India has set an ambitious target of producing five million tonnes per annum (MTPA) of green hydrogen by 2030 with an aim to mitigate 50 million tonnes of CO2 and reduce energy imports by ₹1 lakh crore.
Electrolysers play a critical role in the green hydrogen production process and constitute 30–50% of the total cost of green hydrogen; the rest is renewable energy (RE) and storage. (Biswas, Yadav and Baskar 2020).
India has already introduced several policy interventions to scale up domestic production of RE (PIB 2024). Although electrolysers have existed for many decades, the green hydrogen economy has significantly increased demand for them.
The electrolyser market in India is expected to grow to 20 GW by 2030, 112 GW by 2040, and 226 GW by 2050 (NITI Aayog 2022). A robust domestic electrolyser manufacturing ecosystem can also help unlock export opportunities, as the global demand for electrolysers is expected to be 590 GW by 2030 and 3,300 GW by 2050.