The global electrolyzer market is poised for substantial growth, with projections indicating a CAGR of 9.4% from USD 144.43 billion in 2025 to USD 323.93 billion by 2034. This growth is fueled by several factors, including the increasing adoption of green hydrogen to achieve net-zero carbon emissions and the expansion of hydrogen refueling infrastructure. Additionally, the rise in renewable energy installations like solar and wind energy is contributing to the market's expansion. An electrolyzer plays a crucial role in producing hydrogen gas by splitting water molecules into hydrogen and oxygen through electrolysis. It serves as a mechanism to store excess renewable energy by converting it into hydrogen fuel for later use. The electrolyzer industry has seen significant developments, such as Accelera's new manufacturing facility in Spain and Siemens Energy's contract for a 280-megawatt electrolysis system in Germany. Key players in the market, including Siemens Energy, Nel ASA, and ITM Power, are focusing on innovation and strategic partnerships to meet the growing demand for green hydrogen. In terms of market share, the proton exchange membrane electrolyzers segment led the market in 2024 due to its efficiency and scalability, while the industrial application segment dominated because of the increasing use of green hydrogen in industrial processes. Europe held the largest market share in 2024, driven by robust policy frameworks and investments in hydrogen infrastructure, while Asia Pacific is expected to witness rapid growth, supported by renewable energy investments and government initiatives. The electrolyzer market's future looks promising as technology advancements and regional developments shape the industry landscape.