Increasing Government Efforts toward achieving Carbon-Neutrality to Drive the Green Hydrogen Market in India

Green Hydrogen, the latest buzzword in the energy space, could be the next best investment toward achieving clean energy owing to the declining costs of renewable electricity & electrolysis technology. Governments of different countries, especially India, are focused on exploring the potential of this promising technology, which is why it is gaining unparalleled political & business momentum.

A recent research study by MarkNtel Advisors has projected an almost 20% CAGR for the India Green Hydrogen Market during 2022-27. Most of the market expansion would be driven by the increasing focus of the Indian government on reducing the alarming levels of carbon emissions across the country by minimizing the reliance on fossil fuels, i.e., leading to rigorous research & developments on utilizing clean energy resources for various applications across different industries.

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As a result, green hydrogen is being viewed as a sustainable solution to mitigate emissions, reduce the country's expenses on fuel imports, and decarbonize the environment while producing renewable energy. With favorable policies laid out by the government in this regard, the leading companies in the industry are announcing several initiatives for commercializing green hydrogen in the country. For instance:

By 2030, Adani Group plans to build the world's largest renewable energy company with 45 GW capacity and become the largest hydrogen producer globally. Over the next decade, it aims to invest around 80% of capital expenditure on green businesses, including $20 billion in renewables, green component manufacturing, and establishing the required infrastructure.

Adani group's massive capabilities in both fossil-fuel-based & renewable energy, transmission & distribution infrastructure, and logistics hold immense potential to make it a leading green hydrogen company in the future.
With Longer Operations & Low Costs, Alkaline Electrolyzers to Notably Contribute to the Market Growth

Alkaline electrolyzers have two electrodes that operate in a liquid alkaline solution of either potassium hydroxide or sodium hydroxide. With benefits like high operating range, low operation & installation costs, and high efficiency & durability, alkaline electrolyzers are projected to dominate the green hydrogen industry in India over the coming years.

However, since they have lower power & current densities and incur a high corrosive effect of the liquid electrolyte used in high-temperature values, industry players are showing greater interest in adopting PEM (Proton Exchange Membrane) technology. PEM offers the advantage of quickly & effectively operating at high current densities & variable power levels. Moreover, it has low gas permeability, high energy efficiency, and a fast hydrogen production rate, owing to which it is gaining popularity.

Some Recent Trends in the India Green Hydrogen Market

-In August 2022, Shell India and Ohmium International, a green hydrogen company that designs, manufactures, and deploys PEM Electrolyzers, signed an MoU (Memorandum of Understanding) for working on green hydrogen applications in India. Ohmium has its only manufacturing facility for electrolyzers in Bengaluru and is very active in India. Shell plans on utilizing electrolyzers to produce green hydrogen.

-The same year in March, Adani Enterprises Limited (AEL) signed an MoU with Milan-based Maire Tecnimont Group's subsidiaries, including NextChem, Stamicarbon, and MET Development (MET DEV), on making green hydrogen projects across different locations in the country.

-July 2020, Reliance Industries announced its plans to replace fuels used in the transportation sector with clean electricity & hydrogen in line with its 2035 net-zero target.

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Competitive Landscape

The key companies operating in the India Green Hydrogen Market include Adani Green Energy Ltd., Bharat Petroleum Corporation Limited (BPCL), Reliance Industries Ltd., Larsen & Toubro Ltd., Indian Oil Corporation Ltd., National Thermal Power Corporation (NTPC) Limited, JSW Steel, and Jindal Steel.

Key Questions Answered in the Research Report:

--What are the current & future trends in the India Green Hydrogen Market?
--How has the industry been evolving in terms of geography & product adoption?
--How has the competition been shaping across various regions, followed by their comparative factorial indexing?
--What are the key growth drivers & challenges for the India Green Hydrogen Market?
--What are the customer orientation, purchase behavior, & expectations from the key companies operating in the India Green Hydrogen Market?

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Market Segmentation:

By Technology (Proton Exchange Membrane (PEM) Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer)
By End-Users (Power Generation, Automotive, Mining, Food & Beverage, Others (Petrochemicals, Steel and Cement Industries))
By Location (Onshore, Offshore)

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MarkNtel Advisors is a leading research, consulting, and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

This release was published on openPR.