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The flue gas associated with hydrogen fueled gas turbines has enhanced steam content and different thermophysical properties as compared to that of natural gas fuel case. The enhanced steam might lead to a rigorous corrosion degradation in the hot gas path components of the gas turbines such as turbine blades. In addition to this, high heat transfer rate can contribute to erosion, thermal fatigue, and creep damages. Hydrogen fueled gas turbines are also susceptible to some common routine faults such as fouling in the compressor section. Consequently, the health and performance of a hydrogen fueled gas turbines are degraded. Therefore, health monitoring in terms of remaining useful life (RUL) estimation of such turbines is of greater interest for the gas turbines OEMs and operators to ensure an enhanced availability and reliability in line with industry 4.0. The current study, therefore, develops a performance-based RUL estimation model for a 100-kW micro gas turbine that was recently retrofitted with hydrogen compliant FLOX burner. The validated performance model was further utilized for synthesizing run to failure data for fault diagnosis and RUL estimation. The study further incorporated linear and polynomial regression approaches and compared the end of life of gas turbines running on natural gas and hydrogen fuels. It became evident from the study that RUL of a gas turbine running on hydrogen fuel is approximately 6.47% lower than that of natural gas fueled gas turbines. These findings underline the necessity of using strong prediction models, as well as targeted maintenance actions, to limit the consequences of turbine corrosion in hydrogen powered micro gas turbines. The findings of the present study further provide new horizons for design modification and effective health monitoring of hydrogen fueled gas turbines.