Hydrogen is gathering strong momentum as a key energy transition pillar

Underpinned by a global shift of regulators, investors, and consumers toward decarbonization, hydrogen (H2) is receiving unprecedented interest and investments. At the beginning of 2021, over 30 countries have released hydrogen roadmaps, the industry has announced more than 200 hydrogen projects and ambitious investment plans, and governments worldwide have committed more than USD 70 billion in public funding. This momentum exists along the entire value chain and is accelerating cost reductions for hydrogen production, transmission, distribution, retail, and end applications.

Similarly, having grown from 60 to over 100 members since 2020, the Hydrogen Council now represents more than 6.6 trillion in market capitalization and more than 6.5 million employees globally.

This report provides an overview of these developments in the hydrogen ecosystem. It tracks deployments of hydrogen solutions, associated investments and the cost competitiveness of hydrogen technologies and end applications. Developed collaboratively by the Hydrogen Council and McKinsey & Company, it offers a fact-based, holistic, quantitative perspective based on real industry data. Along with the report, the Hydrogen Council is launching Hydrogen Insights - a subscription service that provides granular insights and data about the hydrogen ecosystem and its development.