The global electrolyzer market is experiencing rapid expansion, with a projected growth from USD 4.7 billion in 2024 to USD 42.4 billion by 2034, driven by the increasing demand for green hydrogen and the global focus on reducing carbon emissions. Electrolyzers, devices that split water into hydrogen and oxygen using electricity, are essential for green hydrogen production, playing a vital role in the transition towards sustainable energy systems. The market value and growth projections show a compound annual growth rate (CAGR) of 24.6% from 2024 to 2034, fueled by the rising demand for green hydrogen across sectors like transportation, industrial processing, and power generation. The electrolyzer market is supported by advancements in technology, government policies, and investments in hydrogen infrastructure. Key drivers of market growth include the worldwide green energy transition, continuous technological innovations in electrolyzer efficiency and cost reduction, expanding industrial demand for hydrogen, and the importance of electrolyzers in energy storage solutions and grid balancing. However, the market faces challenges such as high capital costs, infrastructure limitations in hydrogen storage and distribution, dependence on low-cost renewable energy sources, and ongoing technological hurdles. The USA, UK, China, Japan, and South Korea are expected to see significant growth in the electrolyzer market, driven by eco-friendly energy demands and substantial investments. The role of electrolyzers as a cornerstone technology in the clean energy shift is emphasized, highlighting their pivotal position in the future of sustainable energy.