Industrial gas and fertiliser firms were the drivers of clean hydrogen growth through to 2023, but China has now taken over as the main driver of development.
That was one of the takeaways from Wood Mackenzie analyst Murray Douglas, speaking at the analyst group’s Hydrogen Conference 2025 in London today. He said Chinese players were beginning to “break out” and in the process bring down the cost of green hydrogen.
Douglas, who is Vice-President for Hydrogen and Derivatives Research, told attendees the past few years had seen a “defensive slowdown” in clean hydrogen capacity reaching final investment decision (FID) in many markets.
“The drop maybe does look a bit more substantial than some would expect,” he said. “We’re just not seeing those very, very large green projects managing to move forward.”
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