In 2025, the hydrogen industry is at a pivotal crossroads, transitioning from enthusiasm to a more grounded approach. While challenges in scaling operations and achieving cost-effectiveness persist, key stakeholders are focusing on practical implementation. The industry acknowledges the essential role of low-carbon hydrogen in decarbonisation, particularly in sectors like refinery fuel and transport, including aviation. However, high project costs and the need for substantial capital investment remain significant hurdles. The mismatch between short-term financial returns and long-term hydrogen investments requires a new type of investor, willing to take a long-term view. Government interventions, like in the UK, play a crucial role in aligning stakeholders and de-risking investments, making hydrogen projects more viable. Global politics, especially US policy shifts and potential trade conflicts, add uncertainties to investment directions and international cooperation. Despite these challenges, there is optimism within the industry, with ongoing progress in project construction and policy frameworks paving the way for a sustainable energy transition. Hydrogen's role in decarbonisation is increasingly evident, but its realization depends on continued investment, supportive policies, and resolution of geopolitical uncertainties.