Wood Mackenzie forecasts 2025 to be a crucial year for the low-carbon hydrogen and ammonia sectors. Despite facing obstacles like cost pressures and regulatory complexities, key developments are on the horizon. The US is expected to excel in blue hydrogen production, driven by policy support. Conversely, green hydrogen projects may encounter difficulties. Large-scale green hydrogen projects are progressing, with one giga-scale project likely to receive FID in 2025. Chinese electrolyser manufacturers are set to expand globally, increasing competition. The mismatch between project FIDs and offtake contracts persists, but efforts to accelerate offtake agreements could bridge the gap. 2024 saw significant investments in low-carbon ammonia, with 2025 poised for more substantial growth. Investments are expected in various segments of the ammonia value chain, preparing for increased demand in export markets like Asia and Europe.