The global hydrogen electrolyzer market is experiencing rapid growth, with a projected value of USD 18.86 billion by 2030, showcasing a CAGR of 50.4% from 2024 to 2030. The market's expansion is attributed to advancements in technology, the increasing adoption of renewable energy sources, and supportive government policies promoting clean energy solutions. Proton Exchange Membrane (PEM) and alkaline electrolyzers are leading the market due to their efficiency, scalability, and cost-effectiveness, especially when coupled with renewables like wind and solar. Power-to-Gas (P2G) technology plays a vital role in converting excess renewable energy into storable hydrogen, aiding grid stability and decarbonization efforts. Government incentives and industry shifts towards decarbonization, particularly in steel and transportation sectors, are driving the demand for electrolyzers. The integration of hydrogen into renewable energy grids enhances energy storage and grid stability, improving the overall efficiency of clean energy systems.