The global electrolyzer market is witnessing significant growth, attributed to the increasing focus on green energy and the rising demand for hydrogen in various industries. Future Market Insights projects that the market value will soar from USD 4.7 billion in 2024 to USD 42.4 billion by 2034, reflecting a remarkable CAGR of 24.6%. This surge is primarily driven by the push for green hydrogen as a renewable energy source and the global agenda to minimize carbon emissions. Electrolyzers, which split water into hydrogen and oxygen using electricity, play a pivotal role in producing green hydrogen, an essential element in transitioning to a more sustainable energy system. Various electrolyzer types like Proton Exchange Membrane (PEM) and Alkaline electrolyzers are being deployed at scale in sectors like transportation, industrial processes, and power generation to support decarbonization efforts. The market growth is particularly notable in countries like the United States, Japan, the United Kingdom, South Korea, and China, with significant investments and supportive governmental policies accelerating the adoption of electrolyzer technologies. Despite the positive outlook, challenges such as high capital costs, infrastructure limitations, energy source dependency, and technological hurdles pose obstacles that need to be addressed for the market to realize its full potential. Several key drivers fueling the electrolyzer market growth include the global transition to green energy, ongoing technological advancements enhancing efficiency, rising industrial demand for hydrogen, and the critical role of electrolyzers in energy storage and grid stabilization. Prominent players in the market include Nel Hydrogen, Asahi Kasei, Siemens Energy, and ITM Power, among others. To further explore detailed insights into the industry and market projections, Future Market Insights offers a comprehensive report for stakeholders and enthusiasts alike.