H1 2025 review: A sobering but stabilising hydrogen market
The first half of 2025 tested the hydrogen sector’s resilience like never before. After years of optimism and headline-grabbing investments, reality has started to bite.
Start-ups once heralded as pioneers have collapsed or pivoted. Flagship production projects are pressing ahead, but under tighter scrutiny and with firmer economic justifications. Even industrial gas majors – traditionally among the sector’s most stable actors – are recalibrating their strategies in response to policy U-turns and patchy demand signals.
Yet, this is not a retreat.
From electrolyser consolidation to the narrowing focus on hydrogen’s role in mobility, the themes of H1 2025 point to a market undergoing a strategic evolution. Investors and developers are no longer betting on blue-sky potential alone. Instead, they are demanding clarity, customers, and cash flow.
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