According to the authors of the newly released report, the global clean hydrogen investment bubble has not burst, although it is showing signs of weakening. Instead of a collapse, the sector is moving into a more mature and disciplined stage of growth, prioritizing projects with solid business cases over speculative ventures.
The report notes that “the ‘bubble’ may be weakening, but it is far from bursting – the sector is simply entering a more disciplined and sustainable phase.” Despite recent setbacks, the authors find that “Global investment in low-emissions hydrogen production climbed to almost USD 8 billion in 2025, an 80% jump from the year before.”
In simple terms, while news of company failures and project delays has dominated headlines, the actual amount of money being invested in the industry is still increasing at a very high rate. The market is effectively growing up; it is shifting away from trying to use hydrogen for everything and is now focusing on specific areas where it is most practical to replace fossil fuels, such as in heavy manufacturing and chemical processing.
The report “Energy Technology Perspectives 2026” was published by the International Energy Agency (IEA) in Paris, France. It was prepared by the IEA’s Energy Technology Policy Division under the direction of Chief Energy Technology Officer Timur Gül.
