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Green Hydrogen Leaders – Q2 2026

By the end of Q1 2026, active and pipeline capacity of low-carbon hydrogen totaled 132mtpa, of which approximately 90% is from green plants. Adani Enterprises, TotalEnergies, CWP Global, Copenhagen Infrastructure Partners, Fortescue Future Industries, and Jearrard Energy Resources are the leading owners of green hydrogen production capacity. Adani and Jerrard’s capacities heavily rely on a small number of mega-projects, participating in 7 and 2 hydrogen projects, respectively. Comparatively, TotalEnergies, CIP, and Fortescue have invested in a large volume of smaller-scale projects: 31, 29, and 37, respectively.
Electrolysers are the crucial technology for generating green hydrogen from renewable power. By the end of Q1 2026, pipeline electrolyser capacity reached 827GW. Based on the hydrogen production capacity of their respective projects, Plug Power, Siemens Energy, Hydrogenics, ThyssenKrupp Nucera, John Cockerill Group, and Hysata are the leading electrolyser manufacturers.
As energy companies diversify and new players enter the hydrogen market, many EPC contractors are seeking to increase their presence in this space. The leading EPC companies for green projects are Samsung Group, Aker ASA, China Energy Engineering Corp (CEEC), ThyssenKrupp AG, H2 Industries, and AmmPower Corp, based on the hydrogen production capacity of their respective projects.

In Q1 2026, announced capacity increased at a slower rate than the previous quarter, with only ~84ktpa of green hydrogen announced. This was driven by a downturn in project activity, with 10 projects announced across the quarter, compared to 24 in Q4 2025. Developers, lenders, and investors have become increasingly pragmatic about the economic viability of green hydrogen projects amid current market conditions. However, rising natural gas prices could narrow the cost gap between low-carbon and grey hydrogen, potentially increasing sector interest for the remainder of 2026. Overall, investment in green hydrogen remains a long-term strategy, based on falling renewable energy project costs, increasing electrolyser efficiency, and the need to de-link from volatile oil and gas supply chains.

China remains the main driver of the green hydrogen market, underpinned by its dominance in electrolyser manufacturing, which accounts for an estimated 60% of global capacity. Even as key target markets introduce protectionist measures, such as the EU’s new “Made in EU” requirements under the Industrial Accelerator Act (March 2026), China is moving to reinforce its global position. In March 2026, the Ministry of Industry and Information Technology launched a 2026 to 2028 programme centered on three measures: improving efficiency and reliability, industrial-scale applications, and new technical standards to further support the domestic electrolyser manufacturing sector.

Even when production is feasible, green hydrogen growth hinges on stronger demand signals and bankable offtake agreements. Although this is a major barrier hindering the growth of the green hydrogen market, there are signs of long-term demand, particularly in industries with established hydrogen consumption. In March 2025, RWE announced a legally binding purchase agreement to supply 30ktpa of green hydrogen to TotalEnergies over 15 years, from 2030 to 2044, to help decarbonise TotalEnergies' Leuna refinery in Germany.