Green hydrogen is emerging as an important part of the global clean energy transition, with India also strengthening its focus on developing production capacity and related infrastructure. Against this backdrop, a major investment proposal in Maharashtra is expected to add momentum to the country’s green hydrogen ambitions.
Green hydrogen represents a transformative energy solution produced through water electrolysis powered entirely by renewable energy sources. Unlike conventional grey hydrogen derived from fossil fuels, green hydrogen generates zero carbon emissions during production. This clean fuel undergoes electrolysis, where renewable electricity splits water molecules into hydrogen and oxygen.
The growing focus on green hydrogen is also reflected in new investment plans being announced across India.
TrueRE Oriana Power on Thursday said it has signed a memorandum of understanding (MoU) with the Government of Maharashtra to invest around 24,500 crore in setting up an integrated green hydrogen project in the state.
Integrated Green Hydrogen Project
The proposed investment will cover an integrated project with multiple green hydrogen-related production capabilities.
The proposed project will comprise production facilities for green hydrogen and its downstream derivatives, including green ammonia and green methanol, and will be implemented in accordance with the state’s applicable policies. For the project to move forward, support from the state government will play an important role in facilitating the required processes.
According to the company, the Maharashtra government will facilitate the project by extending support through relevant state authorities for approvals, permissions, registrations, statutory clearances and applicable fiscal incentives, in line with prevailing laws, policies and regulations, to ensure timely implementation
The company has also outlined its approach towards completing the proposed project within the applicable policy framework. The company said the project will be executed in a time-bound manner under the applicable policy framework of the state government.
The MoU provides the basis for the company’s proposed investment and project development plans in Maharashtra. The MoU outlines the company’s intent to establish the integrated green hydrogen and derivatives project as part of its planned investment in Maharashtra.
Global Green Hydrogen Market Growth
The proposed development comes at a time when the global green hydrogen market is witnessing significant growth and increased investment.
According to Grand View Reserach report, The global green hydrogen market size was valued at USD 11.9 billion in 2025 and is projected to grow from USD 18.2 billion in 2026 to USD 115.4 billion by 2033, at a CAGR of 30.2% from 2026 to 2033.
The Asia Pacific region is also becoming an important market as countries expand their clean energy investments.
The report also states that, The Asia Pacific green hydrogen market is witnessing steady growth, supported by rapid industrialization, rising energy demand, and strong government commitments toward clean energy transition. Major economies such as China, Japan, South Korea, Australia, and India are actively investing in green hydrogen production, electrolyzer manufacturing, and hydrogen infrastructure to support industrial decarbonization and clean mobility. National hydrogen roadmaps, subsidies, and pilot projects for hydrogen-powered transport and power generation are encouraging large-scale adoption across the region.
Other market research estimates also point towards strong growth in the sector over the coming years.
According to Inkwood Research report, the global green hydrogen market size is valued at $11.80 billion as of 2026 and is expected to reach $227.45 billion by 2034, growing at a CAGR of 44.75% during the forecast period 2026-2034.
The growth is being supported by policy measures, investments and the declining cost of renewable energy infrastructure.
The Inkwood Reserach report also states that, the global green hydrogen market is experiencing unprecedented growth driven by several converging factors. Governments worldwide are implementing robust policy frameworks and substantial financial incentives to accelerate deployment. Additionally, declining costs of renewable energy infrastructure have significantly improved the economic feasibility of electrolysis-based production.
India’s Green Hydrogen Market
India is also expected to remain an important market in this global growth story.
Speaking about India, the Inkwood Reserach report states that, The India green hydrogen market size is valued at $551.13 million as of 2026 and is expected to reach $14,509.32 million by 2034, progressing with a CAGR of 50.50% during the forecast years, 2026-2034.
India’s green hydrogen market is experiencing transformative growth, driven primarily by the government’s ambitious National Green Hydrogen Mission launched in January 2023. This comprehensive policy framework allocates substantial financial resources toward production incentives, research and development, and pilot project deployment across strategic industrial sectors.
The mission also sets a clear long-term production target for the country.
Moreover, the mission establishes clear production targets, aiming to develop 5 million tons of annual green hydrogen capacity by 2030. Consequently, this policy certainty has catalyzed investment commitments exceeding $100 billion from both domestic conglomerates and international energy majors.
Government Support and Domestic Manufacturing
Policy support is also being extended to domestic manufacturing and the wider hydrogen value chain.
The Ministry of New and Renewable Energy (MNRE) provides performance-linked incentives for electrolyzer manufacturing, further strengthening the domestic value chain. Additionally, these incentives reduce technology import dependence and create opportunities for local innovation ecosystems. Therefore, strong governmental backing is establishing India as a globally competitive green hydrogen production hub.
Renewable Energy Advantage
India’s renewable energy potential is another factor supporting the development of green hydrogen production.
The country’s abundant renewable energy resources provide a significant competitive advantage for cost-effective green hydrogen production. India’s solar irradiation levels rank among the highest globally, particularly in states like Rajasthan, Gujarat, and Karnataka. Furthermore, coastal regions offer exceptional wind energy potential, enabling hybrid renewable installations that ensure consistent electrolyzer operations.
The expansion of renewable energy capacity is expected to further support this potential.
According to the International Energy Agency (IEA), India’s renewable energy capacity additions are projected to exceed 500 GW by 2030, creating substantial surplus power for hydrogen production. This renewable abundance translates directly into lower electricity costs, the primary expense component in electrolysis-based hydrogen generation.
Alongside renewable capacity, dedicated infrastructure is also being developed to support large-scale projects.
Additionally, dedicated renewable energy zones are being developed specifically to anchor large-scale green hydrogen projects. Subsequently, a favorable resource economics position enables Indian producers to achieve globally competitive levelized hydrogen costs within the forecast period.
Investment Opportunities in India
Market research also highlights the role of government initiatives and investment in driving the Indian market.
As per Market Research Future analysis, the India Green Hydrogen Market is currently experiencing a robust push from government initiatives aimed at promoting renewable energy sources. The Indian government has set ambitious targets, including the National Hydrogen Mission, which aims to produce 5 million tonnes of green hydrogen annually by 2030. This policy framework not only provides financial incentives but also establishes a regulatory environment conducive to investment in green hydrogen technologies. The government’s commitment to reducing carbon emissions and enhancing energy security further solidifies the market’s potential. With a projected investment of over USD 8 billion in green hydrogen projects, the India Green Hydrogen Market is poised for substantial growth, attracting both domestic and international players.
Investment activity is expected to create opportunities across multiple areas of the green hydrogen ecosystem.
The Market Reserach future analysis also states that the, India Green Hydrogen Market is witnessing a surge in investment opportunities, driven by both public and private sector interest. With the government targeting a USD 8 billion investment in green hydrogen projects, numerous companies are exploring partnerships and collaborations to capitalize on this emerging market. The potential for job creation in manufacturing, research, and infrastructure development is substantial, with estimates suggesting that the green hydrogen sector could create over 1 million jobs by 2030. This influx of capital and talent is likely to stimulate economic growth and innovation within the India Green Hydrogen Market, positioning it as a key player in the global energy landscape.
International Collaboration and Trade Potential
International partnerships and trade are also expected to influence the future development of the sector.
The India Green Hydrogen Market is increasingly benefiting from international collaboration and trade opportunities. Countries with advanced hydrogen technologies are looking to partner with India to leverage its vast renewable energy resources. Collaborative projects, such as joint ventures and technology transfers, are emerging, which could enhance India’s capabilities in green hydrogen production. Furthermore, as nations strive to meet their climate commitments, the demand for green hydrogen is expected to rise, creating export opportunities for India. The potential for India to become a leading exporter of green hydrogen in the coming years could significantly impact the India Green Hydrogen Market, fostering economic ties and enhancing energy security.
Conclusion
The proposed investment by TrueRE Oriana Power comes as India continues to expand its green hydrogen ecosystem through policy support, renewable energy capacity and growing private-sector participation. With increasing investment and international interest, the sector is expected to play a larger role in India’s clean energy transition and emerging hydrogen economy.