India Green Hydrogen
Market Overview:
The Indian Green Hydrogen Market reached US$ 5.59 billion in 2024 and is projected to grow to US$ 12.98 billion by 2032, registering a CAGR of 11.11% during the forecast period 2025-2032. India’s green hydrogen sector is rapidly emerging as a critical component of the country’s clean energy transition. Under the National Green Hydrogen Mission, announced in 2023 with a US$ 2.3 billion investment, the government is driving the development of green hydrogen infrastructure, targeting an annual production capacity of 5 million metric tons by 2030. Leveraging abundant renewable energy resources, particularly solar and wind, India has significant potential for cost-effective green hydrogen production.
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Corporate commitments and strategic partnerships are playing a pivotal role in accelerating market growth. Leading Indian conglomerates, including Reliance Industries, Adani Group, and Indian Oil Corporation, are investing heavily in green hydrogen technologies and infrastructure. For instance, 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 green hydrogen production costs to approximately US$ 1 per kilogram.
Recent Key Developments: United States
✅ 2025 – BPCL and Sembcorp Green Hydrogen Partnership
Bharat Petroleum Corporation Limited (BPCL) entered a strategic partnership with Singapore‐based Sembcorp to develop green hydrogen and renewable energy projects across India, expanding BPCL’s portfolio in clean fuels and supporting large‐scale electrolyzer deployments.
✅ 2025 – Reliance Industries Announces Major Electrolyzer Investment
Reliance Industries committed to investing US$ 10 billion over three years to develop low‐cost electrolyzer technologies, with the goal of reducing green hydrogen production costs to around US$ 1 per kilogram and enhancing India’s competitiveness in the global green hydrogen market.
✅ 2024 – Adani Group Expands Green Hydrogen Capacity
Adani Group initiated expansion of its green hydrogen production infrastructure, including new renewable power generation capacity and hydrogen storage facilities, to support industrial and mobility applications.
✅ 2025 – Indian Oil Corporation Accelerates Green Hydrogen Projects
Indian Oil Corporation announced accelerated implementation of multiple hydrogen hubs, involving production, storage, and distribution solutions to serve refinery, industrial, and transport segments across key Indian states.
✅ 2025 – Government Boosts National Green Hydrogen Mission Funding
The Government of India increased budgetary allocations under the National Green Hydrogen Mission, reinforcing subsidies and incentives for electrolyzer manufacturing, renewable integration, and green hydrogen commercialization initiatives.
✅ In January 2024, the state of Maharashtra signed Memorandums of Understanding (MoUs) with seven companies, including NTPC Green Energy Ltd and ReNew eFuels, to create a cumulative 910 kilotonnes per annum (ktpa) of green hydrogen production capacity.
✅ 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$50 billion in the next decade, with an initial goal of developing 1 million tons of green hydrogen production capacity annually by 2030.
Key players:
Cummins India Limited, ACME Group, Reliance Industries Limited, Adani Group, Indian Oil Corporation Ltd, NTPC Ltd., JSW Group, Linde India Ltd., Siemens Energy and Toshiba India Private Limited.
Strategic Leadership Report: Top 3 Players in 2026
Cummins India Limited: Focused on deploying advanced electrolyzer technologies and fuel cell solutions, Cummins India is expanding green hydrogen production capabilities for industrial and mobility applications across India.
ACME Group: Actively investing in integrated renewable energy projects to power large-scale green hydrogen plants, ACME Group is positioning itself as a key producer of cost-effective hydrogen for industrial use.
Reliance Industries Limited: Committed to investing US$ 10 billion over three years, Reliance is developing low-cost electrolyzers and green hydrogen infrastructure to support India’s clean energy transition and reduce production costs to around US$ 1 per kg.
Adani Group: Expanding its green hydrogen production capacity with new renewable energy generation, storage, and distribution facilities to supply industrial and transportation sectors.
Market Dynemics:
Drivers
Decarbonization Goals and Climate Change Concerns
India’s ambitious decarbonization targets and rising climate change concerns are key drivers for the green hydrogen market. Committed to achieving net-zero emissions by 2070, India is actively seeking low-carbon energy alternatives to reduce reliance on fossil fuels. Green hydrogen, produced from renewable sources such as solar and wind, provides a clean fuel option for hard-to-abate sectors including steel, cement, and fertilizers.
Policy support and incentive programs, such as Production-Linked Incentives (PLI) for green hydrogen and electrolyzer manufacturing with outlays of US$1.51 billion and US$513 million, respectively are fostering investment, innovation, and large-scale adoption of green hydrogen technologies across industries.
Restraints
Infrastructure Limitations
The lack of dedicated infrastructure for hydrogen storage, transport, and distribution is a significant restraint for the Indian green hydrogen market. India currently lacks hydrogen pipelines and specialized storage facilities, making large-scale deployment challenging. Transporting hydrogen using conventional infrastructure is costly and inefficient due to its low energy density and high flammability.
Furthermore, refueling stations for hydrogen-powered vehicles are limited, hindering adoption in the mobility sector. These infrastructure gaps increase operational costs, reduce scalability, and can constrain investor confidence in market expansion.
Opportunities
Corporate Investments and Public-Private Partnerships
The growing interest of Indian conglomerates, such as Reliance Industries, Adani Group, and Indian Oil Corporation, in green hydrogen development presents significant opportunities for the market. Joint ventures and collaborations, combined with government-backed renewable energy projects, can accelerate production, lower costs, and establish supply chains.
Integration with Renewable Energy
India’s abundant solar and wind resources provide a unique opportunity to produce cost-effective green hydrogen. Integrating green hydrogen production with renewable energy projects can enhance energy security, provide grid balancing solutions, and support India’s broader energy transition goals.
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Regional Insights:
Northern India – 35% Share
Northern India dominates the green hydrogen market, driven by strong industrial hubs in states like Uttar Pradesh, Haryana, and Punjab. The presence of steel, cement, and fertilizer industries, combined with increasing adoption of renewable energy projects, supports the development of green hydrogen production facilities.
Western India – 25% Share
Western India, including Maharashtra, Gujarat, and Rajasthan, is witnessing rapid market growth. High solar power potential in Rajasthan and Gujarat, along with investments from major conglomerates like Reliance Industries and Adani Group, is accelerating green hydrogen adoption for industrial and energy applications.
Southern India – 20% Share
Southern India is emerging as a significant growth region, with states like Karnataka, Tamil Nadu, and Andhra Pradesh leveraging wind and solar resources to produce green hydrogen. The region is also witnessing pilot projects for green mobility and renewable energy integration.
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Market Segmentation:
By Technology:
Proton Exchange Membrane (PEM) Electrolyzers hold the largest share at 45%, favored for their high efficiency, rapid response, and suitability for variable renewable energy inputs. Alkaline Electrolyzers account for approximately 35%, valued for their lower cost, mature technology, and large-scale industrial applications. Solid Oxide Electrolyzers make up around 20%, emerging as a high-temperature, high-efficiency solution for industrial hydrogen production.
By Energy Source:
Solar-powered green hydrogen leads with 60%, driven by India’s abundant solar resources and large-scale photovoltaic projects. Wind energy contributes about 40%, supported by coastal wind farms and hybrid renewable energy setups that supply electrolyzers for hydrogen production.
By Application:
Power Generation & Energy Storage represents 40% of the market, as green hydrogen is increasingly used to store surplus renewable energy and stabilize the grid. Automotive & Transportation captures 30%, fueled by initiatives to deploy hydrogen fuel cell vehicles in public transport and industrial fleets. Refineries & Petrochemicals account for 30%, leveraging green hydrogen as a clean feedstock to decarbonize industrial processes and reduce reliance on grey hydrogen.
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