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Hydrogen
HydrogenInsights2023
Thestateoftheglobalhydrogeneconomy,
withadeepdiveintorenewablehydrogen
costevolution
December2023
2
PublishedinDecember2023bytheHydrogenCouncil.Copiesofthisdocument
areavailableuponrequestorcanbedownloadedfromourwebsite:
ThisreportwasauthoredbytheHydrogenCouncilincollaborationwithMcKinsey
&Company.Thereproductionofthiswork,savewhereotherwisestated,is
authorised,providedthesourceisacknowledged.Allrightsareotherwisereserved.
Theauthorsofthereportconirmthat:
1.Therearenorecommendationsand/oranymeasuresand/ortrajectories
withinthereportthatcouldbeinterpretedasstandardsorasanyotherform
of(suggested)coordinationbetweentheparticipantsofthestudyreferredto
withinthereportthatwouldinfringetheEUcompetitionlaw;
and
2.Itisnottheirintentionthatanysuchformofcoordinationwillbeadopted.
Whilstthecontentsofthereportanditsabstractimplicationsfortheindustry
generallycanbediscussedoncetheyhavebeenprepared,individualstrategies
remainproprietary,conidential,andtheresponsibilityofeachparticipant.
Participantsareremindedthat,aspartoftheinvariablepracticeoftheHydrogen
CouncilandtheEUcompetitionlawobligationstowhichmembershipactivities
aresubject,suchstrategicandconidentialinformationmustnotbesharedor
coordinated–includingaspartofthisreport.
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
3
TheHydrogenCouncilhas145+membersandisaglobalCEO-ledinitiative
withaunitedvisionandlong-termambitionforhydrogentofosterthecleanenergytransition
Steeringmembers
chemours
AIRBUS
Honeywel
Microsoft
AsahikASEI
EonMobil
(》TCEnergy
TOPSOE
Supportingmembers
3MadaniADWROAFCEnergy
BakerHughesBALLARD
CRYOGENMASH
R==R=
Investors
nel
¥BARCLAYS
HydrogenInsightsistheHydrogenCouncil’sperspectiveonthehydrogenindustry’sevolution.Itsummarizesthecurrentstateoftheglobalhydrogensectorandactualhydrogendeployment.TheHydrogenCouncilandMcKinsey&Companyco-authorthispublication.Itrepresentsacollaborativeefforttoshareanobjective,holistic,andquantitativeperspectiveonthestatusoftheglobalhydrogenecosystem.1
1.Detailedmethodologyexplainedin
HydrogenInsights2021
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
Executivesummary
1
Hydrogenwillplayacrucialroleindecarbonizinghard-to-abatesectors,enabletheat-scaletransportofenergytoresource-
constrainedregions,andenableacleanandresilientenergy
system.Itsdeploymentisataninflectionpoint–ononehandtherearetailwindssuchasagrowingandgraduallymaturingpipelineofprojectsandsupportivedecarbonizationregulation.Ontheotherhand,there
areheadwinds:costincreases,projectdelays,continuedregulatoryuncertainty,andhigherfinancingcosts.
announcedacrossallregions(upfromabout1,040inthe
previouspublication),equalingUSD570billioninvestments
2
Theprojectpipelineisgrowing,withover1,400projects
(previouslyUSD435billion2)and45milliontonsperannum(Mtp.a.)ofcleanhydrogen3supplyannouncedthrough2030(previously
38Mtp.a.).Europeshowsthelargestnumberofprojects(540),
followedbyNorthAmerica(248).Aquarterofprojectswithknowncommissioningdatehasprogressedpastfinalinvestmentdecision
(FID),representing7%ofthetotalannouncedinvestments.Investments
arematuring,withUSD110billioninfront-endengineeringanddesign(FEED)andbeyond(upfromUSD75billion),with60%growthin
investmentsundergoingFEED.Electrolysisdeploymentgloballyhasshownsimilargrowth,passingthe1gigawatt(GW)mark(upfrom
0.7GWpreviously),withabout12GWcapacityhavingpassedFID.
4
costexpectationshaverisensubstantially,particularlyfor
Thecleanhydrogenindustryisfacingheadwinds.Costsand
renewablehydrogen.Theestimatedlevelizedcostofproducingrenewablehydrogen(LCOH)isabout4.5to6.5USDperkilogram(USD/kg)ifbuilttoday,4upby30%to65%.Multiplefactorshavecausedthis
increase-higherlaborandmaterialcosts,highercostforbuildingthebalanceofelectrolyzerplants,3to5percentagepointshighercost
ofcapital,andanincreaseofrenewablepowercostbymorethan30%.However,thecostofproducingrenewablehydrogenisexpectedto
declineto2.5to4.0USD/kgtowards2030,drivenbyadvancementsinelectrolyzertechnology,manufacturingeconomiesofscale,designimprovements,andreductioninrenewablepowercost.
globalhydrogenindustrythanhadbeenpreviouslyexpected.Suchhurdlesarereflectedin,forinstance,a10%dropin
5
Theheadwindshavecausedaslowerdevelopmentofthe
announcedcleanhydrogensupplythrough2025.Concertedactionofindustriesandgovernmentswilllikelybeneededtofurtherglobalcleanhydrogengrowth,facilitatingadditionaldecarbonization.
3
Theregulatorylandscapeoverallisevolving.Forinstance,
supportismaterializingviaproductiontaxcredits(PTC)and
financialsupportforhydrogenhubsintheUS,renewable
hydrogenmandatesintheRenewableEnergyDirective(REDIII)in
Europe,orcontractsfordifference(CfD)inJapan.However,regulatory
uncertaintiesremain,suchasthedefinitionofrequirementstoreceive
theUSInflationReductionAct(IRA)PTCandtheimplementation
ofREDIIIinEUmemberstates,implyingthesepolicieshavenotyetfully
impactedthemarket.
2.Anincreaseintotaldirectinvestmentreflectsrefinedestimatesofcapitalexpendituresrequired(primarilyforrenewablehydrogensupply)resultinginthepreviouslyestimatedUSD320billionincreasingtoUSD435billion.
3.Seecleanhydrogendefinitionin‘
HydrogenforNet-Zero
’reportonpage52.
4.ExamplefromtheUSGulfCoast.
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
4
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
01
Hydrogenmomentum
continuestoaccelerate,butinvestmentdecisionsarelagging
1,418
hydrogenprojectsannouncedglobally,
1,011ofwhichplanfullorpartialdeploymentby2030
USD570billion
directinvestmentsinhydrogenprojectsannouncedthrough2030(+30%)–USD39billion(+26%)havepassedFID
45Mtp.a.
ofcleanhydrogensupplyannouncedby2030,
ofwhich70%isrenewableand30%islow-carbon
5
Europe
193
LatinAmerica
Oceania
NorthAmerica
MiddleEast
China
Africa
investmentsrequiredtodevelop
projectsannouncedthrough2030
India
Exhibit1
Hydrogenmomentumisstrong:1,418
projectshavebeenannouncedglobally–
USD570billioninvestmentsannounced
Globally,theindustryhasannounced1,418clean
hydrogenprojectsasofOctober2023.Sincethe
previouspublication,5372newprojectshavebeen
announced.ofthetotal,morethan1,000aimtobefully
orpartiallycommissionedthrough2030,representing
investmentsofaboutUSD570billioninhydrogenvalue
chains(upfromUSD435billion).Giga-scaleprojects
(over1GWofelectrolysisforrenewablehydrogen
supplyormorethan200,000Mtp.a.oflow-carbon
hydrogen)accountforoverUSD330billion.
Growthisapparentacrossmostregionsinterms
ofbothinvestmentsandthenumberofprojects.Europe
continuestohavethelargestnumberofprojects(540),
followedbyNorthAmerica(248).Europealsohasthe
highesttotalinvestmentsannounced(USD193billion)
aswellasthehighestabsoluteinvestmentgrowth
(USD32billion).LatinAmericahasthesecondlargest
volumeofinvestmentsannounced(USD85billion),even
thoughithasannouncedfewerthanhalfthenumber
ofprojectsofNorthAmerica(120),duetolargerproject
sizesandahighershareofgiga-scalerenewable
hydrogenprojects.GrowthinannouncementsinNorth
AmericawasUSD12billion,anincreaseofabout
20%,indicatingcontinuedmomentumfollowingthe
announcementoftheIRA.Indiashowsthehighest
relativegrowthininvestmentsofabout140%,
correspondingtoabout40projects.TheMiddleEast
andChinafollowwithabout80%and50%growthin
investments,respectively.
1,418projects1
1,046inMay2023
Jan2023²Oct2023
166
Giga-scaleproduction
719
Large-scaleindustrialuse
256
Mobility
144
IntegratedH2economy
126
Infrastructureprojects
85
75
68
54
35
32
22
5
RestofAsia
Japanand
4
SouthKorea³
5.
HydrogenInsights2023,publishedinMay2023
;comparisonsinthis
reportarerelativetothispublicationunlessstatedotherwise.
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
1.Projectannouncementsbelow1MWexcluded;includes7projectswithoutspecifiedtype
2.Jan2023valueshavebeenupdatedtomostrecentcapexestimationstokeepvaluescomparable
3.RestatementofJan2023dataforJapanandSouthKoreapreventscomparisontoOct2023data
Source:Project&Investmenttracker,asofOct2023
6
7
Exhibit2
Theprojectfunnelisgrowingacrossproject
stages,withmostgrowthoccurringinthe
advancedplanningstage
Thetotalannouncedinvestmentsthrough2030haveincreasedby30%inthepastninemonths–fromaboutUSD435billiontomorethanUSD570billion.Theincreaseisunevenlydistributed
acrossprojectmaturitystageswiththestrongestgrowthin
advancedplanning(FEED)ofabout60%,followedbyannounced(about30%),planning(about25%),andcommitted(about25%).ThegrowthininvestmentsattheadvancedplanningstagewasstrongestinNorthAmerica(aboutUSD11billion),followedby
Europe(aboutUSD9billion)andOceania(aboutUSD5billion).Thepipelineismaturingbutremainstiltedtowardannounced
andplanningstage(about75%),withonly7%oftheannouncedinvestmentsintocleanhydrogenhavingpassedFID.
Ofthecommittedinvestmentvolumes,Chinaleadswithabout
USD12.5billion(addingaboutUSD6billion)duetoseverallargeprojectslocatedincentralandnorthernChinathataccountfor
thelargestshareofinvestment.NorthAmericareachedabout
USD10billionincommittedinvestments(addingaboutUSD0.5
billion),followedbyEuropeataboutUSD7.5billion(addingaboutUSD1billion).Thisimpliesthatonly4%ofannouncedinvestmentsinEuropehavepassedFID,eventhoughtheregionhasthemosttotalinvestmentvolumes.Incontrast,theshareofinvestments
pastFIDstandsat35%and15%inChinaandNorthAmerica,
respectively.ThelowestprojectpipelinematurityisfoundinLatinAmericaandOceaniawherelessthan1%ofinvestmentshave
passedFID.
Theinvestmentpipelinecontinuestoleantowardcleanhydrogensupply(about75%),whereasinvestmentsininfrastructureand
enduseaccountonlyforabout10%and15%,respectively.
Lookingonlyatmatureinvestments,regionsdiffersignificantlyinthesectoralcomposition.Africashowsthestrongest
concentrationwithabout95%ofmatureinvestmentsfocusedonsupply,followedbyChina(about80%)andLatinAmerica(about80%).Reflectingtheirstrongfocusonimportedcleanhydrogen,JapanandSouthKoreashowashareofonly3%ofsupply-
focusedinvestments.
Whenlookingatenduseinvestments,ChinahasthehighestshareofinvestmentspastFID,followedbyNorthAmericaandEurope.
Thefocusvariesacrossregions–ammoniaandindustrialusageleadinChinaandNorthAmerica,whilstEuropeismoreprominentinmobilityandrefining.
Directhydrogeninvestmentsuntil2030,$B
$570B
Enduse
andofftake
Infrastructure
totalannounced
259investments
$310B
mature
investments
160
71
44
39
31
200
203
Production
andsupply
Jan2023
Oct
2023
Jan2023
Oct
2023
Jan2023
Oct
2023
Jan2023
Oct2023
Announced
Planning
stage
Feasibility
studies
Advanced
planning
FEED
studies
Committed
FID,underconstruction,operational
+30%
investmentgrowthin9months¹
75%
ofinvestmentsfocusonsupply
1.Jan2023valueshavebeenupdatedtomostrecentcapexestimationstokeepvaluescomparable
Source:Project&Investmenttracker,asofOct2023
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
8
Exhibit3
Europe,NorthAmericaandChinahave
thelargestnumberofprojectswith
committedcapital
Consideringprojectswithpartialorfullcommissioning
by2030,moreprojects(bynumberofprojects)have
passedFIDstage(about35%)thantheannounced
stage(about30%).However,about45%oftheprojects
pastFIDarenotyetoperational.Theprojectsthat
havepassedFIDarecenteredinEurope,Asia,and
NorthAmerica.Thisimpliesmarketswithanearlier
focusoncleanhydrogenasadecarbonizationvector
havealreadybuiltearlyexperienceindeployingclean
hydrogenprojects.
Generally,cleanhydrogenprojectsinearlierstages
ofdevelopmenttendtobelarger.166giga-scale
projectshavebeenannounced,121ofthesewith
commissioningdatethrough2030.However,these
aremostlystillinearlystagesofdevelopment.Only
71projectssurpassingUSD100millionannounced
investmentshavepassedFID,7ofthesewith
announcedinvestmentofmorethanUSD1billion.
ProjectsthathavepassedFIDhaveanaverage
investmentsizeofaboutUSD160million.However,
aspilotprojectscontinuetorepresentalargeshare
ofprojectspastFID,themedianinvestmentvolume
forsuchprojectsisconsiderablyloweratUSD20
million.Projectsintheearlierstagesofdevelopment
(announcedtoFEED)haveasignificantlylargeraverage
investmentsizeofaboutUSD890million(medianabout
USD280million),whichreflectsover110projectswith
announcedinvestmentsexceedingUSD1billion.
Giga-scaleproductionLarge-scaleindustrialuseMobilityIntegratedH2economyInfrastructureprojects
310projects1announced
Preliminarystudiesorpressannouncementstage
214projectsinfeasibilitystudies
4811222●2111
42171462031
117projectsinFEEDstudies
244529127
370projectscommitted
FIDtaken,underconstructionoroperational
7173109●48●33
1,011
projectswithfullorpartial
commissioning(COD)by2030
+407
projectswithoutspecifiedCODorCODpost-2030(notshown)
1.Formultiphaseprojects,phase1decidestheprojectmaturity
Source:Project&Investmenttracker,asofOct2023
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
Announcedas
ofOct2023
45
Low-carbonhydrogen
Announced1
Planning2
Committed3
Renewablehydrogen
Announced1
Planning2
Committed3
2022
May
2021
2020
2019
9
Exhibit4
Announcedproductionvolumes
increasedto45Mtp.a.
Companieshaveannounced45Mtp.a.ofclean
hydrogenproductioncapacitygloballythrough
2030acrosslow-carbonandrenewablehydrogen
(previously38Mtp.a.),ofwhichabout50%ofvolume
isintheplanningstageand7%iscommitted.More
than70%ofthe45Mtp.a.isrenewablehydrogen
capacity(about32Mtp.a.),theremainderbeinglow-
carbon(about13Mtp.a.).Ofthe7Mtp.a.capacity
announcedinthepastninemonths,morethan90%
isforrenewablehydrogendrivenbythehighgrowthin
announcementscomingfromrenewables-richregions
intheglobalsouth.
However,deploymentisnotmovingasfastaspreviously
expectedbydevelopers.Althoughannouncements
in2021indicated6GWoftheelectrolysiswouldbe
operationalbytheendof2022,operationaldeployment
asofOctober2023standsat1.1GW,orabout20%
ofthatnumber.Scalingupisaconsiderablechallenge:
about860ktp.a.ofcapacityisoperationalwithabout
3Mtp.a.pastFID(slightgrowthcomparedwithprevious
publication).About60%ofcommittedcapacityis
locatedinNorthAmerica,followedbyChina(about
20%),andEuropeaswellastheMiddleEast(about8%
each).
Consideringtheshareoflow-carbonandrenewable
hydrogen,low-carbonhydrogenaccountsformore
than75%oftoday’soperationalcleanhydrogen
volume,potentiallyduetoitslowercost.Announced
investmentssuggestthebalancemaystarttoshift
towardsahighershareofrenewablehydrogenbefore
2025-ifannouncedvolumesaredeployedaccording
totheplannedtimeline.Changesincomposition
ofcleanhydrogenovertimewilllikelyreflectawide
rangeoffactorssuchasregulatorydevelopmentsand
inputcost.
Cumulativeproductioncapacityannounced,Mtp.a.
Jan2023
20202122232425262728292030
70%
shareofcapacityintop3markets
(Europe,NorthAmerica,LatinAmerica)
+15Mt
additionalcapacity(low-carbonandrenewable)announcedforpost-2030
1.Preliminarystudiesoratpressannouncementstage
2.Feasibilitystudiesoratfront-endengineeringanddesignstage
3.Finalinvestmentdecisionhasbeenmade,underconstruction,commissionedoroperational
Source:Project&Investmenttracker,asofOct2023
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
Europe
13.9
1.5
NorthAmerica
2.6
10.1
10
Exhibit5
Europeisthelargestregioninterms
ofannouncedsupply,followedbythe
AmericasandOceania
Globallyannouncedcleanhydrogencapacityby2030
continuestogrowacrossmostregions,withEurope,
theAmericasandOceaniatogetheraccountingfor
over80%ofthetotalofabout45Mtp.a.ofannounced
volumes.China,IndiaandtheMiddleEastshowthe
highestrelativegrowthinannouncedcleanhydrogen
productionby2030,withgrowthbetween50%
(inChina)and150%(inIndia)inthepastninemonths.
Thehighestabsolutegrowthinannouncedclean
hydrogenproductionisinLatinAmericaandtheMiddle
East(about1.4Mtp.a.each).Notably,relativegrowth
inEuropeandNorthAmerica,thetwolargestregions,
isabout5%and10%respectively–lowerthantheir
growthininvestmentvolumes(about20%each).
Thiscouldindicatecompaniesarefocusingmoreon
maturingexistingannouncedprojectsorondeveloping
otherpartsofthehydrogenvaluechain.
Announcedcapacityby2025hasdeclinedfrom
8.4Mtp.a.by10%overall,indicatingdelaysinproject
deployment.Chinaisanotableexceptionwithabout
40%growthin2025volumes.Thegreatestreduction
isseenintheMiddleEastandEurope(abouta30%
reduction),pointingtoprojectdelayswhichmaybedue
todelayedfundingorchallengesinsecuringofftake
agreements.Furtherprojectprogressinallregions
willlikelybeimpactedbythedevelopmentofthe
correspondingregulatoryandeconomicenvironments.
Globalgrowthinrenewablehydrogenannouncements
by2030(morethan6.5Mtp.a.)substantiallyoutpaced
low-carbonhydrogenannouncements(about
0.4Mtp.a.).Thestrongergrowthinrenewablehydrogen
announcementscouldbelinkedto,forinstance,a
strongerregulatoryfocusonrenewablehydrogenorthe
largernumberofregionswithattractiveresourcesfor
renewablehydrogenproduction.
Cleanhydrogenvolumesannounced,Mtp.a.
Renewable
Low-carbon
2030
Region2025
LatinAmerica
Oceania
MiddleEast
China
India
Africa
JapanandKorea
RestofAsia
0.8
0.7
0.7
1.0
0.1
0.1
0.1
0.1
6.6
5.6
3.3
1.6
1.6
1.5
0.3
0.3
4.2
3.3
32.1
12.7
Total
Totalannounced,Mt
Changein2030announcementsfromJantoOct2023
%
5
10
30
20
70
50
150
-
-
45
Source:Project&Investmenttracker,asofOct2023
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
Exhibit6
Over300GWofelectrolysiscapacityhas
beenannouncedthrough2030,upfrom
232GWpreviously
305GWofelectrolysisdeploymenthasbeen
announcedthrough2030,673GWmorethanpreviously
announced.Halfthiscapacity(about150GW)is
pastthe‘announcedonly’stage.Nearly140GWare
undergoingfeasibilityorFEEDstudies,andanother
12GWhavepassedFID.Thevolumesofelectrolysis
capacitypastFIDincreasedfrom9GWto12GW,with
mostofthecapacityinChina(about55%ofthe12GW)
followedbytheMiddleEast(about15%),Europe(about
15%),andNorthAmerica(about5%).Previously,China
accountedforabout40%ofcommittedelectrolyzer
volumes,implyingthatdeploymentinChinaisoutpacing
therestoftheworld.
OftheEuropeanrenewablehydrogeninvestment
pipeline,40GW(about45%)hasenteredatleastthe
planningstage.Despitesupportschemesthroughthe
IRA,theNorthAmericanrenewablehydrogenpipeline
standsatabout20GWthrough2030.LatinAmericais
hometo20%ofallannouncedvolumesthrough2030.
Despitethelargevolume,lessthan5%ofrenewable
hydrogensupplyinvestmentsarecommitted.Torealize
thepipelineof305GW,significantaccelerationinthe
comingsevenyearsisneededtogrowtoday’s1.1GW
installedelectrolysiscapacitybyafactorofmorethan
250.Forannouncedprojectstodeploy,thoseplanned
tobecomeoperationalinthecomingthreetofiveyears
wouldneedtoreachfinancialcloseinthenextoneto
twoyears.Thisimpliesnotonlythatprojectdevelopers
acrossregionsandsectorsneedtomatureprojects,but
alsothatoriginalequipmentmanufacturers(OEMs)need
toscaleupsupplychainsandmanufacturingcapacity.
6.Notethatannouncedelectrolyzercapacitycannotbedirectly
translatedtorenewablehydrogenvolumes.Hydrogenoutput
dependsonthecapacityfactorofagivenelectrolyzer,determined
byindividualtechnicalsetup.
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
Cumulativeelectrolysiscapacity(announced),¹GW
20202122232425262728292030
305GWOct2023
232GWJan2023
175GWMay2022
115GWDec2021
55GW
Dec2020
+73GW
increaseinannouncedelectrolysis
capacityby2030inthepast9months
>60%
capacityannouncementsfoundin3regions,i.e.,Europe,LatinAmerica,andOceania
>90GW
announcedelectrolysiscapacityby2030inEurope
1.Forprojectswithoutknowndeploymenttimeline,capacityadditionswereinterpolatedbetweenknownmilestones
Source:Project&Investmenttracker,asofOct2023
11
Exhibit7
AninvestmentgapofUSD430billion
remainstobeinlinewiththe2030ambition
Announcedinvestmentsthrough2030surpassedUSD
570billion(previouslyaboutUSD435billion).However,
moreprojectsneedtoemergeacrossthecleanhydrogen
valuechaintobeinlinewithanet-zeroscenario.7
TheremainingtotalinvestmentgapofaboutUSD430
billionthrough2030standsatabout45%ofthetotal
need.Thegapnarrowedbyabout10%ofthetotalneed
comparedwiththepreviouspublication.
Thelargestabsolutegapremainswithinhydrogen
infrastructure(aboutUSD210billion)whereonlyabout
20%ofrequiredinvestmentshavebeenannounced.
Itisfollowedbygapsinenduseandofftake(about
USD160billion),andproductionandsupply(about60
billion),representinggapsofabout65%andabout10%,
respectively.Theslowerrateofannouncedinvestments
intohydrogeninfrastructurecouldstemfromuncertainty
astothetimelineofhydrogensupplyandenduse
deploymentinsomeregions.Atthesametime,large-
scaleinfrastructureinitiativessuchastheEuropean
HydrogenBackbonearefocusingondeployinga
comprehensivehydrogeninfrastructure.
Growthinannouncedhydrogensupplyprojectscontinues
tooutpaceenduseandinfrastructureinvestments,
accountingforabout75%oftotalannouncedinvestments,
andgrowingbyaboutUSD120billioninthepast
ninemonths.Announcedinvestmentsinhydrogen
infrastructuregrewonlybyUSD3billion(about5%relative
tothepreviouspublication)reachingUSD50billion,
whereasannouncementsofenduseinvestmentsgrew
byaboutUSD15billion(approximately25%relativetothe
previouspublication),reachingaboutUSD80billion.
Althoughoverhalftheneededinvestmentshavebeen
announced,moreareneeded.Thecurrentannounced
projectsneedtobematuredanddeployedtoclosethe
gapfromUSD39billionpastFIDtodaytomorethan
USD1trilliondeployedthrough2030.Moreprojectsare
likelyneededbeyondtheUSD1trillionmark,asnotall
currentlyannouncedprojectsarelikelytoberealized.
Astheindustryisfocusingonmaturingtheexistingproject
pipeline,itshouldalsocontinuedevelopingnewprojects.
Announcedandrequireddirectinvestmentsintohydrogenuntil2030,$B
4301,000
570
gap
Announceddirectinvestments
Investment
Totalneed
Enduse
andofftake
Infrastructure
Productionandsupply
$160B
investmentgapinenduse
applications
$210B
investmentgapininfrastructure
$60B
investmentgapinproductionandsupply
7.Foradetailedexplanationoftheappliednet-zeroscenariosee
‘HydrogenforNet-Zero’
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
Source:Project&Investmenttracker,asofOct2023
12
13
02
Cleanhydrogen
tinues
>1.1GW
ofelectrolysiscapacitydeployedgloballybyOctober2023(additional400MW),withabout12GWhavingpassedFIDglobally(additional3GW)
860ktp.a.
operationalcleanhydrogensupplycapacitydeployedtoday–about1%ofthegreyhydrogenmarkettoday
>1,100
hydrogenrefuelingstationsdeployedglobally,
withmorethan60%growthoverthelasttwoyears
HydrogenInsightsDecember2023
HydrogenCouncil,McKinsey&Company
Exhibit8
Deploymentissteadilygrowingacrossthe
valuechain
Supply:About860ktp.a.ofcleanhydrogensupplyis
operationalglobally,upfrom800ktp.a.previously.About
710ktp.a.islow-carbonhydrogen(primarilyinNorth
America),andtheremainderisrenewablehydrogen.
About3Mtp.a.havepassedFID,ofwhich55%islow-
carbonhydrogen.8
Infrastructure:Thedeploymentofhydrogeninfrastructure
isslowlyprogressingtowardsensuringthatlow-cost
andcleanhydrogensupplymeetsdemand.Committed
investmentsinhydrogeninfrastructurehavegrownto
aboutUSD6.5billion,ofwhich45%areinMiddleEast.
Thishasnotyettranslatedintoasubstantialincreasein,
forinstance,hydrogenpipelinecapacity.Today,thereare
about5,000km9ofhydrogenpipelines,primarilyinexisting
greyhydrogenhubsandindustrialareas.Thedeployment
ofinfrastructureforhydrogen-fueledmobilityisgradually
growing,withmorethan1,100hydrogenrefuelingstations
deployedglobally,concen
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