In 2023, global low‑carbon hydrogen production capacity reached 1,830 ktpa, with a focus on generating hydrogen with minimal or zero GHG emissions. The industry is witnessing an upward trajectory in capacity driven by the global push towards net-zero carbon emissions. Governments worldwide are turning to hydrogen to decarbonize hard-to-electrify sectors like heavy transport, steel, and chemicals, supported by policy frameworks like the European Green Deal and the U.S. Infrastructure Investment and Jobs Act. While high production and infrastructure costs remain a challenge, there is a growing opportunity for low-carbon hydrogen in industrial decarbonization, particularly in steelmaking and chemical production. Regions like North America, Asia Pacific, and Europe are at the forefront of this market growth, with initiatives, investments, and government support driving the transition to a hydrogen-powered economy.