An uptick in project activity took place across Q4 2025, with 24 projects being announced, in comparison to 19 projects in the previous quarter.
This coincides with an overall increase in project activity over the course of 2025. Despite industry headwinds, announced and planned projects increased by 12.5%. Similarly, the number of operational projects increased by 32%, with over 110 projects being executed over the course of the year.
Despite the positive trends across project volume, average project scale across new announcements continues to fall as developers increasingly opt for smaller-scale projects. For example, the average scale of projects announced in Q4 2025 stood at 15ktpa per project. This compares to 58ktpa in Q4 2024, reflecting a marked decrease in industry confidence, particularly across projects that aim to serve offtakers.
Although the bulk of project activity and capacity remains green hydrogen, blue hydrogen remains the largest source of active capacity and continues to hold an increasing share of post-feasibility capacity. This reflects the importance of blue hydrogen for scaling low-carbon hydrogen production in the near-term and an increasing number of governments adopting a technology-neutral approach that offers support to both blue and green projects.
This coincides with an overall increase in project activity over the course of 2025. Despite industry headwinds, announced and planned projects increased by 12.5%. Similarly, the number of operational projects increased by 32%, with over 110 projects being executed over the course of the year.
Despite the positive trends across project volume, average project scale across new announcements continues to fall as developers increasingly opt for smaller-scale projects. For example, the average scale of projects announced in Q4 2025 stood at 15ktpa per project. This compares to 58ktpa in Q4 2024, reflecting a marked decrease in industry confidence, particularly across projects that aim to serve offtakers.
Although the bulk of project activity and capacity remains green hydrogen, blue hydrogen remains the largest source of active capacity and continues to hold an increasing share of post-feasibility capacity. This reflects the importance of blue hydrogen for scaling low-carbon hydrogen production in the near-term and an increasing number of governments adopting a technology-neutral approach that offers support to both blue and green projects.
Key Highlights
- Despite developers’ struggle to secure offtakers, merchant projects (which aim to sell hydrogen to third parties) continue to account for the highest proportion of overall pipeline projects. However, captive projects (which are embedded in an existing industrial facility and where all of the hydrogen has an immediate use case) holds an increased share of the projects that started operations in 2025, at 22%.
- The share of captive projects was higher still among projects announced in 2025, where this type of project accounted for 30% of total announcements. Similarly, hybrid projects (which aim to produce hydrogen or derivatives for an existing use-case and sell the remainder) accounted for a higher share of projects starting operations in 2025 compared to its share of the overall pipeline. These trends indicate that business models with lower exposure to offtakers are currently more likely to reach later stages of development.
Report Scope
- Global hydrogen outlook and trends. Breakdown of hydrogen capacity by stage of development, top capacities per country, top companies with hydrogen capacity, location and scale of largest upcoming low-carbon hydrogen projects and key players, outlook of hydrogen deal trends, global hydrogen policy map, and key policy developments from the previous quarter.
Reasons to Buy
- Identify the market trends within the region and key players in hydrogen technologies.
- Develop market insight of current, in development and announced capacity and latest trends of the sector.
- Understand the region's different scenarios for 2030 based on the likeliness of the projects.
- Understand how and where the market is growing as it is rapidly scales to become a key technology for the global energy transition
Table of Contents
- Overview
- Low Carbon Hydrogen Capacity Outlook
- Deals & Contracts
- Key Policy Developments
- Capacity share change between Q1 2025 - Q1 2026
- The world’s largest upcoming hydrogen projects globally
- The largest projects announcements in Q4 2025
- Hydrogen-related M&A and capital raisings activity in Q4 2025
- Policy developments
- A snapshot of the low-carbon hydrogen market
- Active and announced capacity, as of Q1 2026
- Regional capacity breakdown, as of Q1 2026
- Project count by capacity band based on active and announced projects
- Breakdown of captive vs merchant projects
- Countries with the highest cumulative capacity
- Hydrogen capacity scenarios to 2030
- Companies’ net capacity share
- Hydrogen deal trends quarterly comparison, Q4 2023 - Q4 2025
- Hydrogen policy map
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- CWP Global
- Intercontinental Energy Corp
- Mirning Green Energy Ltd
- Green Hydrogen International Corp
- Inpex Corp
- Adani Enterprises Ltd
- TotalEnergies SE
- GEP Global
- ACME Cleantech Solutions Pvt Ltd
- Egyptian Electricity Transmission Co
- BP Plc
- National Technology Enterprises Co
- OQ SAOC; Shell plc
- Fortescue Future Industries Pty Ltd
- Möhring Energie GmbH
- Hyundai Motor Co
- Hy2gen AG
- Destiny Energy Pte Ltd
- Canadian Power to X Partners Inc
- BASF SE
- EnBW Energy Solutions GmbH
- Scandinavian Horizon AB
- Kellington Group Berhad
- Copenhagen Infrastructure Partners
- Jearrard Energy Resources
- RWE AG
- Parex Resources Inc
- Idemitsu Kosan Co Ltd
- Bluemark Energy
- Lone Cypress Energy Services
- INERATEC GmbH
- Verbundnetz Gas AG
- Credit Agricole SA
- Bpifrance Participations SA
- Qair International SAS
- Plug Power Inc
- Venture Kick
- Roland Bartholet
- COREangels Climate
- Kickfund AG
- Neology Hydrogen SA
- UK Oil & Gas Plc
- Hydrogen Refuelling Solutions SA
- Jiangsu Guofu Hydrogen Energy Technology Equipment Co
- Taranis Investments Ltd
- Asterion Ventures
- 360 Capital Partners SAS
- Spark Cleantech
- Frontier Energy Ltd
- Allianz SE
- Finnish Industry Investment Ltd
- Taaleri Investments Ltd
- Suomen Tavara ja Raha Oy
- Nordic Ren-Gas Oy
