RESEARCH & INTELLIGENCE

A clearer view.
Grounded in evidence.

Primary sources, explicit dates and a careful distinction between operating assets, announced projects and future possibilities.

MARKET NOTE / IEA 2026

Established demand.
A developing transition.

The IEA reports that hydrogen demand exceeded 100 million tonnes in 2025. Industry and refining accounted for almost all use. New applications are growing from a small base.

Low-emissions production reached almost 1 million tonnes in 2025. Installed electrolysis capacity exceeded 4 GW. Those figures describe different measures: annual output and equipment capacity should not be compared as if they were the same.

Cost, uncertain demand, regulation and missing infrastructure continue to constrain progress. Announcements alone do not establish bankable supply.

Source S1 / IEA executive summary →

READING PROJECT ANNOUNCEMENTS

Status changes the story.

Operating

Seek evidence of commissioning and actual production. Nameplate capacity does not establish annual utilisation.

Under development

Distinguish construction, commissioning, investment decisions, offtake contracts and non-binding agreements.

Changed or cancelled

Air Products announced the cancellation of LCEC and Casa Grande in June 2026. Older project lists can therefore mislead. Source S8.

Infrastructure and
industrial demand.

Air Liquide describes a chain spanning production, storage and distribution. Linde connects engineering with gas supply. These are useful examples of why infrastructure and end-use requirements should be considered together. S2, S5.

Air Products’ investor page describes NEOM commissioning activity and planned ammonia exports. That remains different from evidence of full commercial output. S9.

SOURCE LEDGER

Go directly to the evidence.

Reviewed 13 November 2026. Company material describes its own activity; it is not independent validation. Living pages can change. This is a curated research snapshot, not a real-time project database.

S1 / IEA