Hydrogen is emerging as a key player in the energy transition, offering a clean energy source to help decarbonize various industries. Despite past setbacks, the hydrogen sector has shown positive signs in 2024 with a 4.86% gain in the Morningstar Global Hydrogen Index. The industry's growth prospects are significant, with industrial gas companies expected to lead the charge in hydrogen production and distribution. Gray, blue, and green hydrogen production methods are being explored, with green hydrogen playing a crucial role in reducing carbon emissions. While the hydrogen market is still in its early stages, the International Energy Agency projects a substantial increase in global hydrogen demand by 2050. However, slow adoption in key sectors like heavy industry and transport has hindered rapid market expansion. The European Union has set ambitious targets for hydrogen production and usage, highlighting its importance in the energy transition. Investment opportunities in hydrogen are becoming more apparent, particularly for long-term investors interested in industrial gas firms. Despite challenges like high capital costs and regulatory uncertainties, industrial gas companies are well-equipped to navigate the evolving hydrogen landscape and capitalize on growth opportunities in blue and green hydrogen production.