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Tracking the hydrogen market: from policy to project pipeline | Wood Mackenzie
Low-carbon hydrogen project capacity announcements continued to grow in scale and geographical diversity in 2022. After a record 12 Mtpa of project capacity announcements in Q1, total announced capacity reached 71.4 Mpta in 2022.
- The year was marked by the energy crisis and a slew of policy announcements, leading to a plunge in the number of project announcements.
- The US led project announcements in 2022 with a total of 7.17 Mtpa.
- The slowdown in project announcements was counterbalanced by record electrolyser manufacturing announcements.
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Policy-wise, hydrogen strategies continued to evolve and adapt to the market in 2022.
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The Inflation Reduction Act has prompted some markets to develop similar incentives in an effort to remain competitive, and others to object.
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US inflation Act; announcing a 45V production tax credit (PTC). Qualifying hydrogen facilities can obtain a 10-year PTC of up to US$3/kg, the most generous tax incentive to date.
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Tracking the hydrogen market: from policy to project pipeline | Wood Mackenzie
A slowdown in the hydrogen project pipeline at the end of 2022 was counterbalanced by record electrolyser manufacturing announcements.
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