According to a recent Nikkei report, the International Energy Agency (IEA) has forecasted a significant shift in the global hydrogen energy market, particularly in the realm of green hydrogen production. The report highlights China's emergence as a dominant player, with projections indicating that by 2024, China will hold nearly 70% of the global installed capacity for green hydrogen production, a substantial increase from previous years. Specifically, the IEA notes that China's electrolyzer manufacturing capacity has surged to 25 gigawatts per year, representing around 60% of the world's capacity. This growth underscores China's increasing presence in both the establishment of settings and the manufacturing of essential equipment for green hydrogen production. Furthermore, the report mentions that there are numerous electrolyzer projects worldwide for which final investment decisions have been made, with a collective capacity set to reach 20 GW. The IEA anticipates that by 2030, green hydrogen production will expand to five times the current level, signifying a promising trajectory for the industry. Despite these optimistic projections and substantial investment plans in the energy sector, the actual progress of electrolyzer installation has been relatively modest. As of September 2024, the operational electrolyzer capacity stands at only 4% of the anticipated 5 GW, highlighting the potential for further advancements and a need for accelerated deployment to meet the set targets and drive the transition towards green hydrogen on a global scale.