The global Electrolyzers market has witnessed significant growth, with a projected market size set to reach $0.54 billion by 2029, showcasing a Compound Annual Growth Rate (CAGR) of 9.1%. The main drivers behind this evolution include the increasing demand for hydrogen as a clean energy carrier, government incentives and subsidies, expansion of renewable energy sources, and diverse applications across industries. Fuel cell-based automotive, such as those utilizing hydrogen as an energy source, are notably contributing to the market expansion. The popularity of fuel cell vehicles is evident from the 18,355 units sold and leased in the US in 2024, indicating a growing demand for hydrogen and, subsequently, electrolyzers. The Electrolyzers market is witnessing key trends such as green hydrogen production, decentralized hydrogen production, technological advancements, green ammonia production, and the utilization of hydrogen in transportation. The segmentations within the market encompass product types like alkaline electrolyzers, PEM electrolyzers, and solid oxide electrolyzers, with capacities ranging from less than 500 kW to above 2 MW. Additionally, applications include power plants, steel plants, industrial gases, energy storage, power to gas, and more. While Western Europe led the market in 2024, Asia-Pacific is poised to be the fastest-growing region. Key players shaping the market landscape include Nel ASA, Siemens AG, Toshiba Corporation, and Air Liquide S.A, among others. The electrolyzers market's future growth looks promising, driven by technological advancements, increasing focus on clean energy solutions, and the expanding application of hydrogen across various sectors.