A recent report highlighted India’s potential to emerge as a leader in the rapidly expanding market for hydrogen electrolysers by 2050, with a goal of achieving net-zero emissions. The report suggested that India is poised to experience the highest growth rate in the sector within Asia, followed by China, Japan, and South Korea. It outlined a collective opportunity of $180 billion for hydrogen electrolysers across key Asian markets by 2050.
Projections indicate significant market potential for China, expected to grow from $22 billion in 2030 to $85 billion by 2050. India’s market is forecasted to skyrocket from $4 billion in 2030 to $78 billion by 2050, showcasing the highest growth rate among the mentioned countries.
Japan and South Korea are also anticipated to see growth, with market potentials of $9 billion and $8 billion respectively by 2050, each with a compound annual growth rate of 10%.
As reported by msn.com, the remarkable growth is attributed to increased production targets aligned with net-zero commitments, supportive government policies, investments in renewable infrastructure, and advancements in technology. India has set ambitious goals of achieving energy independence by 2047 and reaching net-zero emissions by 2070.
