Future hydrogen markets during the period 1980-2025 were projected. The probable range of hydrogen production costs were evaluated as well as the expected market shares in competition with alternative energy carriers. Three different energy scenarios were developed, based on nuclear energy, renewable indigenous energy sources and the present energy picture, respectively. Within each of the three scenarios, an analysis was made of the competitiveness of hydrogen on both the demand and the supply sides of the sectors: chemical industry, steel industry, peak power production, residential and commercial heating, and transportation. Costs were calculated for the production, storage and transmission of hydrogen. Health, enviromental and societal implications were taken into consideration. The results were used to estimate the market penetration of hydrogen.