As heavy industry and transport sectors strive to decarbonize, green hydrogen produced through water electrolysis using renewable electricity is gaining prominence as a zero-emission fuel. The article explores the production processes, benefits, challenges, and key players in the green hydrogen market. Different electrolyzer technologies such as alkaline water electrolysis, proton exchange membrane electrolysis, anion exchange membrane electrolysis, and solid oxide electrolysis are discussed, each with its unique advantages and challenges. The application sectors for green hydrogen vary from existing industrial users in the short term to steel production and heavy transport in the medium term, with future applications in power sector decarbonization and aviation. Strategic project placement near renewable energy sources and established industrial users is highlighted as crucial for success. Green hydrogen offers benefits such as long-term storage capabilities and unique advantages for sectors where electrification is challenging. However, challenges persist in terms of cost reduction and technology development. Overall, the sentiment of the article towards green hydrogen is positive, emphasizing its potential to transform heavy industry and transport sectors towards decarbonization.