The global electrolyzer market is witnessing remarkable growth as the demand for green hydrogen escalates in response to sustainability goals. The market, valued at US$ 509.9 Mn in 2023, is forecasted to grow at a CAGR of over 24.5% from 2024 to 2034. This growth is propelled by factors such as decarbonization initiatives, technological advancements in electrolyzer technologies like PEM, alkaline, and solid oxide electrolyzers, and supportive government policies encouraging investments in hydrogen infrastructure. Drivers like global efforts to reduce carbon emissions, innovations enhancing efficiency, and favorable regulations are paving the way for the widespread adoption of electrolyzers. However, challenges such as high initial investments and sensitivity to electricity prices pose obstacles to market expansion. Market trends indicate a push towards increased electrolyzer capacities, strategic partnerships among industry players, and the emergence of Asia-Pacific and Latin America as key players in the green hydrogen landscape. The electrolyzer market segmentation covers technology categories like Alkaline, PEM, Solid Oxide, and Anion Exchange Membrane Electrolyzers, capacity ranges, and application areas including Steel Plants, Power Plants, Energy Storage, and more. Regional analyses predict substantial growth in North America, Asia-Pacific, and Europe, with countries like the United States, Japan, South Korea, and Germany leading the charge in hydrogen infrastructure investments. Overall, the future outlook for the electrolyzer market remains optimistic, with continued technological advancements, favorable policies, and increased investments expected to fuel the adoption of green hydrogen across diverse sectors. Key study points emphasize the evaluation of technological innovations, policy impacts, and the economic competitiveness of green hydrogen. This article showcases the pivotal role electrolyzers play in the green hydrogen revolution and the shift towards sustainable energy solutions.