The global water electrolysis equipment market is experiencing significant growth, with a projected increase from USD 885 million in 2023 to USD 18,840 million by 2030, reflecting a remarkable CAGR of 51.3% during the forecast period of 2024-2030. This growth is primarily driven by the accelerating adoption of hydrogen as a clean energy carrier in line with global energy transition initiatives. The increasing demand for hydrogen across various industrial sectors, combined with favorable policies and decreasing system costs, is propelling the expansion of the market. Both PEM and alkaline electrolyzer technologies are on the rise, with newer entrants exploring solid oxide alternatives. Proton Exchange Membrane (PEM) electrolyzers are playing a key role in expanding the market due to their high efficiency and compact design, making them suitable for dynamic operations and intermittent renewable power sources like solar and wind. Their ability to produce high-purity hydrogen at high current densities with rapid startup and shutdown cycles is advantageous for energy storage and industrial hydrogen applications. On the other hand, alkaline electrolyzers are driving market growth with their technological maturity, cost-effectiveness, and capacity for large-scale hydrogen production, particularly in industries requiring continuous hydrogen supply. Governments and industries are enhancing alkaline systems with modernization upgrades to improve energy efficiency and integrate them with renewables. The market is witnessing trends such as strategic collaborations, green hydrogen mega projects, and the integration of electrolyzers with renewable sources, which are fostering innovation and commercialization. As hydrogen plays a central role in decarbonization efforts, the market is expected to see sustained long-term development across diverse applications in industries like power, chemicals, metallurgy, and transportation.