Friday, May 24, 2024

India to be fastest growing hydrogen market by ’50 to achieve net zero: Report


NEW DELHI, APRIL 13: A new report released on Friday 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.
“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”, said Amitabh Kant, India’s G20 Sherpa.
Kant highlighted India’s vast renewable energy resources and its potential to produce Green Hydrogen for the world. “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”, said Kant.
(Courtesy: TNIE)