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Green Hydrogen Leaders – Q3 2026

By the end of Q2 2026, active and pipeline capacity of low-carbon hydrogen totaled 133mtpa, of which approximately 90% is from green plants. Adani Enterprises, TotalEnergies, Intercontinental Energy, Copenhagen Infrastructure Partners, CWP Global, and Fortescue Future Industries are the leading owners of green hydrogen production capacity. The leaders ranking continues to be influenced by changes across mega-projects. For example, Intercontinental improved from the previous ranking following the re-allocation of capacity from the Australia Renewable Energy Hub project after BP’s exit.
Electrolysers remain the keystone technology for scaling renewable hydrogen production. By the end of Q2 2026, pipeline electrolyser capacity reached 831GW – a small increase on the previous quarter. Based on the hydrogen production capacity of their respective projects, Plug Power, Hydrogenics, Siemens Energy, John Cockerill Group, Thyssenkrupp Nucera, and Hysata are the leading electrolyser manufacturers.
As energy companies diversify and new players enter the hydrogen market, many EPC contractors are seeking to capitalize on their existing capabilities to increase their market presence. GPS Renewables Pvt Ltd leads by a strong margin following its selection for the first phase of NTPC’s Pudimadaka Hydrogen Project. Other leading EPC companies for green projects are Aker ASA, China Energy Engineering Corp (CEEC), ThyssenKrupp AG, H2 Industries, and AmmPower Corp, based on the hydrogen production capacity of their respective projects.

Q2 2026 represented a largely stable quarter for the low-carbon hydrogen market, but with some positive data signals. Over the quarter, the database observed a net increase of 972ktpa across green hydrogen and derivative projects. Across the quarter, 6 new green projects were also announced, accounting for approximately 106ktpa. Another data highlight includes green capacity currently in the construction phase experiencing a percentage increase of 16.3% from the previous quarter, signalling a level of project maturation within the existing pipeline.

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. Developments from the quarter include the State Council approving the 15th Five-Year Plan, which reinforced hydrogen’s strategic role for decarbonizing heavy industry by acting as a substitute for coal and oil across the transport and chemical sectors.

The European hydrogen market landscape is also shifting, with over €1bn being awarded to 9 projects in the latest European Hydrogen Bank Auction in May 2026. Despite the announcement for a fourth hydrogen bank auction, sentiment in the market will be powerfully influenced by the outcome of the review of the Additionality Delegated Act, which has drawn strong criticism from leading players and industry associations for being overly stringent.

Despite a number of positive developments, announcements of large-scale project stalls and cancellations continue to plague the sector. A recent casualty includes BP’s official cancellation of the 105MW H₂Kwinana renewable hydrogen project in Western Australia in June 2026, following its failure to secure financing from the Australian Government’s Hydrogen Headstart Programme.