The report authored by the Hydrogen Council in partnership with McKinsey & Company offers a comprehensive analysis of the global hydrogen industry's progress and challenges from 2020 to 2024. The industry has witnessed a substantial increase in investment, with clean hydrogen projects reaching final investment decision (FID) experiencing remarkable growth. Factors like effective incentives, demand visibility, and industrial policy have played a crucial role in driving successful projects. The industry's maturity is evident in the growing number of projects advancing to the front end engineering design (FEED) stage, supported by natural attrition. Despite facing regulatory uncertainties and macroeconomic challenges, regions like North America have excelled in deploying low-carbon hydrogen capacity, highlighting the significance of policy incentives. However, to meet climate goals, a significant increase in hydrogen investments is imperative by 2030. This necessitates a united effort from governments and industries to provide regulatory clarity, support demand drivers, and enhance infrastructure development. The report emphasizes the need for continued collaboration to achieve environmental and socio-economic benefits while ensuring cost-efficiency in energy systems.