The global hydrogen market is experiencing exponential growth, set to reach $700 billion by 2040 from $200 billion in 2024. This surge is powered by the expansion of green and blue hydrogen, supported by policy initiatives and technological advancements. Green hydrogen, produced through renewable-powered electrolysis, and blue hydrogen, derived from natural gas with carbon capture, are gaining prominence as nations strive for net-zero emissions. Major sectors such as transportation, industrial decarbonization, and energy storage are embracing hydrogen solutions, particularly in heavy-duty transport, aviation, and maritime applications. The European Union, Japan, South Korea, China, and the United States are at the forefront of hydrogen development, committing to ambitious targets and investments to drive the transition. Key regions are focusing on installing electrolyzer capacity, establishing hydrogen hubs, and promoting hydrogen applications in various industries. The transportation sector, including heavy-duty vehicles, shipping, and aviation, is witnessing increased investments in fuel cell vehicles and infrastructure expansion. Industries like steel production are utilizing hydrogen as a reduction agent to replace coal, with successful demonstration projects already operational. Moreover, hydrogen is being explored for energy storage purposes, offering a solution to store surplus renewable electricity and tackle intermittency challenges. The blending of hydrogen into natural gas networks is being tested as a transitional decarbonization strategy, showcasing the versatile applications of hydrogen in diverse sectors.