India Green Hydrogen Market Forecast 2026-2032

List of Tables

KEY FINDINGS

The India green hydrogen market is expected to reach $8.0 billion by 2030 and reach $340 billion by 2050.

According to NITI Aayog, India's premier policy think tank, the country's electrolyzer market is poised for exponential growth, with projections estimating its value at $5 billion by 2030 and soaring to $31 billion by 2050.

MARKET INSIGHTS

This anticipated expansion is underpinned by a series of proactive policy measures, including production-linked incentives (PLIs), tax benefits, and the development of dedicated green hydrogen corridors. These initiatives are drawing significant interest from both domestic enterprises and international investors, reinforcing India's ambition to become a global hub for green hydrogen production and utilization.

Despite its promise, the sector still faces critical challenges; chief among them are high capital costs, limited infrastructure for hydrogen storage and distribution, and evolving regulatory frameworks. Nevertheless, the Indian government is addressing these obstacles through strategic investments, public-private partnerships, and ongoing regulatory reforms aimed at creating a robust and scalable green hydrogen ecosystem.

A key enabler of truly sustainable hydrogen is renewable energy, which ensures that hydrogen production remains independent of fossil fuels. The Ministry of New and Renewable Energy (MNRE) has established clear emissions criteria to define what qualifies as "Green Hydrogen" in India.

Under MNRE guidelines, green hydrogen must be produced using electricity generated from renewable sources such as solar, wind, or hydropower. This includes hydrogen generated through electrolysis or biomass conversion processes, provided that the electricity used comes from renewables. Additionally, renewable electricity stored in energy storage systems or banked with the grid per applicable regulatory provisions also qualifies under this classification.

This rapidly evolving green hydrogen landscape presents substantial opportunities for U.S. and global companies to collaborate with Indian stakeholders, invest in technology transfer, and support India's clean energy transition. Participation in this market not only aligns with global decarbonization goals but also opens avenues for innovation and long-term economic partnerships in one of the world's fastest-growing clean energy sectors.

SEGMENTATION ANALYSIS

The segmentation analysis of the India green hydrogen market includes technology, energy source, and end-user. The energy source segment is further classified into solar, wind, and other renewable sources.

India's ambitious renewable energy target of 500 GW by 2030, spanning solar, onshore and offshore wind, hydro, pumped hydro storage (PHS), and battery energy storage systems (BESS), is central to the success of the National Green Hydrogen Mission. A key geographic advantage is India's location near the equator, which provides consistently high solar irradiance levels ranging from 4 to 7 kWh/m2/day. States like Rajasthan and Gujarat stand out due to their vast land availability and 250-300 clear sunny days each year, making them ideal for large-scale solar energy deployment. Declining solar photovoltaic (PV) costs further bolsters the economic viability of producing green hydrogen using solar power.

To support round-the-clock renewable energy supply, the National Electricity Plan 2022 projects the requirement of 18.8 GW of pumped hydro storage by 2032. Simultaneously, there is a growing emphasis on battery energy storage systems to stabilize grid operations and ensure consistent power availability for hydrogen electrolysis. A significant milestone in this direction was achieved on February 28, 2024, when the Solar Energy Corporation of India (SECI) commissioned the country's largest BESS project: a 152.32 MWh storage system coupled with a 100 MW AC solar plant in Rajnandgaon, Chhattisgarh.

This project exemplifies the integration of renewable generation with energy storage, which is critical for enabling reliable and scalable green hydrogen production. As India scales its renewable capacity and strengthens its energy storage infrastructure, it is laying a robust foundation for a green hydrogen economy that is both resilient and globally competitive.

1. RESEARCH SCOPE & METHODOLOGY

1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS

2. EXECUTIVE SUMMARY

2.1. MARKET SIZE & ESTIMATES
2.2. COUNTRY SNAPSHOT
2.3. COUNTRY ANALYSIS
2.4. SCOPE OF STUDY
2.5. MAJOR MARKET FINDINGS
- 2.5.1. SOLAR POWER EMERGES AS THE LEADING CONTRIBUTOR TO INDIA'S GREEN HYDROGEN PRODUCTION
- 2.5.2. PROTON EXCHANGE MEMBRANE (PEM) ELECTROLYZERS DOMINATE WITH HIGH EFFICIENCY AND PURITY
- 2.5.3. POWER GENERATION & ENERGY STORAGE LEAD INDIA'S GREEN HYDROGEN MARKET GROWTH

3. MARKET DYNAMICS

3.1. KEY DRIVERS
- 3.1.1. GOVERNMENT INITIATIVES AND POLICIES
- 3.1.2. DECARBONIZATION GOALS
- 3.1.3. INCREASING RENEWABLE ENERGY CAPACITY
3.2. KEY RESTRAINTS
- 3.2.1. HIGH COST OF GREEN HYDROGEN PRODUCTION
- 3.2.2. LACK OF INFRASTRUCTURE
- 3.2.3. REGULATORY AND POLICY UNCERTAINTIES

4. KEY ANALYTICS

4.1. KEY MARKET TRENDS
- 4.1.1. GROWING INVESTMENTS & PUBLIC-PRIVATE PARTNERSHIPS
- 4.1.2. EXPANSION OF ELECTROLYZER MANUFACTURING
- 4.1.3. EXPORT POTENTIAL GAINING TRACTION
4.2. PORTER'S FIVE FORCES ANALYSIS
- 4.2.1. BUYERS POWER
- 4.2.2. SUPPLIERS POWER
- 4.2.3. SUBSTITUTION
- 4.2.4. NEW ENTRANTS
- 4.2.5. INDUSTRY RIVALRY
4.3. GROWTH PROSPECT MAPPING FOR INDIA
4.4. MARKET MATURITY ANALYSIS
4.5. MARKET CONCENTRATION ANALYSIS
4.6. VALUE CHAIN ANALYSIS
- 4.6.1. PRODUCTION & TECHNOLOGY
- 4.6.2. STORAGE & TRANSPORTATION
- 4.6.3. APPLICATIONS
- 4.6.4. ASSOCIATED ASPECTS
4.7. KEY BUYING CRITERIA
- 4.7.1. COST-EFFECTIVENESS
- 4.7.2. EFFICIENCY
- 4.7.3. RELIABILITY
- 4.7.4. SCALABILITY
4.8. POLICY AND REGULATION
4.9. KEY PLAYERS OPERATING IN INDIA GREEN HYDROGEN MARKET
- 4.9.1. SUCCESSFUL GREEN HYDROGEN PROJECTS IN INDIA

5. INDIA GREEN HYDROGEN MARKET - BY TECHNOLOGY

5.1. PROTON EXCHANGE MEMBRANE (PEM) ELECTROLYZERS
- 5.1.1. MARKET FORECAST FIGURE
- 5.1.2. SEGMENT ANALYSIS
5.2. ALKALINE ELECTROLYZERS
- 5.2.1. MARKET FORECAST FIGURE
- 5.2.2. SEGMENT ANALYSIS
5.3. SOLID OXIDE ELECTROLYZERS
- 5.3.1. MARKET FORECAST FIGURE
- 5.3.2. SEGMENT ANALYSIS
5.4. OTHER TECHNOLOGIES
- 5.4.1. MARKET FORECAST FIGURE
- 5.4.2. SEGMENT ANALYSIS

6. INDIA GREEN HYDROGEN MARKET - BY ENERGY SOURCE

6.1. SOLAR
- 6.1.1. MARKET FORECAST FIGURE
- 6.1.2. SEGMENT ANALYSIS
6.2. WIND
- 6.2.1. MARKET FORECAST FIGURE
- 6.2.2. SEGMENT ANALYSIS
6.3. OTHER RENEWABLE SOURCES
- 6.3.1. MARKET FORECAST FIGURE
- 6.3.2. SEGMENT ANALYSIS

7. INDIA GREEN HYDROGEN MARKET - BY END-USER

7.1. POWER GENERATION & ENERGY STORAGE
- 7.1.1. MARKET FORECAST FIGURE
- 7.1.2. SEGMENT ANALYSIS
7.2. AUTOMOTIVE & TRANSPORTATION
- 7.2.1. MARKET FORECAST FIGURE
- 7.2.2. SEGMENT ANALYSIS
7.3. REFINERIES & PETROCHEMICALS
- 7.3.1. MARKET FORECAST FIGURE
- 7.3.2. SEGMENT ANALYSIS
7.4. OTHER END-USERS
- 7.4.1. MARKET FORECAST FIGURE
- 7.4.2. SEGMENT ANALYSIS

8. FUTURE OUTLOOK AND RECOMMENDATIONS

LIST OF TABLES

TABLE 1: INDIA MARKET SNAPSHOT- GREEN HYDROGEN
TABLE 2: POLICY AND REGULATION
TABLE 3: INDIA GREEN HYDROGEN MARKET, BY TECHNOLOGY, 2026-2032 (IN INR MILLION)
TABLE 4: INDIA GREEN HYDROGEN MARKET, BY ENERGY SOURCE, 2026-2032 (IN INR MILLION)
TABLE 5: INDIA GREEN HYDROGEN MARKET, BY END-USER, 2026-2032 (IN INR MILLION)
TABLE 6: KEY PLAYERS OPERATING IN INDIA GREEN HYDROGEN MARKET

LIST OF FIGURES

FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER'S FIVE FORCES ANALYSIS
FIGURE 3: GROWTH PROSPECT MAPPING FOR INDIA
FIGURE 4: MARKET MATURITY ANALYSIS
FIGURE 5: MARKET CONCENTRATION ANALYSIS
FIGURE 6: VALUE CHAIN ANALYSIS
FIGURE 7: KEY BUYING CRITERIA
FIGURE 8: INDIA GREEN HYDROGEN MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2026
FIGURE 9: INDIA GREEN HYDROGEN MARKET, BY PROTON EXCHANGE MEMBRANE (PEM) ELECTROLYZERS, 2026-2032 (IN INR MILLION)
FIGURE 10: INDIA GREEN HYDROGEN MARKET, BY ALKALINE ELECTROLYZERS, 2026-2032 (IN INR MILLION)
FIGURE 11: INDIA GREEN HYDROGEN MARKET, BY SOLID OXIDE ELECTROLYZERS, 2026-2032 (IN INR MILLION)
FIGURE 12: INDIA GREEN HYDROGEN MARKET, BY OTHER TECHNOLOGIES, 2026-2032 (IN INR MILLION)
FIGURE 13: INDIA GREEN HYDROGEN MARKET, GROWTH POTENTIAL, BY ENERGY SOURCE, IN 2026
FIGURE 14: INDIA GREEN HYDROGEN MARKET, BY SOLAR, 2026-2032 (IN INR MILLION)
FIGURE 15: INDIA GREEN HYDROGEN MARKET, BY WIND, 2026-2032 (IN INR MILLION)
FIGURE 16: INDIA GREEN HYDROGEN MARKET, BY OTHER RENEWABLE SOURCES, 2026-2032 (IN INR MILLION)
FIGURE 17: INDIA GREEN HYDROGEN MARKET, GROWTH POTENTIAL, BY END-USER, IN 2026
FIGURE 18: INDIA GREEN HYDROGEN MARKET, BY POWER GENERATION & ENERGY STORAGE, 2026-2032 (IN INR MILLION)
FIGURE 19: INDIA GREEN HYDROGEN MARKET, BY AUTOMOTIVE & TRANSPORTATION, 2026-2032 (IN INR MILLION)
FIGURE 20: INDIA GREEN HYDROGEN MARKET, BY REFINERIES & PETROCHEMICALS, 2026-2032 (IN INR MILLION)
FIGURE 21: INDIA GREEN HYDROGEN MARKET, BY OTHER END-USERS, 2026-2032 (IN INR MILLION)