Some of the key highlights from the report are:
- Global hydrogen demand increased to almost 100 million tonnes (Mt) in 2024, up 2% from 2023 and in line with overall energy demand growth.
- While the uptake of low-emissions hydrogen is not yet meeting the ambitions set in recent years – held back by high costs, uncertain demand and regulatory environments, and slow infrastructure development – there are still notable signs of growth.
- The cost gap between low-emissions hydrogen and unabated fossil-based production remains a key barrier for project development, but it is expected to narrow.
- Barriers preventing the use of Chinese electrolysers outside of China remain, but this may change soon.
- Momentum for hydrogen offtake agreements slowed in 2024, with new deals concentrated in refining, chemicals and shipping.
- Suitable bunkering infrastructure at ports will be needed soon if ships are to adopt hydrogen-based fuels.
- The pipeline for low-emissions hydrogen production in Southeast Asia shows considerable promise but needs to mature.
Access the report here
