As we conclude our quarterly report, we take a broader look at the developments in the global hydrogen sector over the past year. 2024 has been a year of both progress and recalibration, marked by significant advancements in some regions while exposing structural weaknesses in others.

On the positive side, clean hydrogen investments accelerated, with final investment decisions (FIDs) for green hydrogen projects significantly surpassing those for grey hydrogen. Electrolytic hydrogen saw the strongest growth, largely driven by China and India, where industrial-scale deployment continued at pace. These markets reinforced their commitment to hydrogen as a key pillar of energy transition strategies, supported by government policies and growing commercial adoption.

In contrast, other regions lagged behind. The Americas and Australia saw limited project realization, with less than 50 MW of capacity reaching FID, a stark contrast to earlier ambitions. Europe, while performing better, still fell far short of its targets despite surpassing the gigawatt threshold. However, there were signs of acceleration in the latter half of the year as European funding mechanisms, particularly IPCEI packages, were finalized.

Looking ahead to 2025, a stronger performance is anticipated as governments address key concerns of project developers, enabling capital to flow into large-scale implementations.