Hydrogen Council – Hydrogen Insights 2023
Hydrogen Insights 2023 is the latest update on the global hydrogen economy from the Hydrogen Council and McKinsey & Company. It summarizes the current state of the global hydrogen sector and actual hydrogen deployment, with a deep dive into North America.
It represents a collaborative effort to share an objective, holistic, and quantitative perspective on the status of the global hydrogen ecosystem.
Hydrogen momentum continues to accelerate with more than 1,000 projects requiring USD 320 billion announced globally; however, investment decisions are lagging with only 10% of investment volumes having passed FID
- More than 1,040 projects announced globally, of which 795 aim to commission within 2030
- Announced projects represent USD 320 billion investments through 2030, growing from USD 240 billion in previous publication; of this, USD 29 billion has passed FID
- Supply accounts for about two thirds of announced investments until 2030, with a total of 38 Mt p.a. clean hydrogen production announced through 2030 with Europe and North America together accounting for nearly 60% of total volumes
- The hydrogen project pipeline is growing across all stages of maturity, with 30% to 40% growth in announced / planning / advanced planning / committed, indicating a healthy project funnel
Image Source: Hydrogen Council and McKinsey & Company, 2023
About 0.8 Mt p.a. clean hydrogen supply is operational today
- Low-carbon hydrogen accounting for about 740 kt p.a., while renewable hydrogen about 60 kt p.a. (equivalent to 700 MW electrolysis capacity)
- Large majority of operational low-carbon capacity is found in North America, whereas China is the largest market for operational renewable hydrogen projects
- A total of 3 Mt p.a. clean hydrogen capacity has passed FID (including the 0.8 Mt p.a. operational), with North America accounting for 70% of committed volumes (most of which is low-carbon hydrogen)
- More than 9 GW of electrolysis capacity has passed FID, nearly doubling from about 5 GW in previous publication, with China accounting for 40% of the committed capacity
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