India’s potential in green hydrogen electrolyzers is forecasted to surge to $78 billion by 2050, a significant increase from $4 billion in 2030, according to the latest report titled ‘Green Hydrogen for Decarbonizing Asia’s Industrial Giants’ by the Asia Society Policy Institute.
The report examines the future demand for electrolyzers necessary to meet the rising green hydrogen (H2) demand across China, India, Japan, and South Korea.
It highlights that the net zero targets set by Asia’s top four economies could drive substantial growth in the market for green hydrogen electrolyzers, with a combined projected potential of $180 billion by 2050 for critical industrial applications.
According to the report, the collective market potential for electrolysers is expected to skyrocket to $180 billion by 2050, with a compound annual growth rate as high as 12 per cent between 2030 and 2040. This is nearly five times as large as the market potential under a business-as-usual scenario.
This report evaluates the potential and trajectory of the green hydrogen (H2) electrolyzers market within the context of various decarbonization scenarios, including declared net zero targets, across Asia’s four largest economies: China, India, South Korea, and Japan. It explores the role of green H2 in decarbonizing three major industries—steel, ammonia, and methanol where it can replace carbon-intensive processes with renewable energy–powered electrolysis, offering a path to significantly reduce CO2 emissions.
“If the four countries adhere to their announced net zero targets, the analysis anticipates substantial market growth for green H2 electrolyzers in these three industries by 2050,” it adds.
China’s potential is projected to reach $85 billion by 2050, up from $22 billion in 2030, Japan to $9 billion by 2050, up from $1 billion in 2030, and South Korea to $8 billion potential by 2050, up from $1 billion in 2030.
The report also emphasizes that the total electrolyzer market opportunity could be even larger considering applications in other industries. Additionally, it breaks down the electrolyzer market potential for each industry and country analyzed in the study.
