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.