By 2050, India will have produced 55 MT of green hydrogen. According to Deloitte’s most recent report, the nation will continue to import just minimally over the next ten years because of a slower demand uptake profile.
The report “Green Hydrogen in energising the Path to net zero” claims that while Europe, China, and India have significant hydrogen production capacity, they will likely depend on imports for the duration of the transition.
It claimed that India’s demand and supply for hydrogen interact dramatically and are based on the supposition that India will use hydrogen to hasten the decarbonization of its industrial and transportation sectors.
Consequently, the projected scenario is much more ambitious than India’s stated goal of generating five million tonnes of green hydrogen generation capacity by 2030. According to the report’s scenario, India cannot meet its domestic production needs for clean hydrogen on its own.
It was further claimed that for India to achieve its stated goals of renewable deployment for the electricity sector, it would also need to considerably superscale green hydrogen generation.
Globally, the paper stated that the clean hydrogen market capacity may increase to 170 million tonnes in 2030 and to 600 million tonnes in 2050 to attain climate neutrality by that time.
“Demand is anticipated to initially increase as existing industrial uses of hydrogen are decarbonized, most notably for the manufacturing of fertilisers. The high demand growth that results from the net-zero transition solidifies hydrogen’s position as a flexible decarbonization strategy, the report added.
By 2050, the overall demand for clean hydrogen can be met by industry and transportation in proportions of 42% and 36%, respectively.
According to the report, the breakeven threshold can be reached for ammonia in 2030, gaseous hydrogen in 2035, methanol in 2045, and sustainable aviation fuel in 2050. Green hydrogen can therefore eventually stand alone. The worldwide hydrogen market could mature by 2050 as a result of substantial supply capacity expansion to meet demand, supported by new end uses in transportation and industry.
According to the analysis, market revenue would increase steadily from $642 billion in 2030 to $1.4 trillion in 2050.
Source: The Economic Times
For More Updates, Follow GH2 Solar on LinkedIn