The global hydrogen electrolyzer market is expected to grow significantly, reaching $497.07 million by 2028 at a CAGR of 6.57% from 2024-2028. Factors such as increasing global carbon emissions, demand for clean hydrogen, ammonia production, and semiconductor demand are driving market growth. Challenges include the lack of hydrogen storage facilities and health effects. However, opportunities exist in the rise of hydrogen fuel cell electric vehicles and declining green hydrogen production costs. North America led the global market in 2023, but the COVID-19 pandemic slowed market growth due to delays in green hydrogen adoption and postponement of electrolysis projects. The market is segmented by region, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. Ongoing acquisitions and mergers by key players like Siemens AG, ITM Power, NEL ASA, FuelCell Energy, Air Liquide, and Plug Power are enhancing the market's industrial presence. The increasing demand for electricity across various sectors is also providing opportunities for market expansion.