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Where it fits
Electrolysers need ultra-pure water (about 9-10 litres per kg of hydrogen before losses), cooling, rectifiers, gas drying and compressors. Ammonia plants add synthesis loops and refrigerated tanks. These are made and installed by process-equipment companies.
Why it matters
Balance of plant is a large share of an electrolysis plant's cost, and it is where Indian engineering firms already have scale. Thermax signed a licence with Norway's HydrogenPro in Aug 2025 to offer complete alkaline electrolyser systems, making the stacks' surroundings in India.
Where the value pool sits
Steadier than stacks: the same water-treatment, heat-exchange and storage gear sells to refineries, chemicals and power plants. Green hydrogen is an add-on order stream for these companies, not their main business.
Key drivers
Each SIGHT plant needs water, cooling and storage packages
Ammonia export terminals need refrigerated tanks
Localisation preference in PSU tenders
Potential bottlenecks
Hydrogen-grade compressors are still largely imported