India to produce 55 million tonnes of green hydrogen in 2050
India will produce approximately 55 million tonnes of green hydrogen in 2050. According to the latest Deloitte report, the country will remain a marginal importer in the coming decade due to a slower demand uptake profile.
According to the report titled ‘Green Hydrogen in Energizing the Path to Net Zero,’ Europe, China, and India can produce significant amounts of hydrogen but will likely rely on imports for the duration of the transition.
It stated that the interplay between demand and supply for hydrogen is stark in the case of India and that it is based on the assumption that India will use hydrogen to accelerate the decarbonization of its industrial and transportation sectors.
“The modeled scenario is thus far more ambitious than India’s declared target of achieving five million tonnes of green hydrogen production capacity by 2030. In the scenario modeled in this report, India is unable to satisfy its clean hydrogen needs by domestic production alone,” the report said.
It went on to say that in order to be self-sufficient, India would need to significantly scale up green hydrogen production in addition to meeting its stated renewable deployment targets in the power sector.
According to the report, in order to achieve climate neutrality by 2050, the clean hydrogen market capacity should increase to 170 million tonnes in 2030 and 600 million tonnes in 2050.
“Demand is expected to initially build on the decarbonization of existing industrial uses of hydrogen, most notably for fertilizer production. The net-zero transition then underpins rapid demand growth, cementing hydrogen’s role as a versatile solution for decarbonization,” it said.
Industry and transportation can account for 42% and 36% of total clean hydrogen demand, respectively by 2050
It claims that the breakeven point for ammonia will be reached in 2030, 2035 for gaseous hydrogen, 2045 for methanol, and 2050 for sustainable aviation fuel. As a result, green hydrogen will eventually be able to stand on its own. The global hydrogen market may reach maturity by 2050 as supply capacities massively scale up to meet demand, supported by new end uses in industry and transportation.
The report showcases steady market growth, from $642 billion in annual revenue in 2030 to $1.4 trillion per year in 2050.
Content Credit : ET Auto