The global hydrogen energy market is starting to "step on the ground".

After experiencing a flurry of policy announcements and rapid market expectations, the global hydrogen industry is entering a more rational and critical stage of development. The latest hydrogen market outlook report released by the international energy research firm Wood Mackenzie points out that 2026 will be a crucial turning point for the global hydrogen industry, shifting from being "policy driven" to "driven by a combination of policy and market forces". Projects with true commercial viability will accelerate, while projects relying solely on policy expectations and lacking stable demand may face stagnation or even forced adjustments. In this global reassessment, regional differentiation is becoming more significant - some industrial hydrogen targets in the EU are facing realistic adjustments, large projects in the Middle East oriented towards exports are under pressure, and markets with complete industrial chains, cost control capabilities, and sustained investment capabilities are gradually demonstrating comparative advantages. Wood Mackenzie explicitly states in the report that China has transformed from an early technology explorer and demonstration driver to a key driving force for the global development of clean hydrogen energy. Its progress in scaling deployment, cost reduction, and industrial maturity is profoundly shaping the evolution path of the global hydrogen industry. In 2026, the global hydrogen industry will undergo a systematic "screening" based on economic viability and sustainability as core criteria.