The Global Water Electrolysis Hydrogen Equipment Market was valued at US$ 692.16 Million in 2022 and is projected to reach an astounding US$ 20,807.03 Million by 2029, growing at a phenomenal Compound Annual Growth Rate (CAGR) of 59.13% during the forecast period (2023-2029). This explosive growth is being driven by an unprecedented global push for decarbonization, ambitious national hydrogen strategies, and plummeting costs of renewable energy, which makes green hydrogen production via electrolysis increasingly viable across heavy industry, mobility, and power sectors.

As the world races to establish a clean hydrogen ecosystem, water electrolysis technology stands as the foundational pillar for producing truly green hydrogen. The market is characterized by intense innovation, rapid capacity scale-ups, and strategic partnerships. In this analysis, we profile the Top 10 Companies in the Water Electrolysis Hydrogen Equipment Industry—a dynamic mix of industrial titans, specialized technology innovators, and renewable energy giants who are engineering the critical infrastructure for a net-zero future.

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🔟 10. McPhy Energy

Headquarters: Grenoble, France
Key Offering: McLyzer alkaline electrolyzers, McFilling hydrogen stations

McPhy is a European specialist in hydrogen production, storage, and distribution equipment. The company’s McLyzer electrolyzers are designed for industrial-scale applications and are central to several flagship European green hydrogen projects, serving clients in renewable energy, steel, and refining.

Strategic Focus & Recent Developments:

• Appointed as preferred supplier for the 200 MW “Kohler” project in Germany.
• Expanding its Gigafactory in San Miniato, Italy, to ramp up electrolyzer manufacturing capacity.
• Focus on integrated “hydrogen valley” solutions combining production and refueling.

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9️⃣ 9. Siemens Energy

Headquarters: Munich, Germany
Key Offering: Silyzer series PEM (Proton Exchange Membrane) electrolyzers

Siemens Energy is a powerhouse in energy technology, with its Silyzer product line representing cutting-edge PEM electrolysis. These systems are renowned for their fast response times and high efficiency, making them ideal for coupling with volatile renewable energy sources like wind and solar for dynamic operation.

Strategic Focus & Recent Developments:

• Leading supplier for major projects like the “H2Morrow” project in Germany.
• Strategic joint venture with Air Liquide for large-scale PEM electrolyzer production in Europe.
• Investing heavily in R&D to drive down the levelized cost of hydrogen (LCOH).

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8️⃣ 8. ITM Power

Headquarters: Sheffield, United Kingdom
Key Offering: Pioneering PEM electrolyzer stacks and integrated systems.

ITM Power is a pure-play leader in PEM electrolysis technology. The company operates one of the world’s largest electrolyzer manufacturing facilities—the “Gigafactory” in Sheffield—and is deeply embedded in the UK and European green hydrogen project pipeline through partnerships with heavy industry and energy firms.

Strategic Focus & Recent Developments:

• Long-term partnership with Linde for the co-development and deployment of large-scale electrolyzers.
• Supplying 100 MW+ of electrolyzers to projects like the “Green Hydrogen” complex in Yorkshire.
• Continuous stack innovation to improve power density and reduce platinum group metal usage.

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7️⃣ 7. Cummins Inc.

Headquarters: Columbus, Indiana, USA
Key Offering: HyLYZER® PEM electrolyzers, aftermarket service and support.

Through its acquisition of Hydrogenics, Cummins has become a major global force in hydrogen technologies. Leveraging its immense industrial and engine expertise, Cummins provides robust, reliable electrolysis solutions for fueling stations, industrial applications, and large-scale renewable energy storage (power-to-gas).

Strategic Focus & Recent Developments:

• Selected to provide a 25 MW PEM electrolyzer system for one of North America’s largest green hydrogen production facilities.
• Expanding its electrolyzer manufacturing capacity in Minnesota and Belgium.
• Integrating electrolysis with its broader “Destination Zero” strategy across power generation and mobility.

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6️⃣ 6. Longi Green Energy Technology

Headquarters: Xi’an, China
Key Offering: Alkaline electrolyzers, integrated “PV + Hydrogen” solutions.

As the world’s largest solar manufacturer, Longi is strategically extending its leadership into green hydrogen. The company is leveraging its formidable scale and expertise in renewable energy to offer cost-competitive alkaline electrolyzers and complete turnkey green hydrogen plants, creating a powerful synergy between solar PV and hydrogen production.

Strategic Focus & Recent Developments:

• Rapidly scaling its electrolyzer manufacturing capacity to several gigawatts.
• Pioneering large-scale projects in China that directly link massive solar farms to hydrogen production facilities.
• Focusing on driving down the total system cost of green hydrogen through vertical integration.

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5️⃣ 5. Nel ASA

Headquarters: Oslo, Norway
Key Offering: Alkaline and PEM electrolyzers under the “Nel Hydrogen Electrolyser” brand.

Nel is one of the oldest and most experienced pure-play hydrogen companies globally, with a history dating back to 1927. It offers a dual-technology approach, providing both robust, large-scale alkaline electrolyzers and flexible PEM systems, catering to a diverse global clientele from refineries to renewable energy developers.

Strategic Focus & Recent Developments:

• Operating automated, state-of-the-art manufacturing plants in Norway and the U.S.
• Recently secured a massive 200 MW electrolyzer order for a U.S.-based project.
• Constantly optimizing its product lines for lower capital expenditure (CAPEX) and higher efficiency.

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4️⃣ 4. ThyssenKrupp Nucera

Headquarters: Dortmund, Germany
Key Offering: World-scale alkaline water electrolysis (AWE) plants based on Chlor-Alkali technology.

A spin-off from the industrial giant ThyssenKrupp, Nucera specializes in gigawatt-scale electrolysis projects. Its proprietary technology, derived from decades of experience in chlorine production, is designed for high-capacity, continuous operation, making it the supplier of choice for capital-intensive, industrial mega-projects aiming to produce hundreds of tons of hydrogen per day.

Strategic Focus & Recent Developments:

• Selected for landmark projects like the 2+ GW NEOM Green Hydrogen Project in Saudi Arabia.
• Focusing on delivering standardized, modular 20 MW “scalum” electrolyzer units for rapid project deployment.
• Leveraging its industrial engineering pedigree to guarantee performance and reliability.

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3️⃣ 3. 718th Research Institute of CSIC (PERIC)

Headquarters: Handan, Hebei, China
Key Offering: Large-scale alkaline electrolysis systems.

As a subsidiary of the state-owned China Shipbuilding Industry Corporation (CSIC), PERIC is a dominant force in the Chinese electrolyzer market and a major global exporter. It benefits from extensive R&D support and is instrumental in China’s national strategy to become a leader in hydrogen equipment manufacturing, supplying both domestic and international large-scale green hydrogen projects.

Strategic Focus & Recent Developments:

• Commanding a significant market share in China’s rapidly expanding green hydrogen sector.
• Continuously advancing the scale of single-stack electrolyzer capacity to reduce balance-of-plant costs.
• Actively involved in international projects, exporting technology and equipment globally.

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2️⃣ 2. Plug Power Inc.

Headquarters: Latham, New York, USA
Key Offering: Integrated PEM electrolyzer solutions and green hydrogen generation networks.

While widely known for its fuel cells, Plug Power has aggressively vertically integrated into green hydrogen production. The company is not just an equipment manufacturer but is building a comprehensive “green hydrogen ecosystem,” deploying its own electrolyzers to produce liquid and gaseous hydrogen to fuel its material handling and mobility customers across North America and Europe.

Strategic Focus & Recent Developments:

• Building a network of green hydrogen production plants across the U.S., with a targeted production of 500 tons per day by 2025.
• Operating a 120,000 sq. ft. Gigafactory in Rochester, NY, for electrolyzer and fuel cell stack production.
• Major strategic partnerships with companies like Renault, SK Group, and Acciona to deploy hydrogen solutions.

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1️⃣ 1. Sungrow Power Supply Co., Ltd.

Headquarters: Hefei, Anhui, China
Key Offering: “Sungrow Hydrogen” brand alkaline electrolyzers and full-system solutions.

Sungrow, a global leader in PV inverter and energy storage systems, has emerged as a top contender in the electrolyzer space through its dedicated hydrogen subsidiary. By synergizing its core expertise in power conversion and grid integration, Sungrow offers highly efficient, smart electrolysis systems that are perfectly attuned to the needs of renewable energy projects, making it a pivotal player in the “solar/wind-to-hydrogen” value chain.

Strategic Focus & Recent Developments:

• Rapidly capturing market share with its competitively priced and reliable alkaline electrolyzers.
• Won major bids for some of China’s largest national demonstration green hydrogen projects.
• Unique advantage in providing integrated “PV + Storage + Electrolyzer” solutions with a single point of control and optimization.

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🌍 Outlook: The Future of Hydrogen Equipment Is Giga-scale and Grid-integrated

The water electrolysis market is undergoing a transformative phase, shifting from pilot-scale demonstrators to multi-gigawatt industrial projects. While technology diversification between Alkaline and PEM continues, the overarching trend is toward standardization, automation in manufacturing, and deep integration with renewable power sources and offtake markets.

📈 Key Trends Shaping the Market:

• Gigawatt-Scale Manufacturing: Companies are investing billions in Gigafactories to meet order backlogs that now exceed several gigawatts, moving the industry from niche to mainstream energy infrastructure.
• Convergence of Tech & Energy Titans: Traditional energy companies (Shell, BP, TotalEnergies) are forming JVs with electrolyzer specialists, while renewable giants (like Sungrow, Longi) are entering the fray, reshaping the competitive landscape.
• Focus on Total Cost of Ownership (TCO): Innovation is shifting from pure efficiency gains to reducing overall system CAPEX, improving durability, and lowering operational costs through smarter design and automation.
• Policy as Primary Catalyst: Supportive frameworks like the U.S. Inflation Reduction Act (IRA) and Europe’s REPowerEU plan are creating bankable business models, de-risking investments and accelerating deployment timelines.

The companies profiled above are not merely selling equipment; they are building the foundational infrastructure for a decarbonized global economy. From revolutionizing steel and chemical production to enabling long-duration energy storage and clean heavy transport, their innovations are central to achieving net-zero ambitions worldwide. As the market continues its exponential growth, these leaders are poised to become the household names of the new hydrogen age.

Get Full Report Here: Water Electrolysis Hydrogen Equipment Market – View in Detailed Research Report