Surprising data and familiar challenges emerge from the 2025 Observatory by Intesa Sanpaolo and H2IT
Italy’s hydrogen value chain is entering a phase of industrial consolidation. This is the key finding of the 2025 Hydrogen Observatory in Italy, produced by the Research Department of Intesa Sanpaolo in collaboration with H2IT and the Intesa Sanpaolo Innovation Center. The survey, conducted on 79 companies, portrays a young ecosystem (average sector age: 8 years) that is nevertheless evolving rapidly.
Italian companies look abroad
58% of companies already generate revenues from hydrogen-related activities, rising to 66% in manufacturing. 46% of turnover comes from foreign clients, a figure that reaches 60% among manufacturing firms—evidence of strong integration into international markets. On the investment side, for more than half of the companies, resources allocated to hydrogen exceed 10% of total spending, and 85% expect further increases by 2026. More than 90% anticipate revenue growth, while over 70% have projects at an advanced stage, with 25% already under construction.
The ecosystem appears technologically advanced: 70% of companies have an in-house Research and Development department, nearly one-third have filed or are about to file patents, and around three-quarters have adopted at least one Industry 4.0 technology. Moreover, 65% invest in dedicated training, with growing demand for technical skills.
Where policy must step in: demand is missing
However, critical issues remain. Companies report that demand is still weak and that the regulatory framework is not yet fully clear. Most respondents believe that the targets of the National Integrated Energy and Climate Plan for 2030 are achievable—but only with significant policy support. The main challenge, therefore, is to transform an increasingly structured supply base into a fully developed hydrogen market.
Much will depend on how incentive schemes are designed. The ongoing revision of transition policies is unlikely to support the sector, while geopolitical uncertainty—although not inherently a growth driver—adds pressure to diversify raw materials and technologies. This could represent a potential advantage for Italy, given its strategic location and strong manufacturing base.
