The hydrogen market is experiencing contrasting fortunes as companies like Fortescue and Origin in Australia pare back their hydrogen ambitions, while European investors and industry players are optimistic about its growth potential. Europe is witnessing a surge in electrolyser capacity installations and a rise in interest from key sectors like steelmakers and refineries. Although there is a lack of projects reaching the final investment decision stage, the industry is abuzz with preparatory activities. Observers believe these developments signal that the hydrogen market in Europe is poised for substantial advancement. Hans van Leeuwen, reporting from London, sheds light on the diverging trends in the global hydrogen sector.