Top Hydrogen Companies

The foremost primary driver of the global hydrogen market is the rapid expansion of national decarbonization mandates and legally binding net-zero targets. As governments tighten carbon emission regulations across heavy industries, power generation, and transportation, fossil-fuel dependence becomes increasingly costly and risky for businesses. This regulatory pressure directly drives industries to seek scalable, low-carbon energy carriers capable of supporting deep decarbonization. Hydrogen, especially green and blue hydrogen, emerges as a practical solution for sectors where direct electrification is difficult. As a result, policy incentives, carbon pricing, and public funding stimulate hydrogen infrastructure deployment, project pipelines, and cross-border trade.

Industry Overview

According to SkyQuest Technology “Global Hydrogen Market” By Sector (Generation Type, Storage), By Application (Energy, Mobility), By Region - Industry Forecast 2025-2032,” Global hydrogen market is projected to grow at a CAGR of over 13.1% by 2032, on account of urgent need for automating quantified data. A major key factor supporting global hydrogen market growth is the continuous decline in renewable electricity and electrolyzer production costs. As solar and wind power installations scale globally, electricity prices fall, which directly reduces the operating cost of water electrolysis for green hydrogen production.

Top 10 Global Hydrogen Companies

1. Linde plc

Linde plc is a global leader in industrial gases and a key powerhouse in the global hydrogen market, playing a critical role in enabling the energy transition. Founded in 1879, the company operates in over 100 countries with a strong presence across refining, chemicals, mobility, and clean energy sectors. Linde offers a full hydrogen value chain including production, liquefaction, storage, and distribution. In recent years, the company has aggressively expanded its blue and green hydrogen project portfolio through large-scale electrolyzer deployments and carbon capture–integrated hydrogen plants to support global decarbonization goals.

2. Air Liquide

Air Liquide is a global leader in industrial and medical gases and a major innovator in the global hydrogen market, supporting the transition toward low-carbon energy systems. Founded in 1902, the company operates in more than 70 countries with a strong footprint across chemicals, refining, healthcare, electronics, and clean mobility sectors. Air Liquide provides end-to-end hydrogen solutions including production, distribution, storage, and hydrogen refueling infrastructure. In recent years, the company has accelerated investments in green and low-carbon hydrogen projects, large-scale electrolyzers, and hydrogen mobility networks to strengthen its decarbonization-driven growth strategy.

3. Air Products and Chemicals, Inc.

Air Products and Chemicals, Inc. is a global leader in industrial gases and a major force in the global hydrogen market, playing a pivotal role in large-scale low-carbon hydrogen production. Founded in 1940, the company operates in over 50 countries, serving energy, chemicals, refining, metals, and transportation sectors. Air Products is one of the world’s largest hydrogen suppliers, offering production, distribution, and infrastructure solutions. In recent years, it has made landmark investments in blue and green hydrogen mega-projects worldwide, including carbon capture–integrated hydrogen facilities and renewable-based electrolysis plants to support global decarbonization efforts.

4. ITM Power

ITM Power is a leading UK-based hydrogen technology company specializing in proton exchange membrane (PEM) electrolysis and a key contributor to the global green hydrogen market. Founded in 2000, the company operates with projects across Europe and global export markets. ITM Power designs and manufactures modular and large-scale electrolyzer systems used for renewable-powered hydrogen production. In recent years, the company has strengthened its market position through large industrial partnerships and deployments of multi-megawatt electrolyzer projects for refineries, chemical plants, and hydrogen mobility infrastructure, supporting the rapid scale-up of green hydrogen adoption worldwide.

5. Nel ASA

Nel ASA is a global leader in hydrogen production technologies and a key enabler of the green hydrogen economy. Founded in 1927, the Norway-based company operates worldwide with a strong presence in Europe, North America, and Asia. Nel specializes in both alkaline and proton exchange membrane (PEM) electrolyzers, as well as hydrogen refueling infrastructure for mobility applications. In recent years, the company has expanded gigawatt-scale electrolyzer manufacturing capacity and secured large international orders for renewable-powered hydrogen projects, strengthening its role in industrial decarbonization, clean transportation, and large-scale energy transition initiatives.

6. Plug Power Inc.

Plug Power Inc. is a leading U.S.-based hydrogen technology company focused on building an end-to-end green hydrogen ecosystem for the global clean energy transition. Founded in 1997, the company operates across North America, Europe, and Asia, serving material handling, mobility, and stationary power markets. Plug Power offers hydrogen fuel cell systems, electrolyzers, liquid hydrogen production, storage, and distribution solutions. In recent years, the company has aggressively expanded its green hydrogen production network through multiple large-scale hydrogen plants and strategic partnerships, positioning itself as a fully integrated player in the global hydrogen economy.

7. Ballard Power Systems Inc.

Ballard Power Systems Inc. is a global leader in proton exchange membrane (PEM) fuel cell technology and a key player in the hydrogen-powered mobility segment of the global hydrogen market. Founded in 1979, the Canada-based company operates worldwide, serving bus, truck, rail, marine, and stationary power applications. Ballard specializes in high-performance fuel cell stacks and power modules that enable zero-emission transportation. In recent years, the company has expanded commercial deployments across Europe and Asia through strategic OEM partnerships and large fuel-cell bus and truck programs, strengthening its position in hydrogen-based clean mobility solutions.

8. Cummins Inc.

Cummins Inc. is a global power solutions leader and an increasingly influential player in the global hydrogen market through its clean energy technologies portfolio. Founded in 1919, the company operates in over 190 countries, serving industrial, transportation, and power generation sectors. Cummins offers hydrogen fuel cells, electrolyzers, and hydrogen internal combustion engines through its New Power business segment. In recent years, the company has expanded its electrolyzer manufacturing capacity and secured major green hydrogen projects worldwide, positioning itself as a critical supplier for industrial decarbonization, clean mobility, and renewable-powered hydrogen production.

9. Westport Fuel Systems

Westport Fuel Systems is a global provider of advanced alternative fuel solutions and a growing participant in the hydrogen mobility segment of the global hydrogen market. Founded in 1995, the Canada-based company operates across Europe, Asia, and the Americas, serving light-, medium-, and heavy-duty vehicle manufacturers. Westport specializes in hydrogen and natural gas fuel delivery systems, injectors, and high-pressure fuel technologies for internal combustion engines. In recent years, the company has intensified its focus on hydrogen engine platforms for commercial vehicles, supporting the decarbonization of long-haul transport and off-road industrial applications.

10. FuelCell Energy, Inc.

FuelCell Energy, Inc. is a leading U.S.-based provider of clean energy and hydrogen technologies, playing a significant role in the stationary power and distributed hydrogen segments of the global hydrogen market. Founded in 1969, the company operates across North America, Asia, and Europe, serving utilities, industrial users, and data centers. FuelCell Energy specializes in large-scale carbonate fuel cell power plants capable of producing electricity, heat, and hydrogen simultaneously. In recent years, the company has advanced projects integrating hydrogen production with carbon capture, supporting decarbonized industrial power generation.

Other Leading Global Hydrogen Companies

• Hazer Group
• Pure Hydrogen
• McPhy Energy
• PowerCell Sweden
• Tidewater Renewables
• H2Pro
• Messer Group GmbH
• Engie S.A.
• Reliance Industries Ltd.
• Oil & Natural Gas Corporation

Conclusion

The global hydrogen market is entering a decisive growth phase, driven by stringent decarbonization mandates, supportive government policies, and rapidly improving cost economics of green hydrogen production. As industries face mounting pressure to reduce carbon emissions, hydrogen is emerging as a critical energy carrier for hard-to-abate sectors such as refining, chemicals, power generation, and transportation. Simultaneously, falling renewable energy and electrolyzer costs are strengthening commercial viability and accelerating large-scale project investments. The presence of strong global players such as Linde, Air Liquide, Air Products, and emerging technology innovators further reinforces market expansion. Together, these forces position hydrogen as a cornerstone of the future low-carbon energy ecosystem.