Overcapacity continues to plague the electrolyzer manufacturing industry. The suspension of plant expansion has become a common phenomenon, and some suppliers have even completely withdrawn from the business. However, industry consolidation has so far done little to improve the overall health of the industry. As Green Hydrogen is still in the early stages of development, Bloomberg New Energy Finance expects equipment suppliers to experience a deeper reshuffle in the next few years. Global electrolyzer stack production capacity is expected to reach 62 GW in 2026, which is about 40% lower than the media's previous forecast based on the manufacturer's announced plans up to the first quarter of 2025. The suspension of production expansion and the closure of factories indicate that manufacturers' expectations of market demand are becoming realistic, but they have had little effect on mitigating overcapacity. The average capacity utilization rate this year is still expected to be only 7%.

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