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Green Hydrogen Leaders – Q1 2024

The total pipeline capacity for green hydrogen reached 186mtpa by the end of Q1 2024, representing a modest increase of 2mtpa compared to the previous quarter. As the cost of renewable energy continues to fall, green hydrogen remains the dominant project type, representing almost 93% of upcoming capacity. Green Hydrogen International, Adani Enterprises, GreenGo Energy Group, CWP Global, Fortescue Future Industries, and Jearrard Energy Resources are the leading companies proposing to develop the most capacity
Electrolyzers are the key technology for generating green hydrogen from renewable power. In Q1 2024, pipeline electrolyzer capacity reached over 1,367 GW. Manufacturers such as Siemens Energy, NEL ASA, Hydrogenics, ThyssenKrupp, Plug Power, and John Cockerill Group are the leading electrolyzer manufacturers based on the hydrogen production capacity of their respective projects
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 Air Products and Chemicals Inc, John Wood Group, Samsung E&A Co, Hyphen Hydrogen Energy Pty Ltd,, China Energy Engineering Corp (CEEC), and H2-Industries Inc

Hydrogen is emerging as a key technology for the next iteration of the energy transition, with its storage and energy density properties facilitating the harnessing of renewable energy. As a result of its promise, the hydrogen economy has experienced an uptick in interest in recent years, with traditional energy companies as well as bespoke hydrogen developers vying for a position as the market continues to develop.

However, the global hydrogen market still faces several challenges that will continue to hamper the market’s ability to scale. Electrolyzer production capacity remains a significant bottleneck to executing increasingly large-scale projects. Meanwhile, a challenging global macroeconomic environment characterized by high inflation rates poses a barrier to several green hydrogen projects achieving final investment decisions by undermining their economic viability.

Therefore, despite 17 green hydrogen projects being announced in Q1 2024, the pipeline capacity of green hydrogen production is increasing at a slightly slower rate than seen in previous quarters, a greater level of government financial support combined with the proof of concept of large-scale electrolyzers is required to continue to unlock new growth within the hydrogen market.