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Green Hydrogen Leaders – Q2 2025

By the end of Q1 2025, the total active and pipeline capacity of low-carbon hydrogen reached 133mtpa, of which approximately 87% is from green plants. GreenGo Energy, TotalEnergies, Adani Enterprises, CWP Global, Fortescue Future Industries, and Jearrard Energy Resources are the leading companies developing green hydrogen production capacity. GreenGo, Adani, and Jearrard’s capacities heavily rely on a few mega-projects, with investment in 5, 6, and 2 hydrogen projects, respectively. Comparatively, TotalEnergies and Fortescue have invested across a large volume of smaller-scale projects, 28 and 43, respectively. Although GHI previously ranked highly for green hydrogen capacity, it has since fallen down the rankings after the stall of its mega-projects, such as the Spirit of Scotia.
Electrolysers are the key technology for generating green hydrogen from renewable power. By the end of Q1 2025, pipeline electrolyser capacity for green hydrogen projects reached 833GW. 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 electrolyser 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, Aker ASA, China Energy Engineering Corp (CEEC), H2-Industries, and ThyssenKrupp, based on the hydrogen production capacity of their respective projects.

The stall of mega-projects has significantly altered the leader’s landscape, with GHI falling from the ranking. In Q1 2025, the announced capacity increased at a slower rate compared to the previous quarter, with approximately 295ktpa of green hydrogen production being announced. Across the quarter, 10 projects were announced, 12 fewer than the project announcements from the previous quarter. The volume of green hydrogen project announcements and the pipeline capacity of green hydrogen are increasing at a slower rate, a strong reflection of its current market conditions.

The market for green hydrogen remains uncertain. In North America, one of the largest hydrogen markets, Trump has been forthright in his opposition to energy transition technologies. He has demonstrated this through his decision to halt funding for the Infrastructure Investment and Jobs Act, which impacts clean energy and manufacturing projects.

Although most of the IRA funding has already been allocated, Trump’s actions have negatively impacted the decision-making of industry players in the hydrogen market. Notable oil and gas majors, such as BP, Shell, and Chevron, have since cut funding for green hydrogen projects, citing weak market demand, high costs, and insufficient public policy support.

Despite headwinds, there is strong evidence that interest in green hydrogen remains robust, with other countries continuing to advance its development. Notably, the UK government recently announced the shortlist of 27 green hydrogen projects for the second Hydrogen Allocation Round (HAR2) in a bid to develop its low-carbon hydrogen economy.