Hydrogen is poised to play a crucial role in the global energy transition, offering a clean energy source to aid industries in decarbonization efforts. Despite facing setbacks in recent years, hydrogen investments are gaining traction in 2024, with the Morningstar Global Hydrogen Index showing a positive trend. Industrial gas companies are anticipated to capitalize on the hydrogen boom, particularly in the production and distribution of gray, blue, and green hydrogen. The International Energy Agency projects a substantial increase in global hydrogen demand by 2050, emphasizing growth prospects in blue and green hydrogen. However, the market is still in its early stages, with slow progress in boosting hydrogen demand in key sectors like heavy industry and transport. In the European Union, hydrogen is expected to be a significant player in the energy transition, aligning with ambitious targets to produce and import hydrogen by 2030. Investment opportunities are emerging for industrial gas firms like Air Liquide, Air Products & Chemicals, and Linde, despite current overvaluation. While challenges persist, the outlook for blue and green hydrogen remains promising, with industrial gas companies expected to lead the charge in seizing opportunities for a cleaner energy future.