Manufacturing capacity reached nearly 58 GW a year in 2025, and China holds 60% of it. Capacity reaching final investment decision fell by around 30% in 2025.
Why this market is moving now
- More than 2.5 GW was under construction worldwide for start-up in 2026, 90% of it in China and Europe.
- Capacity reaching final investment decision fell by around 30% worldwide in 2025.
- More than 100 GW of announced capacity could lose any chance of operating by 2030 if investment decisions are not taken before the end of 2027.
- Manufacturing capacity of nearly 58 GW a year in 2025 compares with estimated output of less than 5 GW.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| Global installed electrolysis capacity doubled in 2025 to more than 4 GW, led by several large projects in China. | 4 GW (more than) | 2025 | |
| China held around two-thirds of global installed electrolysis capacity at the end of 2025, making it the largest market. | two-thirds share of global installed capacity | 2025 | |
| More than 2.5 GW of electrolysis capacity was under construction worldwide targeting operation in 2026, 90% of it in China and Europe. | 2.5 GW (more than) | 2026 | |
| More than 100 GW of announced electrolysis capacity could lose any chance of operating by 2030 if investment decisions are not taken before the end of 2027. | 100 GW (more than) | 2026 | |
| Global electrolyser manufacturing capacity rose from 46 GW a year in 2024 to nearly 58 GW a year in 2025, while estimated output in 2025 was less than 5 GW. | 58 GW per year (nearly) | 2025 | |
| China holds 60% of global electrolyser manufacturing capacity, followed by Europe with 20% and the United States with 10%. | 60 % of global manufacturing capacity | 2025 | |
| Electrolysis capacity reaching final investment decision fell by around 30% worldwide in 2025 compared with 2024. | 30 % decline (around) | 2025 | |
| Nel ASA's order backlog rose 34% to NOK 1,314 million in Q3 2026, while group revenue from contracts with customers fell 63% to NOK 112 million. | 1,314 NOK million (order backlog) | 2026 | |
| thyssenkrupp nucera's order intake in the first nine months of fiscal 2025/26 rose from 241 million euros to 471 million euros, driven by its green hydrogen segment. | 471 EUR million | 2026 | |
| ITM Power's revenue was GBP 43.6 million in the year to 30 April 2026, up 68% from GBP 26.0 million. | 43.6 GBP million | 2026 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Companies to watch
Nel ASA
Norwegian electrolyser maker. Its order backlog rose 34% to NOK 1,314 million in Q3 2026.
thyssenkrupp nucera
German electrolysis supplier. Order intake in the first nine months of fiscal 2025/26 rose to 471 million euros.
ITM Power
UK electrolyser maker. Revenue was GBP 43.6 million in the year to 30 April 2026, up 68%.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
How every figure was built
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Frequently asked questions
How big is the global electrolyser market?
Global installed electrolysis capacity doubled in 2025 to more than 4 GW. More than 2.5 GW was under construction worldwide, targeting operation in 2026.
Which countries lead electrolyser deployment?
China leads. It held around two-thirds of global installed electrolysis capacity at the end of 2025. China and Europe together host 90% of the capacity under construction for 2026.
How much electrolyser manufacturing capacity is there worldwide?
Global electrolyser manufacturing capacity rose from 46 GW a year in 2024 to nearly 58 GW a year in 2025. China holds 60%, Europe 20% and the United States 10%.
Is electrolyser demand keeping up with factory capacity?
No. Global manufacturing capacity reached nearly 58 GW a year in 2025, while estimated output was less than 5 GW.
Are green hydrogen projects being delayed or cancelled?
Investment slowed. Capacity reaching final investment decision fell by around 30% in 2025. More than 100 GW of announced capacity could lose any chance of operating by 2030 if investment decisions are not taken before the end of 2027.
Who are the main electrolyser makers?
Chinese makers hold 60% of global manufacturing capacity. Makers outside China include Nel, with a NOK 1,314 million backlog in Q3 2026, thyssenkrupp nucera, with nine-month order intake of 471 million euros, and ITM Power, with FY26 revenue of GBP 43.6 million.
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