Hydrogen appears to be at a crossroads. While cancelled projects make the news, installed electrolyser capacity in Europe has quadrupled to 1,701 MW in 2023 and is set to increase significantly to 2,527 MW in 2024. So, is hydrogen a hype, or are we simply seeing a normalisation of the sector with steady growth - albeit below the expected rapid expansion? Especially in emerging markets, collaboration along the value chain and between multiple players to share the higher risks is now critical to bring projects to financial close.

With the global hydrogen and Power-to-X markets still facing the chicken-and-egg problem of insufficient demand and production, we look forward to a 2025 where the long-term commitment and demand for green hydrogen, ammonia, methanol, fertilisers, steel and sustainable fuels on the global markets is solidified.

Carolin Capone, Frank Mischler and Torsten Schwab

Directors of the International Power-to-X Hub