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Green Hydrogen Leaders – Q1 2025

By the end of Q4 2024, the total active and pipeline capacity of low carbon hydrogen reached 175mtpa, of which approximately 91% is from green plants. Green Hydrogen International, CWP Global, GreenGo Energy Group, Adani Enterprises, TotalEnergies SE, and Fortescue Future Industries are the leading companies developing green hydrogen production capacity. GHI, GreenGo, and Adani’s capacities heavily rely on a few mega-projects, with investment in 3, 4, and 6 hydrogen projects, respectively. Comparatively, TotalEnergies and Fortescue have invested across a large volume of smaller-scale projects, 26 and 44, respectively.
Electrolysers are the key technology for generating green hydrogen from renewable power. By the end of Q4 2024, pipeline electrolyzer capacity for green hydrogen projects reached almost 1,151GW. Based on the hydrogen production capacity of their respective projects, Siemens Energy, Plug Power, Hydrogenics, ThyssenKrupp, NEL ASA, and John Cockerill Group are the leading electrolyzer manufacturers.
As energy companies diversify while entirely new players also aim to enter the hydrogen market, many EPC contractors aim to increase their presence in this space. The leading EPC companies for green projects are Samsung Group, Hyphen Hydrogen Energy Pty Ltd, Aker Solutions, China Energy Engineering Corp (CEEC), H2-Industries Inc, Murray & Roberts Holdings Ltd, and TSK Grupo based on the hydrogen production capacity of their respective projects.

In Q1 2025, the announced capacity increased at a slower rate in comparison to the previous quarter, with approximately 632ktpa of green hydrogen production being announced. The quarter, however, did show year-over-year growth, where 241ktpa of green hydrogen capacity was announced. Across the quarter 22 projects were announced, 10 more than the project announcements from the previous quarter, meaning the volume of green hydrogen projects being announced is increasing at a faster rate than seen in previous quarters despite the pipeline capacity of green hydrogen comparatively increasing at a slower rate.

The reality of producing green hydrogen from renewable electricity is that it is currently not cost-competitive with grey hydrogen without significant subsidies on both the demand and supply sides. Despite reductions in the levelized cost of producing renewable electricity from solar PV or wind power, green hydrogen is still seen as a long-term solution to decarbonize potential end-use industries – at least in current market conditions.

Despite confidence in green hydrogen as a pivotal technology for the energy transition remaining strong, fresh concerns for its future in one of the largest hydrogen markets globally, the US, have arisen as a result of the election of Donald Trump. Trump has openly disapproved of the Biden administration’s funding packages for low-carbon technologies, including hydrogen. However, a full repeal of the IRA’s incentives is unlikely to occur, due to the economic benefits of the numerous hydrogen hubs across the country, particularly in Republican-led states.