The IEA's 2026 Global Hydrogen Review shows low-emission hydrogen production reached 1 million tonnes in 2025, a 20% increase, but still only 1% of global hydrogen. Investment momentum has slowed since mid-2025, leading to project delays and cancellations. The project portfolio for 2030 shrank by about a quarter to 27 million tonnes, and projects likely to come online by 2030 fell from 10 million to just over 6 million tonnes. China dominates electrolyser installations at 75% of new capacity, but even there investment decisions are declining for the first time. Demand remains the missing piece: only 20% of new offtake agreements have binding contracts. High costs, uncertain demand, complex regulations, and lack of infrastructure are persistent barriers. The IEA says stronger political support and faster deployment are needed for low-carbon hydrogen to make a significant contribution at scale.
