New Delhi: India has USD 78 billion green hydrogen electrolyser potential by 2050, up from USD 4 billion in 2030, according to a latest report titled ‘Green Hydrogen for Decarbonizing Asia’s Industrial Giants’ by the Asia Society Policy Institute.
The report assesses the future potential and trajectory for electrolyzers needed to meet green H2 demand in China, India, Japan, and South Korea.
It said that 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 USD 180 billion by 2050 for key industrial applications.
“The collective market potential for electrolysers is expected to skyrocket to USD 180 billion by 2050, with a compound annual growth rate as high as 12% between 2030 and 2040. This is nearly five times as large as the market potential under a business-as-usual scenario,” it said.
The study looks at the role of green H2 in three priority industries — steel, ammonia, and methanol — under various decarbonization scenarios. In these sectors, green H2 has the capacity to significantly reduce emissions by replacing carbon-intensive processes with renewable energy-powered electrolysis.
“Should the four countries adhere to their declared net zero targets, the analysis projects massive growth in the market potential of green H 2 electrolyzers for the three industries by 2050,” it added.
China has USD 85 billion potential by 2050, up from USD 22 billion in 2030, Japan has USD 9 billion by 2050, up from USD 1 billion in 2030, and South Korea has USD 8 billion potential by 2050, up from USD 1 billion in 2030.
It said that the total electrolyzer market opportunity will be even greater since it includes applications for other industries. The study also breaks down the electrolyzer market potential for each of the three industries and four countries analyzed.
