S&P Global released the Quarterly Power-to-X Report (Q2 2026) in August. The report shows that the total order volume of China's electrolytic cell market in the first half of 2026 is about 1062 megawatts (MW), with an overall industry decline of about 29% compared to the same period last year. Amidst the headwinds of industry contraction, Sunshine Hydrogen Energy leads the way with a 35% order share gap, firmly holding the top spot in China.
The report also pointed out that the global early green hydrogen energy production capacity of about 51 GW has been stagnant for a long time since the second quarter of 2023, and the industry is undergoing a deep adjustment. The concentration of the share of top enterprises is even more valuable.
1. Global green hydrogen market: China, Europe, and India lead the way. As of the end of the second quarter of 2026, the global reserve of licensed or design stage green hydrogen projects has exceeded 104 GW, with China leading with 26 GW (accounting for 25% of the world); Europe and India have diversified project reserves of 17 GW and 12 GW respectively.
标普全球（S&P Global）8月份发布《Quarterly Power-to-X 报告（2026年第二季度）》。报告显示，2026年上半年中国电解槽市场订单总量约1062兆瓦（MW），行业整体较去年同期下滑约29%。在行业收缩的逆风中，阳光氢能以35%的订单份额断层领先，稳居国内第一。
报告同时指出，全球约51 GW早期绿色氢能产能自2023年第二季度以来长期停滞，产业正经历深度调整，头部企业的份额集中更显可贵。
1. 全球绿氢市场：中国、欧洲和印度领跑。截至2026年第二季度末，全球已获许可或进入设计阶段的绿氢项目储备已超过104 GW，中国以26 GW居首（占全球25%）；欧洲与印度分别拥有17 GW与12 GW的多元化项目储备。
2. China TOP10 ranking: Sunshine Hydrogen Energy leads with 35% fault. The report simultaneously disclosed the ranking of China's electrolytic cell OEM order share in the first half of 2026, with Sunshine Hydrogen Energy ranking first with 35%, approximately 2.3 times that of the second place (Qingqiji, 15%). The top 10 companies collectively secured approximately 91% of the order share, indicating a high level of industry concentration.
3. Leading against the trend: Gold content with a 35% market share. In the first half of 2026, the total number of orders signed for electrolytic cells in China was 1062 MW, including 769 MW of domestic orders and 293 MW of overseas installed capacity. Sunshine Hydrogen Energy ranked first with a 35% share, and for every 3 sets of electrolytic cells signed in the market, 1 set comes from Sunshine Hydrogen Energy.
4. Two wheel drive: leading domestically and breaking through overseas. The report shows that Sunshine Hydrogen Energy has won the bid for the largest share of the 80 MW electrolytic cell in the Olkaria geothermal hydrogen/ammonia project in Kenya. This project is the world's first integrated project of "geothermal power generation electrolytic hydrogen production green ammonia synthesis fertilizer production", forming a dual wheel drive pattern of "domestic leading and overseas breakthrough".
2. 中国TOP10排名：阳光氢能35%断层领先。报告同步披露2026年上半年中国电解槽OEM订单份额排名，阳光氢能以35%高居榜首，约等于第二名（青骐骥，15%）的2.3倍。TOP10企业合计拿下约91%的订单份额，行业集中度极高。
3. 逆势领跑：35%市占率的含金量。2026年上半年中国电解槽订单签约总量为1062 MW，其中国内订单769 MW、海外装机容量293 MW。阳光氢能以35%的份额位居榜首，市场上每签约约3套电解槽，就有1套来自阳光氢能。
4. 双轮驱动：国内领跑+海外突破。报告显示，阳光氢能中标肯尼亚Olkaria地热制氢/氨项目80兆瓦电解槽最大份额——该项目是全球首个“地热发电—电解制氢—绿氨合成—化肥生产”一体化项目，形成“国内领跑、海外突破”的双轮驱动格局。
(Using AI translation)
（使用AI翻译）
