Report Overview

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

• 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.

• 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.

• 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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Green Hydrogen Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Government Initiatives & Policies
         2. Decarbonization Goals
         3. Increasing Renewable Energy Capacity
      2. Restraints
         1. High Production Costs
         2. Infrastructure Gaps
      3. Opportunities
         1. Emerging Hydrogen Valleys
         2. Foreign Investments & Collaborations
      4. Challenges
         1. Water Resource Constraints
         2. Competition from Other Clean Technologies
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Green Hydrogen Market: Marketing Strategies
5. India Green Hydrogen Market: Pricing Analysis
6. India Green Hydrogen Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
         1. Alkaline Electrolysis
         2. Proton Exchange Membrane Electrolysis
         3. Solid Oxide Electrolysis
         4. Anion Exchange Membrane Electrolysis
      2. By Energy Source
         1. Solar
         2. Wind
         3. Other Renewable Sources
      3. By End User Industry
         1. Oil & Gas Refineries
         2. Steel Industry
         3. Fertilizers & Chemicals
         4. Power Utilities
         5. Transportation & Mobility
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
7. North India Green Hydrogen Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
      2. By Application
      3. By End User Industry
8. South India Green Hydrogen Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
      2. By Application
      3. By End User Industry
9. East India Green Hydrogen Market
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Technology
      2. By Application
      3. By End User Industry
10. West India Green Hydrogen Market
    1. Market Size & Forecast, 2019–2031
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Technology
       2. By Application
       3. By End User Industry
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Green Hydrogen Company Market Share Analysis, 2024
    3. Competitive Benchmarking, By Operation Channel Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
12. Impact of Escalating Geopolitical Tensions on India Green Hydrogen Market
13. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. JSW Energy Neo Ltd
    2. Avaada Group
    3. NTPC Limited
    4. Acme Group
    5. L&T
    6. GAIL Limited
    7. Hydrogen Pro AS
    8. Siemens
    9. Stiesdal A/S
    10. Bharat Petroleum Corporation Limited (BPCL)
    11. Adani Group
    12. Cummins India
    13. MHI
    14. Air Products
    15. Thyssenkrupp
    16. Reliance Industries Ltd
    17. ReNew Energy Global
    18. Azure Power
    19. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

*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