The report from Guidehouse Insights evaluates the competitive landscape for electrolyzer vendors in the emerging green hydrogen market. Leading vendors include John Cockerill, thyssenkrupp nucera, and Nel Hydrogen. The industry has experienced substantial investment and expansion driven by policy support, interest from hard-to-abate sectors, and competition among manufacturers. Electrolyzers are crucial for producing green hydrogen using renewable electricity. While green hydrogen currently represents a small fraction of global hydrogen production, there is a significant pipeline of green hydrogen projects in early development stages. The report assesses 16 major European and North American electrolyzer vendors based on various metrics linked to company strategy and execution. It highlights the importance of successful project delivery and cost reductions for vendors to grow their market share. However, challenges such as scaling issues, technology performance, capital discipline, and alignment with customer requirements could hinder some vendors' competitiveness. The report aims to provide clarity on the competitive landscape and help stakeholders understand the key players in supplying electrolyzer equipment for green hydrogen production.