Low-carbon hydrogen is poised to become a pivotal player in the global effort to decarbonise energy-intensive industries. While industries such as refining and petrochemicals are expected to drive the demand for hydrogen, newer applications in metallurgy, transportation, and power generation are also on the rise, along with potential opportunities in consumer segments. The capacity for low-carbon hydrogen is projected to grow substantially at a CAGR of over 40% from 2024 to 2030, indicating a positive trend. However, there are concerns that the planned capacity additions of around 13.5 million tonnes per annum may not be sufficient to meet the interim 2030 net-zero targets set by the UN. A significant portion of the upcoming capacity is still in the feasibility stage, facing challenges related to infrastructure, financing, and end-user demand. Leading economies like the US and the EU are laying out comprehensive plans to integrate hydrogen into their energy mix to address climate change challenges. The development of new low-carbon hydrogen plants is expected to benefit from these initiatives. The demand for low-carbon hydrogen, including blue and green hydrogen, is anticipated to grow, particularly in sectors like power generation, as renewable sources like wind and solar are increasingly used to produce green hydrogen. This growth is expected to complement plans for hydrogen-based power generation and accelerate the expansion of renewable energy projects. Discussions on the impact of hydrogen on the oil and gas industry and the competitive landscape within this sector can be found in GlobalData's thematic report on hydrogen.