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Green Hydrogen Leaders – Q4 2025

By the end of Q3 2025, the total active and pipeline capacity of low-carbon hydrogen reached 127mtpa, of which approximately 89% is from green plants. TotalEnergies, Adani Enterprises, CWP Global, Fortescue Future Industries, Copenhagen Infrastructure Partners, and Jearrard Energy Resources are the leading companies developing green hydrogen production capacity. Adani and Jearrard’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: 30, 30, and 37, respectively. Although GreenGo previously ranked highly for green hydrogen capacity, it has since fallen down the rankings after scaling back plans for its Megaton Moon Green Hydrogen Project by over 80%.
Electrolysers are the crucial technology for generating green hydrogen from renewable power. By the end of Q3 2025, pipeline electrolyser capacity reached 796GW. 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, State Grid Corporation of China, H2 Industries, ThyssenKrupp AG, China Energy Engineering Corp (CEEC), and Hyphen Hydrogen Energy, based on the hydrogen production capacity of their respective projects.

In Q3 2025, the announced capacity increased at a slower rate compared to the previous quarter, with approximately 357ktpa of green hydrogen capacity being announced. Across the quarter, 17 projects were announced, compared to 22 projects across Q2. The slowing of green hydrogen project announcements is a strong reflection of its current market conditions, characterized by weak demand and high costs, but also the consolidation and execution of the existing pipeline of projects. However, the announcement of the 285ktpa ACWA SEDC Sarawak Hydrogen Project was a key driver for Q3 capacity, demonstrating there is still appetite for large-scale green hydrogen projects.

The scaling down of notable mega-projects has significantly altered the leader’s landscape, with GreenGo falling from the ranking. Despite Mauritania establishing itself as a hub for green hydrogen development through the implementation of its Green Hydrogen Code in October 2024, the government did not grant GreenGo enough land to execute the project at its initially planned size. After receiving 100,000 hectares, the company adjusted its plans to a more manageable scale, starting with a phased approach to enable adaptability to supply chain challenges and evolving demand.

Despite headwinds in the market, some federal governments are still actively supporting green hydrogen development. In October 2025, the Australian Renewable Energy Agency (ARENA) announced it had opened the second round of its Hydrogen Headstart Program, with up to $1.26 billion in funding available. This follows the first round of funding, which saw Copenhagen Infrastructure Partners, a climber on the leader’s ranking, receive up to $512 million over ten years to develop its 1.5GW Murchison Green Hydrogen Project.