BAKU, Azerbaijan, April 21. The global hydrogen sector has experienced a surge in growth over the past four years, supported by rising investments and a wave of new project commitments, says the Gas Exporting Countries Forum (GECF), Trend reports.
According to the GECF, referencing the Hydrogen Insights 2024 report by the Hydrogen Council, the number of clean hydrogen projects has grown sevenfold since 2020, reaching 1,572 in total.
Global investment in hydrogen has climbed to $680 billion, with $75 billion already committed to projects that have reached a final investment decision (FID) - a 90% increase compared to the previous report. This momentum reflects growing confidence in hydrogen's role in supporting the global energy transition.
Production capacity for low-carbon hydrogen, including blue hydrogen, is projected to reach 48 million tons per annum (Mtpa) by 2030. Of that, 75% will come from renewable sources, with the remaining 25% from blue hydrogen, which is produced using fossil fuels with carbon capture. North America leads in blue hydrogen development, accounting for 90% of committed capacity, while Europe, China, and Latin America are at the forefront of renewable hydrogen deployment.
Large-scale initiatives dominate the outlook, with giga-scale projects representing two-thirds of all announced capacity. Meanwhile, the number of hydrogen refueling stations has exceeded 1,150 globally, led by China, Japan, and South Korea. However, growth in Europe and North America has slowed in this segment.
Hydrogen is also making inroads in end-use sectors such as steelmaking, chemicals, and mobility, yet the GECF warns that current investment levels remain insufficient to meet global climate goals. An eightfold increase in hydrogen investment will be required by 2030, particularly in transportation and storage infrastructure.