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Green Hydrogen Leaders – Q2 2023

The total pipeline capacity for green hydrogen reached 165 mtpa by the end of Q2 2023. It represents over 90% of the total low-carbon hydrogen upcoming capacity. Green Hydrogen International, CWP Global, Fortescue Future Industries Pty Ltd, H2 Clean Energy, BP Plc, and Intercontinental Energy Corp are the leading companies proposing to develop the most capacity.
With electrolysis the key technology for generating green hydrogen from renewable power and having on the pipeline over 1,176 GW electrolyzer capacity, manufacturers such as Siemens Energy, Nel ASA, ThyssenKrupp, Plug Power, Hydrogenics, and Stiesdal are leaders in winning work to supply the capacity required.
As energy companies take steps to benefit from a hydrogen economy, many EPC contractors are aiming to increase their presence in this space. The leading EPC companies for green projects are John Wood Group, Hyphen Hydrogen Energy Pty Ltd, Aker Clean Hydrogen, China Energy Engineering Corp (CEEC), H2-Industries, and Siemens Engineering.

The hydrogen economy is a key growth area, and many companies are joining in to capitalize on this future vision and become market leaders throughout the whole hydrogen value chain. Hydrogen, specifically green hydrogen, has been a topic of interest in the renewable energy economy for a very long time. Thanks to its vital applications across industries, it is becoming a game-changer with its noteworthy contribution to clean energy transitions.

Thanks to high investments from companies to develop green hydrogen projects, the momentum that has been built along the entire value chain is accelerating the cost reduction in hydrogen production, transmission, distribution, retail, and end-applications.

Many prominent companies have opted for investing in prospective green hydrogen projects and other aspects of the hydrogen economy, such as fuel cells and refueling stations, to decarbonize their business portfolios. Last year partnerships and deals between companies across different sectors were almost two-fold compared to 2021 levels, enabling companies to participate in multiple projects, going from pilot to large-scale projects.

Betting on green hydrogen development at this point is positioning companies as leaders in the hydrogen market and could bring more opportunities in the future when the market reaches a more mature stage. The coming few years will be crucial for the development of a low-carbon hydrogen economy, for attaining energy transition, meeting decarbonization goals, and positioning leading companies as market experts.