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The long-term prospects are positive, but there are obstacles to realizing this in the short term. According to a recent report by analysis firm Markets And Markets, the global green hydrogen market is set for explosive growth, with its scale expected to rise from $2.79 billion in 2025 to nearly $75 billion by 2032, representing a compound annual growth rate of 60%. However, the industry is currently in a phase of adjustment characterized by project delays and frequent policy disputes, facing a conflict between long-term prospects for expansion and short-term implementation challenges. The main drivers of market growth stem from three factors: the binding nature of global net-zero emission commitments, the rapid increase in renewable energy capacity, and the growing demand for clean transportation solutions. These three drivers will propel the industry to rapidly move from its current pilot phase toward an industrialized and commoditized stage by 2032, enabling exponential growth in market size. A clear pattern emerges in terms of technology and energy supply. Mature technologies remain the core pillars; in 2024, alkaline electrolysis technology held a dominant position with a market share of 61.2%, and this advantage is expected to persist until 2032. With low capital costs, no reliance on precious metals such as platinum and iridium, high reliability thanks to over 20 years of industrial application experience, and a well-developed supply chain, this technology makes it the preferred choice for utility-scale projects. In terms of energy supply, wind energy has become the primary renewable source for green hydrogen production, accounting for 48.9% of the market share in 2024. In particular, offshore wind turbines boast a capacity factor of over 50%, which ensures the continuous operation of electrolyzers and significantly boosts the economic viability of hydrogen production. There are significant disputes in the area of end-demand. The report shows that in 2024, the transportation sector became the largest application area for green hydrogen, accounting for 57.7% of the market share. Heavy transportation, long-distance freight transport, and maritime shipping are the key driving forces behind this trend; in these applications, battery-electric solutions are not suitable due to limitations related to range and load capacity. However, data from the International Energy Agency (IEA) shows that current demand for green hydrogen is still concentrated in traditional industrial sectors such as oil refining and ammonia synthesis; this discrepancy highlights the gap between the current state of industry operations and the future focus of demand. In terms of regional development, North America will be the region with the fastest growth in green hydrogen, with a compound annual growth rate of 69.7%. This depends heavily on the tax credit provisions of the U.S. Inflation Reduction Act (IRA) Section 45V, which provide a subsidy of up to $3 per kilogram for low-carbon hydrogen. However, the development of this region is not without challenges. In 2024, the industry waited for guidance from the Ministry of Finance regarding the \"three pillars\" of hydrogen production; although the rules are now clear and developers are accelerating project progress to secure special funding, uncertainties still exist regarding policies. However, the development of green hydrogen still faces multiple challenges at present. Over the past 12 months, giants such as Shell and BP have canceled or scaled back key projects due to regulatory uncertainty and higher-than-expected costs of renewable energy. However, analysts believe the industry is maturing, shifting from speculative announcements to actual projects with purchase agreements and viable economic models. Whether it will be possible in the future to effectively integrate large-scale wind farms with alkaline electrolysis technology, and to do so within a clear policy framework in Europe and the United States, will be key to unlocking the $75 billion market potential of the green hydrogen industry. (Tu Jianping)