Hydrogen company revenue ranking and who actually leads

Revenue rankings are usually read as a map of technology leadership. In the 2026 list of hydrogen technology companies published by Mahesh Koshti, of For Insights Consultancy, the top three are industrial gas companies, with Air Liquide, Linde and Air Products at roughly US$5.8, 5.3 and 4.8 billion, while electrolyser manufacturers occupy the last places, between US$900 million and US$220 million.

No Chinese company appears on the list. The International Energy Agency's Global Hydrogen Review 2026 records that China holds close to 60% of global electrolyser manufacturing capacity and accounted for almost three quarters of new installations in 2025.

Anyone buying an electrolyser works with two different lists: revenue and factory capacity. The IEA also records signs of consolidation in China, driven by excess capacity and offers below manufacturing cost, which lowers price now and concentrates replacement risk later.

Price per installed megawatt decides the purchase; spare parts and technical support over twenty years decide the outcome.