According to UnivDatos, the India Green Hydrogen Market was valued at USD 22.88 Million in 2023 and is expected to grow at a strong CAGR of around 69.8% during the forecast period (2024-2032). This is mainly owing to the development of green hydrogen which has emerged as a priority for multilateral institutions and private funders. India has an opportunity to export green hydrogen to the world. With the increasing global demand for clean energy, the export of green hydrogen can be a significant source of revenue for the country. As a clean and renewable source of energy, green hydrogen has the potential to revolutionize the global energy landscape. India has abundant renewable energy resources, which can be harnessed to produce green hydrogen at a lower cost. By investing in green hydrogen production and infrastructure, India can position itself as a leading exporter of clean energy and contribute to the global fight against climate change.

Key Export Opportunities:

Driven by the low cost of renewables in the country, India has the potential to emerge as one of the most competitive sources of green hydrogen in the world. However, this will impact not just the prospects for hydrogen exports but also the competitiveness of low-carbon products with embedded hydrogen such as green steel and green ammonia.

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Competitiveness of Indian Green Hydrogen Exports:

Green hydrogen from India in 2050 could be remarkably competitive with hydrogen from countries like Australia and the United States, which are already in conversation for ocean shipping of hydrogen. Even by 2030, Indian green hydrogen could be competitive at the margin for select geographies.

Challenges to Hydrogen Export:

The various techno-commercial challenges to international hydrogen trade and India’s preparedness for it. Unlike petroleum or natural gas where resources are constrained by geography, green hydrogen could be produced onshore, provided resources (land, renewable electricity, etc.) are adequately available. Export-dependent countries, willing to pay a price premium, can also theoretically utilize imported liquified natural gas (LNG) to produce hydrogen onshore through steam methane reformation (SMR). This challenge of infrastructure preparedness is both global and local.

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India’s lack of experience as a hydrocarbon exporter means there is a comparatively steeper learning curve before it can effectively compete with regions like Australia and the Middle East, which are also equally blessed with the prospect of low-cost green hydrogen. In the longer term, becoming an energy exporter will require the country to invest in improving the business environment, including aspects such as transparent access to land, labor, and capital; a legal mechanism to honor contracts; and a stable political environment.

Conclusion

India's green hydrogen sector presents a significant export opportunity, positioning the country as a pivotal player in the global transition to sustainable energy. The nation's abundant renewable resources, such as solar and wind energy, provide a competitive advantage for low-cost green hydrogen production. Strategic initiatives under the National Hydrogen Mission further enhance this potential by fostering technological advancements and scaling up infrastructure. As countries worldwide strive to reduce carbon footprints, the demand for green hydrogen as a clean energy carrier is escalating. India's ability to produce and export green hydrogen at competitive prices could transform it into a global energy hub, fostering economic growth and creating new job opportunities. Leveraging these strengths, India not only stands to gain economically but also has the chance to contribute significantly to global decarbonization efforts, enhancing its geopolitical stature and promoting sustainable development globally.

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