The hydrogen industry is rapidly expanding, and several major corporations are emerging as global leaders. These companies are shaping the hydrogen economy through production, infrastructure, and technology innovation.
1. Air Liquide
- Revenue / Market Share: Industrial-gas giant Air Liquide is a top hydrogen producer, and hydrogen accounts for a significant part of its global revenue.
- Key Projects & Strategy: Air Liquide is scaling up green hydrogen through large electrolysis projects, including a major 200 MW plant in the Netherlands in partnership with TotalEnergies.
- Future Growth: The company aims to expand low-carbon hydrogen capacity substantially by 2035, targeting industrial and mobility markets.
2. Linde plc
- Revenue / Market Share: Linde is another industrial-gas heavyweight, generating roughly US$18.9 billion in hydrogen-related revenue, with a ~10.5% share in the hydrogen market.
- Projects & Technology: It operates hundreds of hydrogen production plants and is pushing into green hydrogen via its joint venture on PEM (proton-exchange membrane) electrolyzers.
- Growth Trajectory: Linde is investing heavily in electrolyzer capacity and pipeline infrastructure, including a big project in Germany.
3. Air Products & Chemicals
- Market Role: A leader in merchant hydrogen supply, cryogenic hydrogen, and industrial gas.
- Major Project: Air Products is a key partner in Saudi Arabia’s NEOM green hydrogen complex, slated to produce 600 tonnes/day of green hydrogen.
- Outlook: The company aims to expand its blue and green hydrogen output, leveraging its global hydrogen plant network.
4. Shell plc
- Position: A major traditional energy company that has pivoted into hydrogen. According to hydrogen-market reports, Shell is a top-5 player.
- Key Moves: Shell is building large-scale electrolyzers, including a 200 MW installation in the Netherlands, to feed its refineries with renewable hydrogen.
- Growth Angle: Its hydrogen strategy is tied to mobility (hydrogen refueling) and industrial fuel demand.
5. Sinopec
- Market Role: The Chinese petrochemical firm has a strong hydrogen business, supplying hydrogen to its refining and chemical divisions.
- Growth Path: Sinopec is investing in green hydrogen infrastructure, including potential pipeline networks in China.
6. Toyota Motor Corporation
- Hydrogen Focus: Beyond cars, Toyota is deeply invested in fuel-cell hydrogen and has committed to building a hydrogen society.
- Products & Strategy: Their flagship hydrogen vehicle, the Mirai is central to Toyota’s hydrogen vision.
7. Plug Power
- Business Model: Specializes in green hydrogen production via electrolysis and fuel-cell systems.
- Backed by the U.S. DOE: Recently secured a US$1.66 billion loan guarantee to build six green hydrogen plants.
- Scaling Up: Leveraging partnerships (e.g., logistics & renewables) to expand its hydrogen supply footprint.
8. Nel ASA
- Focus: A specialist in hydrogen electrolyzers (especially alkaline) and infrastructure.
- Market Role: Known for its production of scalable green-hydrogen systems and global reach in renewables-driven hydrogen.
- Future Growth: Investing in gigafactory-like capacity to meet growing electrolyzer demand.
9. Cummins Inc.
- Diversification: Beyond engines, Cummins is developing electrolyzer technology to produce green hydrogen.
- Strategic Moves: Integrating its fuel-cell and power divisions to build hydrogen production for transport and industry.
10. ITM Power
- Niche: Focused on PEM electrolyzers for green hydrogen production.
- Growth: Commissioning large “Gigastack” electrolyzer plants; well-positioned in Europe’s green hydrogen scale-up.
Why These Companies Matter
- Market Share & Influence: Combined, these 10 companies control a large portion of the hydrogen market, driving industrial hydrogen supply and shaping the future of low-carbon hydrogen.
- Strategic Growth: They are investing heavily in large-scale electrolysis, hydrogen infrastructure, and green hydrogen hubs. Each company has a clear path to scale with both blue (fossil + CCS) and green (renewable) hydrogen.
- Global Reach: From Europe (Air Liquide, Linde) to the U.S. (Air Products, Plug Power), Asia (Sinopec, Toyota), and beyond, these firms are building a geographically distributed hydrogen economy.
