McKinsey – Hydrogen Insights, 2024

The latest edition of Hydrogen Insights examines the progress and trends in the global hydrogen industry since 2020. Investment in clean hydrogen projects has increased significantly, reaching USD 75 billion in 2024. Factors such as incentives, demand visibility, and industrial policy have driven successful projects to final investment decision (FID). The industry has matured, with a larger portion of projects moving to more advanced stages. However, regulatory uncertainty, macroeconomic challenges, and project delays remain key issues. To meet climate goals, an 8-fold increase in hydrogen investments is needed by 2030. Collaboration between governments and industry is crucial to mobilize private capital and advance mature projects. Greater regulatory clarity, support for demand drivers, and development of infrastructure will be essential in overcoming current challenges. Despite obstacles, there has been significant progress in the hydrogen sector in the past four years, offering opportunities for environmental and economic benefits.