Shop

Recent trends in hydrogen investments have shown that the development of low-emission hydrogen is faced with major challenges. In contrast to mature technologies of the energy transition, investments in emerging technologies, including hydrogen, have not grown as fast as expected. The European hydrogen industry has experienced a turbulent 2025, with project delays and cancellations dominating the headlines. The proportion of projects at the FID stage remains very low and the global clean hydrogen market is still in its infancy. Global low-emission hydrogen demand in 2025 amounted to less than 1 Mt, or only around 1% of global hydrogen demand. New hydrogen investment has been very selective, focusing on demand-secured and government-backed projects. The most advanced projects mainly occur in existing industrial hubs rather than in new applications. Policy uncertainty and high costs were the most frequent reasons announced by investors to justify projects’ cancellations. But the real hurdle for hydrogen investment seems to be the lack of offtakers and insufficient demand-side incentives. Regarding policy targets, progress was made on the demand side, but this remains low compared to the supply side… The report tracks recent policy and market developments of the global low-emission hydrogen sector. It also focuses on project development and medium-term demand and supply prospects.