Hydrogen’s push toward commercial scale has stalled, with rising costs and weak offtake keeping the sector stuck in the pilot phase, according to ING.

In its 2026 outlook, ING argues that clean hydrogen will require a “multi-stage process” unfolding over several decades to become a mainstream commodity.

Despite industry advocates highlighting commercial traction, the bank said, “It has largely reverted to the pilot phase, especially for green hydrogen.”

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