The electrolyzers market has seen substantial growth, reaching $0.36 billion in 2024 with a CAGR of 9.9%. This growth is attributed to the surge in demand for hydrogen as a clean energy carrier, government incentives, and environmental efforts. The market is expected to continue its upward trajectory, reaching $0.51 billion by 2028, driven by applications in aviation and maritime, hydrogen infrastructure, and regulations targeting carbon emissions. Fuel cell-based automotive demand is a significant factor boosting the market size. Major players like Nel ASA, Siemens AG, and Air Liquide S.A are key drivers. Technological advancements, such as Bloom Energy's electrolyzer line, are pushing the industry forward. The market is segmented by product, capacity, and application, with Western Europe leading in 2023 but Asia-Pacific expected to be the fastest-growing region. The Business Research Company offers detailed market reports to provide insights into industry trends and forecasts.