India Green Hydrogen Market to Reach USD 12.98 Billion by 2032 | CAGR 11.11% | Key Players: Reliance Industries Limited, Adani Group, Indian Oil Corporation Ltd, NTPC Ltd., Cummins India Limited

Market Overview

The Indian Green Hydrogen Market reached US$ 5.59 billion in 2024 and is projected to reach US$ 12.98 billion by 2032, growing at a CAGR of 11.11% during the forecast period 2025-2032. Green hydrogen is emerging as a strategic pillar in India's clean energy transition, supported by the government's National Green Hydrogen Mission, launched in 2023 with a US$ 2.3 billion investment. Under this initiative, India aims to produce 5 million metric tons of green hydrogen annually by 2030.

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The market growth is fueled by India's abundant renewable energy resources, particularly solar and wind, which enable cost-effective production of green hydrogen through electrolysis. Additionally, corporate investments and joint ventures are accelerating market development, with major Indian conglomerates such as Reliance Industries, Adani Group, and Indian Oil Corporation actively investing in hydrogen infrastructure, electrolyzer technology, and renewable energy projects.

For example, in April 2025, Bharat Petroleum Corporation Limited (BPCL) partnered with Singapore-based Sembcorp to develop green hydrogen and renewable energy projects across India. Similarly, in August 2023, Reliance Industries announced plans to invest US$ 10 billion over three years to develop low-cost electrolyzers, aiming to reduce the production cost of green hydrogen to around US$ 1 per kg, significantly improving market viability and competitiveness.

Recent Key Developments:

✅ February 2026: Adani Group commenced commercial operations of one of India's largest green hydrogen production facilities in Gujarat, integrating renewable power generation and electrolyzer systems to supply industrial off‐takers.

✅ January 2026: Reliance Industries announced the launch of its first pilot low‐cost electrolyzer manufacturing plant, targeting a scalable supply of modular electrolyzers designed to reduce green hydrogen production costs below US$ 1 per kg.

✅ December 2025: Indian Oil Corporation (IOC) signed a strategic collaboration with a major European energy firm to develop green hydrogen refueling stations across multiple Indian states, supporting fuel blending and heavy‐vehicle decarbonization.

✅ October 2025: Bharat Petroleum Corporation Limited (BPCL) and Sembcorp Energy India initiated construction of a renewable power‐linked green hydrogen hub in Rajasthan, combining solar, wind, and electrolyzer capacity to serve industrial consumers.

✅ August 2025: NTPC Limited launched a green hydrogen supply agreement with a steel manufacturer to deliver green hydrogen for direct reduction of iron ore, advancing decarbonization in the metals sector.

✅ In June 2022, Adani Group and TotalEnergies formed a partnership to create the world's largest green hydrogen ecosystem. Adani New Industries Ltd plans to invest over US$50 billion in the next decade, with an initial goal of developing 1 million tons of green hydrogen production capacity annually by 2030.

✅ In January 2025, India announced its first green hydrogen hub in Andhra Pradesh, backed by a US$21.6 billion investment. Led by NTPC Green Energy Ltd., the project will develop 20 GW of renewable energy and produce 1,500 tons per day of green hydrogen and 7,500 TPD of derivatives like green methanol, green urea, and sustainable aviation fuel, mainly for export. The initiative includes India's first dedicated transmission network for green hydrogen.

Key Players:
Cummins India Limited, ACME Group, Reliance Industries Limited, Adani Group, Indian Oil Corporation Ltd, NTPC Ltd., JSW Group, Linde India Ltd., Siemens Energy, Toshiba India Private Limited

Cummins India Limited - Developing advanced electrolyzer technologies and fuel cell solutions for industrial and mobility applications.

ACME Group - Integrating renewable energy projects with green hydrogen production, leveraging solar and wind power assets.

Reliance Industries Limited - Investing heavily in low-cost electrolyzer manufacturing and large-scale green hydrogen production to meet industrial and mobility demand.

Adani Group - Establishing one of India's largest green hydrogen production and renewable energy hubs for industrial and export purposes.

Indian Oil Corporation Ltd (IOC) - Expanding green hydrogen refueling infrastructure and industrial supply chains for decarbonization of fuels.

NTPC Ltd. - Engaging in green hydrogen supply for steel and chemical industries, linking power generation with electrolyzer deployment.

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Regional Insights:

Western India: 40% (Leading share due to Gujarat and Maharashtra, where large-scale renewable energy projects and industrial hydrogen hubs are concentrated. The presence of major players like Adani Group, Reliance Industries, and ACME Group supports rapid deployment of electrolyzers and green hydrogen infrastructure.)

Northern India: 25% (Significant growth from Rajasthan, Haryana, and Uttar Pradesh, driven by solar and wind capacity, government incentives under the National Green Hydrogen Mission, and partnerships with industrial off-takers in steel, fertilizer, and chemical sectors.)

Southern India: 20% (Emerging market led by states like Karnataka and Tamil Nadu, where renewable energy potential is high, and companies like Cummins India Limited and Toshiba India Private Limited are investing in pilot projects for hydrogen production and storage.)

Eastern India: 10% (Growing interest in Jharkhand, Odisha, and West Bengal, focused on green hydrogen for industrial decarbonization in steel, power, and chemicals, supported by early-stage government programs and private partnerships.)

Market Dynamics:

Drivers - Decarbonization and Climate Change Initiatives:
India's ambitious decarbonization goals and growing climate change concerns are key drivers for the green hydrogen market. With a commitment to achieve net-zero emissions by 2070, the country is actively seeking low-carbon energy alternatives. Green hydrogen, produced from renewable sources, offers a clean fuel option to reduce reliance on fossil fuels and plays a pivotal role in decarbonizing hard-to-abate sectors such as steel, cement, and fertilizer. Climate-related pressures, including extreme weather events and international emission reduction commitments, are further accelerating India's energy transition. To support this shift, the government has introduced PLI schemes to incentivize both green hydrogen production and electrolyzer manufacturing, with investments of US$ 1.51 billion and US$ 513 million, respectively, fostering innovation, investment, and large-scale adoption.

Restraints - Infrastructure Limitations:
Despite strong policy support, infrastructure limitations remain a significant restraint. India currently lacks a dedicated hydrogen pipeline network and specialized storage facilities, creating bottlenecks in transportation and distribution. Existing transport infrastructure is costly and inefficient due to hydrogen's low energy density and high flammability, while hydrogen refueling stations are scarce, limiting adoption in the mobility sector. These infrastructural gaps increase operational costs and can reduce investor confidence, posing challenges to large-scale deployment of green hydrogen technologies.

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Market Segmentation:

By Technology: Proton Exchange Membrane (PEM) Electrolyzers lead the market with 60%, driven by their higher efficiency, flexibility with renewable energy input, and suitability for decentralized production. Alkaline Electrolyzers account for 40%, benefiting from lower capital costs and proven large-scale industrial deployment for steady hydrogen production.

By Energy Source: Solar-powered green hydrogen dominates with 50%, leveraging India's abundant solar capacity in states like Gujarat, Rajasthan, and Karnataka. Wind-powered hydrogen contributes 30%, supported by coastal and high-wind regions across India. Other renewable sources, such as biomass or hybrid renewable systems, account for 20%, targeting niche and experimental production projects.

By Application: Power Generation & Energy Storage represent 35%, as green hydrogen is increasingly integrated into grid balancing, renewable storage, and fuel-cell-based energy solutions. Automotive & Transportation hold 30%, driven by fuel cell vehicles and refueling infrastructure development. Refineries & Petrochemicals account for 25%, where green hydrogen replaces conventional hydrogen in chemical processes, ammonia, and methanol production. Other applications make up 10%, including industrial decarbonization in cement, steel, and glass manufacturing.

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