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Green Hydrogen Leaders – Q2 2024

By the end of Q2 2024, the total active and pipeline capacity of low carbon hydrogen reaches just under 164mtpa, of which approximately 90% comes from green plants. Green Hydrogen International, CWP Global, GreenGo Energy Group, Adani Enterprises, Fortescue Future Industries, and Jearrard Energy Resources are the leading companies proposing to develop the greenest hydrogen production capacity
Electrolyzers are the key technology for generating green hydrogen from renewable power. Q2 2024, pipeline electrolyzer capacity reached over 1,120 GW. Manufacturers such as Siemens Energy, NEL ASA, Plug Power, Hydrogenics, ThyssenKrupp, and John Cockerill Group are the leading electrolyzer manufacturers based on the hydrogen production capacity of their respective projects
As energy companies diversify while entirely new players also aim to enter the hydrogen market, many EPC contractors are aiming to increase their presence in this space. The leading EPC companies for green projects are Samsung E&A Co, Hyphen Hydrogen Energy Pty Ltd, Aker Solutions, China Energy Engineering Corp (CEEC), Murray & Roberts Holdings Ltd., and H2-Industries Inc

In Q2 2024, the announced capacity showed a strong increase from the previous quarter, with just under 2.2mtpa of green hydrogen production capacity being announced. The quarter also showed growth from the previous year, where 1mtpa of capacity was announced. Across the quarter 15 projects were announced, which matches the project announcements from the previous quarter. However, the average capacity per project was also significantly higher in Q2 2024, boosted by a 1mpta project in Tunisia.

Despite these positive developments with green hydrogen project announcements and increasing recognition of the critical role the technology can play in energy storage and distribution, the hydrogen market continues to face several challenges. The levelized cost of producing green hydrogen, although decreasing, remains higher than hydrogen varieties produced using non-renewable resources, raising questions surrounding the economic viability of green hydrogen as a decarbonization pathway.

In addition, further clarity surrounding the ‘three pillars’ eligibility criteria for the US low-carbon hydrogen production tax credit has reduced the effective size of this policy incentive, creating fresh challenges for US projects that are attempting to reach a final investment decision.