Top 10 Companies in the Hydrogen Generation Market

• Published Date: May 27, 2024

The Rise of Hydrogen in Various Industries

Nowadays, the acceptance of hydrogen is rising in new applications, including heavy-duty electric vehicle trucks in China, commercial airplanes & their auxiliary power units, the steel industry, and hydrogen trains. Moreover, several major shipping companies have also entered into strategic partnerships to attain the supply of hydrogen as well as its derivative fuels for propulsion.

The hydrogen generation industry generated a value of USD 169.3 million in 2023, which is expected to touch USD 315.3 million by the end of this decade.

Let’s take a look at the 10 major companies in the hydrogen generation market.

Linde Plc

Establishment: 1879

Headquarters: U.K.

Website: linde.com

Linde Plc is a major industrial gases & engineering business. The company offers high-quality solutions, services, and technologies that assist its consumer's success and aid in sustaining, decarbonizing, and protecting the planet. In 2023, the company reported a sale of USD 32.9 billion.

Linde Plc attends to various end users such as food & beverage, chemicals & energy, electronics, manufacturing, healthcare, mining, and metals. The company’s industrial gases are employed in various applications, such as life-saving oxygen for hospitals, high-purity and specialty gases for manufacturing electronics, hydrogen for clean fuels, and more. 

Furthermore, the company also offers advanced gas processing solutions to assist customers' expansion, effectiveness enhancements, and emissions reductions.

Cummins Inc.

Establishment: 1919

Headquarters: U.S.

Website: cummins.com

Cummins Inc. is a major player in the global power sector, the company manufactures, designs, services, and distributes a wide portfolio of power solutions. Cummins Inc. products range from natural gas, diesel, electric & hybrid powertrains, as well as powertrain-associated components such as fuel systems, hydrogen generation, fuel cell products, batteries, electric power generation systems, and more. 

The company’s sells in around 190 nations and territories via a network of over 600 independent and company-owned distributors and nearly 7,200 dealers. Moreover, the company reported revenue of USD 34.1 billion in 2023.

Iberdrola S.A.

Establishment: 1992

Headquarters: Spain

Website: www.iberdrola.com

Iberdrola S.A. is a key company in renewable energy and a major electricity business globally. The company has been dedicated to clean energy for over 20 years to surpass 52,000 MW of renewable capacity in 2025. Moreover, the company also plans to generate 350,000 tons of green hydrogen every year by 2030.

In 2023, the company has avoided 26.7 million tons of carbon dioxide, has 34.71 million supply points, and has 42,276 workforces. Moreover, the company reported revenue of EUR 49,335 million in 2023.

L’AIR LIQUIDE S.A.

Establishment: 1902

Headquarters: France

Website: airliquide.com

L’AIR LIQUIDE S.A. is a major company in gases, services, and technologies for Health & Industry. The company is present in 73 nations with around 67,100 workforces and serves over 3.9 million patients and consumers. With a robust commitment towards climate change as well as energy transition at the core of its strategy, the company aims to deliver long-term performance and contribute to sustainability.

Since 2021, the company has been running a 20 MW PEM electrolyzer in Canada. With a production capacity of 8.2 tons of renewable hydrogen a day. This installation is assisting in meeting the surging need for low-carbon hydrogen across North America, for both mobility and industry. Moreover, in 2022, the company reported revenue of over EUR 29.9 billion. 

Siemens Energy AG

Establishment: 2020

Headquarters: Germany

Website: www.siemens-energy.com

Siemens Energy AG is a major energy technology business. The business works with its consumers as well as partners on energy solutions for the future, therefore helping the move towards a more sustainable world. Siemens Energy AG, with its range of solutions, services, and products, covers nearly the whole energy value chain, from power generation & transmission to storage. 

The company’s portfolio comprises traditional as well as renewable energy technology, including hybrid power plants driven with hydrogen, power generators & transformers, and gas & steam turbines. Moreover, the company employs 96,000 workforces globally in over 90 nations, spends approximately EUR 1 billion in R&D every year, and generates revenue of EUR 31.1 billion in 2023.

Uniper SE

Establishment: 2016

Headquarters: Germany

Website: uniper.energy

Uniper SE is a global energy business with activities in over 40 nations. The business along with its nearly 7,000 workforce makes a major contribution to supply security in Europe, mainly in its core markets of Germany, Sweden, the Netherlands, and the U.K. The company’s operations include power generation in Europe, an extensive gas portfolio, and worldwide energy trading. 

Uniper SE procures gas such as LNG and various other energy sources on worldwide markets. The business owns as well as runs gas storage facilities with an overall capacity of over 7 billion cubic meters. Moreover, the company aims to be totally carbon-neutral in 2040 and intends for its installed power generating capacity to be over 80% zero-carbon in 2030. Furthermore, in 2023, the company reported a sale of EUR 107,915 million.

Engie SA

Establishment: 2008

Headquarters: France

Website: www.engie.com

ENGIE SA is a worldwide energy and services group operating in the 3 main business sectors of energy infrastructures, low-carbon electricity generation (with specific importance on natural gas & renewables), and consumer solutions. 

The company operates in 31 nations and has 12 billion cubic meters of natural gas storage capacity. Moreover, in 2023, the company reported revenue of EUR 82.6 billion.

Air Products and Chemicals Inc.

Establishment: 1940

Headquarters: U.S.

Website: airproducts.com

Air Products and Chemicals, Inc. is a major industrial gas business that has made a name for its operational excellence, innovative culture, and assurance of safety & the environment. The company has around 23,000 workforces globally, more than 750 production facilities, 1,800 miles of industrial gas pipeline, serves over 250,000 consumers, and operates in nearly 50 nations.

The company aims to serve environmental, energy, and emerging industries, offering a portfolio of services and products that allow consumers to enhance their environmental performance, productivity, and product quality. In 2023, the company reported sales of USD 12,600 million. 

Nel ASA

Establishment: 1927

Headquarters: Norway

Website: nelhydrogen.com

Nel ASA is an international, dedicated hydrogen business, offering top solutions to generate as well as distribute hydrogen from renewable energy. The company serves industries, gas, and energy firms with the finest hydrogen technology. 

The company reported revenue & income in the 4th quarter of 2023 of NOK 534 million, which is an increase of 29% from the 4th quarter of 2022. Moreover, the full-year revenue & income in 2023 was NOK 1 773 million, a growth of 78% compared to 2022.

ITM Power PLC

Establishment: 2000

Headquarters: U.K.

Website: itm-power.com

ITM Power PLC is an energy storage & clean fuel business. The company designs, integrates, and manufactures electrolyzers based on proton exchange membrane technology to generate green hydrogen via tap water and renewable electricity. In 2023, the company reported revenue of EUR 5.2 million.