How hydrogen is quietly maturing into reality
Key findings from the Global Hydrogen Compass 2025 report, combining industry data, insights from CEO leaders, and lessons learned from hydrogen projects
Özlem Duyan Hydrogen Council
L ike the turning of the ocean tide, yet behind the surface, a far more important story is unfolding: one of industrial maturity, global collaboration, and continued progress. Just as wind and solar went through early ebbs and flows before reaching scale, hydrogen is aso navigating its own cycle of trial, consolidation, and growth. Not every project will reach the shore, and this is a normal part of industrial evolution. However, those that do will set the course for the next decade of clean energy transformation. They are proving that hydrogen is moving into the build-out phase, establishing the foundations for scale, cost reduction, and long-term competitiveness. hydrogen’s progress advances in waves – sometimes barely visible from the shore, The first wave takes shape The Hydrogen Council’s latest report, Global Hydrogen Compass , tracks this evolution across the globe ( Hydrogen Council, 2025 ). Drawing from a comprehensive dataset and direct perspectives of more than 70 CEOs and industry leaders, we see a sector progressing steadily from ambition to execution. Globally, more than 1,700 clean hydrogen projects have been announced across the value chain. Of these, 510 projects have advanced past final investment decision (FID), entered construction, or are already in operation, representing more than $110 billion in committed capital. That is a rise of $35 billion in just the past year, and a remarkable 50% average annual growth since 2020. Behind those numbers lies a clear signal:
hydrogen investment is not slowing down; it is maturing. The sector is beginning to deliver on the infrastructure, partnerships, and policy frameworks needed to transform early ambition into lasting impact. Lessons from attrition As it matures, every industry goes through a natural process of consolidation. In hydrogen, at least 50 projects have been publicly cancelled over the past 18 months, most of them early- stage renewable hydrogen ventures. About 38% of those cancellations were linked to policy and market uncertainty, while 27% stemmed from financing challenges. While such figures may appear discouraging at first glance, they actually reflect a healthy phase of industrial maturation and need to be read in the context of a natural pipeline shakeout. Similar patterns were seen in the early years of solar and wind, two sectors that also went through waves of adjustment before achieving scale. In each case, the pruning of projects with less competitive advantage paved the way for stronger, more competitive ones to advance. Without further action, some projects, including renewable hydrogen projects in the US, challenged by recent regulatory changes, and in Europe, impacted by relatively high power costs in some regions, could become at risk. As our conversations with CEOs revealed, this process of natural attrition is helping the sector focus its capital and effort where it can have the greatest near-term impact. Projects with strong fundamentals – credible offtake, access to infrastructure, and policy alignment – are moving forward. The result: fewer announcements, but
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