Hydrogen, a critical player in the energy transition, is finally making strides despite facing challenges. The industry is witnessing progress globally, albeit slower than anticipated. While only 7% of clean hydrogen projects have advanced to positive FIDs, there are signs of a maturing global market with early supply contracts and test shipments. The US leads with blue hydrogen projects, leveraging carbon capture technology for cost competitiveness. In Europe, policy clarity and state support are driving investments, while India and the Middle East focus on export-oriented projects with financial backing. The emerging landscape hints at future trade flows and the potential for a robust low-carbon hydrogen market. However, challenges like policy uncertainty, cost inflation, and competitive offtake agreements persist, demanding innovative solutions for sustainable growth.