As we noted in Part 1 of this two-part series, hydrogen presents opportunities for decarbonisation across a wide range of sectors with high greenhouse gas emissions, including transportation, power generation, buildings and industrial processes. However, this potential has not previously resulted in the widespread adoption of hydrogen technologies. Recently, the climate change challenge has given rise to supportive high-level governmental policies which, coupled with the declining cost of renewable energy and technological advances, have increased the potential for a more rapid development of a hydrogen economy. In this Part 2, we look at the key market players and the industries in which investment opportunities are likely to arise. We also consider what government support might be necessary to facilitate the investment needed to achieve the targets embedded in the high-level government policies.