https://sputniknews.in/20231018/indias-hydrogen-market-to-break-50-billion-by-2030-iha-4926302.html
India's Hydrogen Market To Break $50 Billion By 2030: IHA
India's Hydrogen Market To Break $50 Billion By 2030: IHA
Sputnik India
India's hydrogen equipment manufacturing and services market may reach $ 45-50 billion by 2030, predicts India Hydrogen Alliance (IH2A), an industry body.
2023-10-18T17:23+0530
2023-10-18T17:23+0530
2023-10-18T19:24+0530
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India's hydrogen equipment manufacturing and services market may reach $45-50 billion by 2030, predicts India Hydrogen Alliance (IH2A), an industry body.IH2A also said that India will export electrolysers and balance-of-plant equipment to other countries in Asia, the Middle East and Africa. This will also help India build a supply chain hub for future green hydrogen projects, it said. Earlier this year, the federal government approved the National Green Hydrogen Mission with an aim to produce 5 million tonnes of green hydrogen annually and make India a global green hydrogen hub. India also approved a comprehensive $2billion incentive plan to boost green hydrogen development.Currently, the majority of the country's hydrogen consumption, which amounts to 5 million metric tons, relies on fossil fuels for its production.
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India's Hydrogen Market To Break $50 Billion By 2030: IHA
17:23 18.10.2023 (Updated: 19:24 18.10.2023) Deexa Khanduri
Sputnik correspondent
The India Hydrogen Alliance stated that India has can become a global hydrogen hub, with the domestic equipment market growing to $13.5 billion over the next seven years.
India's hydrogen equipment manufacturing and services market may reach $45-50 billion by 2030, predicts India Hydrogen Alliance (IH2A), an industry body.
Of the $50 billion analysis, 34 per cent will come from stacks, 62 per cent from hydrogen plant equipment and 4 per cent from specialist engineering services, the report suggests.
IH2A also said that India will export electrolysers and
balance-of-plant equipment to other countries in
Asia, the Middle East and Africa. This will also help India build a supply chain hub for future green hydrogen projects, it said.
The report also states that "India's domestic hydrogen production plant equipment market will reach $9 billion on a conservative basis - based on a number of 135 plants in India by 2030, deploying 6.8GW of electrolyser capacity per year".
Earlier this year, the federal government approved the National Green Hydrogen Mission with an aim to produce 5 million tonnes of
green hydrogen annually and make India a global green hydrogen hub.
India also
approved a comprehensive $2billion incentive plan to boost green hydrogen development.
Currently, the majority of the country's hydrogen consumption, which amounts to 5 million metric tons, relies on fossil fuels for its production.
