The global hydrogen market is undergoing significant growth and transformation, fueled by increasing demand for hydrogen-based fuels, industrial decarbonization efforts, and advancements in various sectors like steel and power generation. The market value stood at US$216.19 billion in 2023 and is projected to grow at a CAGR of 7.63% from 2024 to 2029, with production expected to reach 685.18 million metric tons by 2050. The rising demand for hydrogen as a sustainable alternative to fossil fuels, particularly in power generation and transportation, is a key driver behind the market's expansion. Commitments by major economies to achieve net-zero emissions, declining costs of renewable energy sources, and applications in industries like steel manufacturing are also contributing to the growing demand for hydrogen. While there are challenges such as high energy conversion losses and competition from alternative technologies, the market is expected to grow rapidly due to trends like the adoption of hydrogen fuel cells, falling distribution costs, and technological advancements in hydrogen generation. Major corporations and organizations are increasingly investing in hydrogen projects to meet the rising global demand and achieve climate goals. The competitive landscape of the global hydrogen market is moderately consolidated, with top players acquiring the majority of the market share. Both global and regional players are engaging in research, development, and collaborations to introduce more efficient products. Examples include Linde's agreement to supply green hydrogen to Evonik and the joint development agreement for a green hydrogen-based ammonia production facility in Oman. The key players in the hydrogen market include BPAir Products and Chemicals, Inc., Nel ASA, Linde plc, FuelCell Energy, Inc., Iwatani Corporation, Messer SE, Air Liquide S.A., SOL Group, First Hydrogen Corp., and Lhyfe SAS.