The latest Q2 2024 European Hydrogen Market Report (HyMaR) by Aurora Energy Research reveals a significant milestone in the global hydrogen electrolyser development pipeline, which has now reached 1.2 TW, with an addition of 55.2 GW of new projects in the last six months. This growth reflects a strong international push towards clean hydrogen infrastructure, with Europe taking the lead despite facing mounting challenges. Around 90% of tracked projects are in early planning stages, while 15 GW have reached the Final Investment Decision (FID) stage. Operational global capacity has grown by over 1.1 GW to reach 1.9 GW. Europe, particularly Germany, holds 32% of total global capacity, but falls short of achieving the European Commission's targets for electrolyser capacity by 2030. High capital expenditure, increasing cost of capital, and uncertainty in offtake agreements are identified as major hurdles for investment. Hydrogen production costs vary across Europe, with Spain and the Nordics offering competitive pricing. The report emphasizes the importance of stronger financial frameworks and policy certainty to fully capitalize on the accelerating electrolyser buildout.