Green hydrogen electrolyser market in key Asian nations set to reach USD 180 mn by 2050; India among countries driving growth: Report
Apr 12, 2024
New Delhi (India), April 12 The Green hydrogen electrolyzer market is projected to reach USD180 billion in key Asian markets by 2050 with India among the countries set to drive the growth, according to a new report.
India's green hydrogen market is set to reach USD 78 billion by 2050, up from USD 4 billion in 2030, as per the study to reach USD 180 billion by 2050 for key industrial applications, said the report High-level Policy Commission on Getting Asia to Net Zero convened by the Asia Society Policy Institute.
Titled 'Green Hydrogen for Decarbonizing Asia's Industrial Giants', the report released on Friday in New Delhi forecasts a substantial expansion in the green hydrogen market, particularly in key industrial applications to meet Net Zero targets.
The report assesses the future potential and trajectory for electrolyzers needed to meet green Hydrogen (H2) demand in China, India, Japan, and South Korea.
The study, carried out by Global Efficiency Intelligence, looks at the role of green H2 in three priority industries--steel, ammonia, and methanol--under various decarbonization scenarios. In these sectors, green H2 can significantly reduce emissions by replacing carbon-intensive processes with renewable energy-powered electrolysis.
"Net zero targets in Asia's four largest economies could substantially expand the market for green hydrogen (H2) electrolyzers, with the combined potential in these countries projected to reach USD180 billion by 2050 for key industrial applications," the report said.
The analysis projects massive growth in the market potential of green H2 electrolyzers for the three industries by 2050- China will grow to USD 85 billion by 2050, up from USD 22 billion in 2030; India to USD 78 billion by 2050, up from USD 4 billion in 2030; Japan: USD 9 billion by 2050, up from USD 1 billion in 2030 and South Korea: USD 8 billion by 2050, up from USD 1 billion in 2030
Ali Hasanbeigi, Founder, CEO, and Research Director at Global Efficiency Intelligence, said, "Using green H2 in H2-DRI steelmaking, and producing green ammonia and methanol is essential to decarbonize these key sectors. Our analysis shows there is a massive electrolyzer market potential in these major Asian countries and those who capitalize on it stand to gain substantially."
Amitabh Kant, India's G20 Sherpa, said that India, with its vast renewable energy resources, also has the opportunity to produce Green Hydrogen for the world."
"I congratulate the Asia Society Policy Institute for releasing the Green Hydrogen for Decarbonizing Asia's Industrial Giants report, which showcases the need to transform the hard-to-abate sectors of the economy, including steel and fertilizers. As India has set its sights on becoming energy-independent by 2047 and achieving Net Zero by 2070, we recognize the critical role of Green Hydrogen," he said.
