India to be fastest growing hydrogen market by 2050

A new report released recently highlights India’s potential to lead the fastest-growing market for hydrogen electrolysers by 2050, aiming to achieve net-zero emissions.

According to the report, India is projected to experience the highest growth rate in the expanding market for green hydrogen (H2) electrolysers in Asia, followed by China, Japan, and South Korea.

The report indicates a collective $180 billion opportunity for hydrogen electrolysers in key Asian markets by 2050. It was unveiled at an event held on April 12 in New Delhi, India.

China’s market potential is expected to increase significantly from $22 billion in 2030 to $85 billion by 2050. Meanwhile, India’s market is forecast to reach $78 billion from $4 billion in 2030, representing the highest growth rate. Japan’s market potential is anticipated to grow to $9 billion, and South Korea’s to $8 billion by 2050, both with a compound annual growth rate of 10%.

This growth is driven by increased production targets under net-zero commitments, government policies, investments in renewable infrastructure, and technological advancements.