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Green Hydrogen Leaders – Q3 2025

By the end of Q2 2025, the total active and upcoming capacity for low-carbon hydrogen stood at 132mtpa, with approximately 88% derived from green plants. GreenGo Energy, TotalEnergies, and Adani Enterprises retained their leading positions from the previous quarter. Conversely, CWP Global fell from fourth to seventh place, now ranking behind Fortescue Future Industries, Copenhagen Infrastructure Partners, and Jearrard Energy Resources. The capacities of GreenGo, Adani, and Jearrard are heavily dependent on a few mega-projects, with GreenGo, for example, holding just five major projects, despite its leading capacity. In contrast, TotalEnergies and Fortescue have invested in a larger number of smaller-scale developments, with 30 and 42 projects, respectively.
Electrolysers are essential for producing green hydrogen from renewable power. By the end of Q2 2025, the pipeline electrolyser capacity reached 841GW, an increase of 8GW between Q2 and Q3. Based on the hydrogen production capacity of their respective projects, Plug Power, Siemens Energy, and Hydrogenics are the leading electrolyser manufacturers. Although Siemens Energy increased its electrolyser capacity by 114ktpa from the previous quarter, it lost the top position to Plug Power, which raised its capacity by 333ktpa during the same period.
As energy companies diversify and new players enter the hydrogen market, many EPC contractors are seeking to expand their presence in this sector. 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.

By the end of Q2 2025, 21 green hydrogen projects were announced, with a total capacity of approximately 500ktpa.

Signed into law on July 4th, 2025, the “One Big Beautiful Bill Act” has reduced the original window for the IRA's 45V tax credit. Projects now need to start construction by the end of 2027 to qualify. The final version of the bill represents a two-year extension from the original House version, which called for projects to start construction by the end of 2025. Nevertheless, the Act has provided certainty and has been hailed by PlugPower as a game-changer for the hydrogen and fuel cell sector. The company stated it would enable them to “expand smartly”, rather than rushing projects to meet deadlines, supporting a steadier rollout of their green hydrogen plants.