1. The hydrogen industry has entered a phase of rational consolidation.
Global project announcements are slowing, cancellations are rising, and investment decisions are becoming more selective — marking a shift from the “hype” phase to execution-focused maturity. 
(Markus Wilthaner, McKinsey)

2. Europe is the anchor market for global clean hydrogen trade.
Europe has signed the largest volume of binding offtake agreements, making it the key buyer in global hydrogen trade, particularly for green ammonia and methanol imports. 
(Markus Wilthaner, McKinsey)

3. Secure offtake must come before project development.
Developers must reverse the traditional model: secure buyer commitments first, then proceed with engineering and permitting. Without offtake, there is no project. 
(Erik Rakhou, Rakhou Associates)

4. One strategy doesn’t fit all — hydrogen buyers vary by segment.
Fertilizer producers, utilities, maritime operators, and steelmakers each have different triggers and constraints. Successful sales strategies require segment-specific mapping and alignment. 
(Erik Rakhou, Rakhou Associates)

5. Production subsidies and carbon cost avoidance are the strongest drivers of post-FID hydrogen projects.
Direct support schemes such as 45Q in the U.S. or H2Global in Europe have been the clearest enablers of project bankability and final investment decisions. 
(Murray Douglas, Wood Mackenzie)

6. Despite a range of challenges, the low-carbon hydrogen market continues to develop — though Europe is lagging other regions.
More than $40 billion in investment has been committed globally, and while Europe leads in tenders and mechanisms, actual FID progress is faster in North America and the Middle East. 
(Murray Douglas, Wood Mackenzie)

7. Clean hydrogen cost gaps require action on both supply and demand.
Subsidies alone are not enough. Governments must also create mandatory market pull mechanisms such as quotas, standards, or penalties to stimulate demand. 
(Minh Le, Rystad Energy)

8. Major hydrogen support schemes are in place — but market impact is delayed.
While many countries have launched subsidies, tenders, and incentive frameworks, significant delays between policy announcements and real investment decisions remain a barrier. Accelerating implementation is now critical to unlock project momentum. 
(Minh Le, Rystad Energy)