossil fuels and driving decarbonization. Despite challenges like high costs and infrastructure gaps, India’s commitment to energy independence by 2047 and net-zero emissions by 2070 ensures strong domestic and foreign investments in the sector.
Green Hydrogen – Overview
Green hydrogen is produced through electrolysis, where water is split into hydrogen and oxygen using electricity from renewable sources like solar, wind, or hydropower, making it a carbon-free fuel. It can also be generated through biomass gasification. As a clean energy source, green hydrogen plays a crucial role in decarbonizing industries such as transportation, steel, and power generation. It is used in fuel cells, ammonia production, and energy storage, offering a sustainable alternative to fossil fuels. With its potential to reduce greenhouse gas emissions, green hydrogen is a key driver of the global transition toward a low-carbon economy.
India Green Hydrogen Market
Growth Drivers
Government’s Supportive Initiatives and Policies
The government’s initiatives and policies are boosting the growth of India Green Hydrogen Market. The Union Cabinet's approval of the National Green Hydrogen Mission on January 4, 2023, marks a strategic step toward making India a global leader in green hydrogen production, usage, and exports. With an initial outlay of INR 19,744 crore, the mission focuses on decarbonizing the economy, reducing fossil fuel imports, and advancing India’s clean energy transition. Key incentives include the Strategic Interventions for Green Hydrogen Transition (SIGHT) program, which provides financial incentives for domestic manufacturing of electrolyzer and green hydrogen production. Furthermore, pilot projects, particularly in low-carbon steel, mobility, and shipping sectors, aim to promote the development of a green hydrogen ecosystem. The government will also support the creation of green hydrogen hubs and ensure a robust certification framework for hydrogen produced from renewable energy sources. An enabling policy framework promotes ease of doing business, including waiving interstate transmission charges, facilitating energy banking, and supporting open access for renewable energy used in green hydrogen production. The mission will also include a public-private partnership framework for research and development and skill development programs, ensuring a seamless transition to green hydrogen and positioning India as a clean energy leader.
Challenges
High Production Costs
High production costs could hinder the growth of India Green Hydrogen Market, despite its potential. For instance, Mukesh Ambani's 1-1-1 target aims for USD 1 per kg by 2030, but achieving this is challenging due to high capital and operational expenses. Electrolyzer, particularly PEM technology, remains costly, while energy transmission and storage further add to expenses. India’s Hydrogen Policy promotes production near demand centers with incentives like transmission charge waivers. NITI Aayog and KPMG estimate costs to decline significantly by 2030, making Green Hydrogen competitive with fossil fuels. While still expensive, advancements in technology and falling renewable energy prices are expected to drive cost reductions, enhancing commercial viability.
Impact of Escalating Geopolitical Tensions on India Green Hydrogen Market
Escalating geopolitical tensions could adversely affect India Green Hydrogen Market. Disruptions in global supply chains may raise the costs of electrolyzer and critical raw materials like iridium and platinum, slowing project deployment. Trade restrictions and fluctuating energy prices can further increase production expenses, affecting the competitiveness of green hydrogen. Additionally, geopolitical instability may influence foreign investments and policy decisions, delaying infrastructure development. However, India’s strategic focus on domestic manufacturing and policy incentives could mitigate some risks. While geopolitical uncertainties pose challenges, technological advancements and policy support may help sustain growth in the long run, ensuring green hydrogen’s role in India’s energy transition.
India Green Hydrogen Market
Segmental Coverage
India Green Hydrogen Market – By Technology
Based on technology, India Green Hydrogen Market is divided into Alkaline Electrolysis, Proton Exchange Membrane, Solid Oxide Electrolysis, and Anion Exchange Membrane segments. The proton exchange membrane segment holds the highest share in India Green Hydrogen Market by technology, primarily due to its high efficiency, adaptability, and ability to produce high-purity hydrogen. PEM electrolyzer operate at lower temperatures and offer rapid response times, making them ideal for integrating with renewable energy sources like solar and wind. Their compact design and scalability further enhance their appeal across industries, including transportation, power generation, and chemical manufacturing. With ongoing technological advancements and increasing investments in hydrogen infrastructure, the dominance of PEM electrolysis in India's green hydrogen sector is expected to strengthen, driving the transition towards sustainable energy solutions. Meanwhile, the alkaline electrolysis segment is expected to record the fastest growth rate during the forecast period. It is primarily due to its advantages over other electrolysis technologies, such as higher hydrogen production rates, compact design, and superior energy efficiency. As a well-established technology, alkaline electrolysis enables efficient water decomposition into hydrogen and oxygen through an electrochemical process. Its use of cost-effective potassium hydroxide (KOH) electrolytes lowers operational expenses compared to proton exchange membrane (PEM) electrolyzer, which rely on expensive materials like platinum. Additionally, alkaline electrolyzer facilitate the storage of surplus renewable energy as hydrogen, supporting India's decarbonization efforts. With increasing sustainability initiatives, the segment is poised for substantial growth from 2025 to 2030. Under the National Hydrogen Energy Mission, GAIL is developing a green hydrogen unit capable of producing 4.3 tons per day, marking a significant step toward expanding green hydrogen production.
India Green Hydrogen Market – By Energy Source
India Green Hydrogen Market by energy source is divided into Solar, Wind, and Other Renewable Sources segments. The solar segment holds the highest share in India Green Hydrogen Market by energy source. Growing investments from both companies and the government in solar-powered green hydrogen production are expected to drive market expansion in the coming years. As green hydrogen plays a crucial role in reducing iron ore to direct reduced iron (DRI), its application in green steel manufacturing can lower CO2 emissions by approximately 95%. This aligns with the rising focus on decarbonization and sustainable industrial practices, further strengthening market growth. In 2022, ACME Group announced its plans to invest approximately INR 52,474 crore to establish a solar-powered green hydrogen production plant in Tamil Nadu, highlighting the sector’s rapid development.
India Green Hydrogen Market – By End User Industry
On the basis of end use industry, India Green Hydrogen Market is divided into Oil & Gas Refineries, Steel Industry, Fertilizers & Chemicals, Power, and Transportation & Mobility segments. The transportation & mobility segment is expected to hold the highest share in India Green Hydrogen Market by end use industry during the forecast period. As part of efforts to achieve carbon neutrality by 2030, several automobile manufacturers are shifting towards cleaner fuel alternatives, including green hydrogen, to power vehicles such as cars and buses, driving market growth. Additionally, ongoing research and development in Fuel Cell Electric Vehicles (FCEVs) and hydrogen-powered transportation are fostering technological advancements in green hydrogen production from renewable sources. With India advancing toward large scale electric vehicle production, the country holds immense potential for integrating green hydrogen as a fuel alternative, further boosting its market share over the forecast period. Top of FormBottom of Form
India Green Hydrogen Market – By Region
The in-depth research report on India Green Hydrogen Market covers the market in the country’s major regions: North India, South India, East India, and West India regions.
Competitive Landscape
Major players operating in India Green Hydrogen Market include JSW Energy Neo Ltd, Avaada Group, NTPC Limited, Acme Group, L&T, GAIL Limited, Hydrogen Pro AS, Siemens, Stiesdal A/S, Bharat Petroleum Corporation Limited (BPCL), Adani Group, Cummins India, MHI, Air Products, Thyssenkrupp, Reliance Industries Ltd, ReNew Energy Global, and Azure Power. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Recent Developments
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In February 2025 - India and the UK held a workshop in New Delhi to enhance cooperation on green hydrogen standards and regulations. Organized by the Bureau of Indian Standards (BIS) and the British Standards Institution (BSI), the event focused on harmonizing global standards, fast-tracking hydrogen certification, and supporting India’s National Green Hydrogen Mission. Experts from both nations discussed best practices to strengthen hydrogen production, trade, and investment.
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In December 2024 - NTPC signed an MoU with GRIDCO and CRUT to develop green hydrogen infrastructure in Odisha, including a hydrogen fueling station in Bhubaneswar and hydrogen-powered buses. NTPC already implemented green hydrogen projects in Surat, Leh, Greater Noida, and Kandla and is developing a hydrogen hub in Visakhapatnam.
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In September 2024 - Uttar Pradesh announced that it had secured nearly INR 1.15 trillion in private investments for its green hydrogen sector, aiming to produce 1 million tons annually by 2029.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2031 |
Base Year – 2024 |
|
Estimated Year – 2025 |
|
Forecast Period – 2025–2031 |
|
Facts Covered |
Revenue in USD Billion |
Market Coverage |
India |
Product/ Service Segmentation |
Technology, Energy Source, End User Industry, Region |
Key Players |
JSW Energy Neo Ltd, Avaada Group, NTPC Limited, Acme Group, L&T, GAIL Limited, Hydrogen Pro AS, Siemens, Stiesdal A/S, Bharat Petroleum Corporation Limited (BPCL), Adani Group, Cummins India, MHI, Air Products, Thyssenkrupp, Reliance Industries Ltd, ReNew Energy Global, Azure Power |
By Technology
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Alkaline Electrolysis
-
Proton Exchange Membrane Electrolysis
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Solid Oxide Electrolysis
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Anion Exchange Membrane Electrolysis
By Energy Source
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Solar
-
Wind
-
Other Renewable Sources
By End User Industry
-
Oil & Gas Refineries
-
Steel Industry
-
Fertilizers & Chemicals
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Power Utilities
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Transportation & Mobility
By Region
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North India
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South India
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East India
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West India
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Green Hydrogen Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Government Initiatives & Policies
- Decarbonization Goals
- Increasing Renewable Energy Capacity
- Restraints
- High Production Costs
- Infrastructure Gaps
- Opportunities
- Emerging Hydrogen Valleys
- Foreign Investments & Collaborations
- Challenges
- Water Resource Constraints
- Competition from Other Clean Technologies
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Green Hydrogen Market: Marketing Strategies
- India Green Hydrogen Market: Pricing Analysis
- India Green Hydrogen Market Overview
- Market Size & Forecast, 2019–2031
- By Value (USD Billion)
- Market Share & Forecast
- By Technology
- Alkaline Electrolysis
- Proton Exchange Membrane Electrolysis
- Solid Oxide Electrolysis
- Anion Exchange Membrane Electrolysis
- By Energy Source
- Solar
- Wind
- Other Renewable Sources
- By End User Industry
- Oil & Gas Refineries
- Steel Industry
- Fertilizers & Chemicals
- Power Utilities
- Transportation & Mobility
- By Region
- North India
- South India
- East India
- West India
- By Technology
- Market Size & Forecast, 2019–2031
- North India Green Hydrogen Market
- Market Size & Forecast, 2019–2031
- By Value (USD Billion)
- Market Share & Forecast
- By Technology
- By Application
- By End User Industry
- Market Size & Forecast, 2019–2031
- South India Green Hydrogen Market
- Market Size & Forecast, 2019–2031
- By Value (USD Billion)
- Market Share & Forecast
- By Technology
- By Application
- By End User Industry
- Market Size & Forecast, 2019–2031
- East India Green Hydrogen Market
- Market Size & Forecast, 2019–2031
- By Value (USD Billion)
- Market Share & Forecast
- By Technology
- By Application
- By End User Industry
- Market Size & Forecast, 2019–2031
- West India Green Hydrogen Market
- Market Size & Forecast, 2019–2031
- By Value (USD Billion)
- Market Share & Forecast
- By Technology
- By Application
- By End User Industry
- Market Size & Forecast, 2019–2031
- Competitive Landscape
- List of Key Players and Their Offerings
- India Green Hydrogen Company Market Share Analysis, 2024
- Competitive Benchmarking, By Operation Channel Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- Impact of Escalating Geopolitical Tensions on India Green Hydrogen Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- JSW Energy Neo Ltd
- Avaada Group
- NTPC Limited
- Acme Group
- L&T
- GAIL Limited
- Hydrogen Pro AS
- Siemens
- Stiesdal A/S
- Bharat Petroleum Corporation Limited (BPCL)
- Adani Group
- Cummins India
- MHI
- Air Products
- Thyssenkrupp
- Reliance Industries Ltd
- ReNew Energy Global
- Azure Power
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
*Financial information of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1 India Green Hydrogen Market Segmentation
Figure 2 India Green Hydrogen Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2024
Figure 4 India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Figure 5 India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Figure 6 India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Figure 7 India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Figure 8 India Green Hydrogen Market Share, By Region, By Value (USD Billion) 2019–2031
Figure 9 North India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Figure 10 North India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Figure 11 North India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Figure 12 North India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Figure 13 South India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Figure 14 South India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Figure 15 South India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Figure 16 South India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Figure 17 East India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Figure 18 East India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Figure 19 East India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Figure 20 East India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Figure 21 West India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Figure 22 West India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Figure 23 West India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Figure 24 West India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
List of Tables
Table 1 India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Table 2 India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Table 3 India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Table 4 India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Table 5 India Green Hydrogen Market Share, By Region, By Value (USD Billion) 2019–2031
Table 6 North India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Table 7 North India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Table 8 North India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Table 9 North India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Table 10 South India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Table 11 South India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Table 12 South India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Table 13 South India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Table 14 East India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Table 15 East India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Table 16 East India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Table 17 East India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Table 18 West India Green Hydrogen Market Size, By Value (USD Billion), 2019–2031
Table 19 West India Green Hydrogen Market Share, By Technology, By Value (USD Billion) 2019–2031
Table 20 West India Green Hydrogen Market Share, By Application, By Value (USD Billion) 2019–2031
Table 21 West India Green Hydrogen Market Share, By End User Industry, By Value (USD Billion) 2019–2031
Table 22 JSW Energy Neo Ltd Company Overview
Table 23 JSW Energy Neo Ltd Financial Overview
Table 24 Avaada Group Company Overview
Table 25 Avaada Group Financial Overview
Table 26 NTPC Limited Company Overview
Table 27 NTPC Limited Financial Overview
Table 28 Acme Group Company Overview
Table 29 Acme Group Financial Overview
Table 30 L&T Company Overview
Table 31 L&T Financial Overview
Table 32 GAIL Limited Company Overview
Table 33 GAIL Limited Financial Overview
Table 34 Hydrogen Pro AS Company Overview
Table 35 Hydrogen Pro AS Financial Overview
Table 36 Siemens Company Overview
Table 37 Siemens Financial Overview
Table 38 Stiesdal A/S Company Overview
Table 39 Stiesdal A/S Financial Overview
Table 40 Bharat Petroleum Corporation Limited (BPCL) Company Overview
Table 41 Bharat Petroleum Corporation Limited (BPCL) Financial Overview
Table 42 Adani Group Company Overview
Table 43 Adani Group Financial Overview
Table 44 Cummins India Company Overview
Table 45 Cummins India Financial Overview
Table 46 MHI Company Overview
Table 47 MHI Financial Overview
Table 48 Air Products Company Overview
Table 49 Air Products Financial Overview
Table 50 Thyssenkrupp Company Overview
Table 51 Thyssenkrupp Financial Overview
Table 52 Reliance Industries Ltd Company Overview
Table 53 Reliance Industries Ltd Financial Overview
Table 54 ReNew Energy Global Company Overview
Table 55 ReNew Energy Global Financial Overview
Table 56 Azure Power Company Overview
Table 57 Azure Power Financial Overview
Market Segmentation
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