The global hydrogen electrolyzer market is set to grow significantly, reaching US$497.07 million by 2028 with a compound annual growth rate of 6.57%. Factors driving this growth include the increase in global carbon emissions, the production of low-carbon hydrogen, ammonia, margarine, menthol, and semiconductors. However, challenges such as the lack of efficient hydrogen storage facilities and health effects caused by hydrogen might impede this growth. On the positive side, trends like the increasing production of hydrogen fuel cell electric vehicles and the decline in green hydrogen production costs are expected to shape the market. The market is segmented regionally, with North America leading in 2023. Still, the outbreak of the COVID-19 pandemic has caused a slowdown as the adoption of green hydrogen has been delayed, along with the postponement of pipeline electrolysis projects. Major companies like Siemens AG, ITM Power, NEL ASA, FuelCell Energy, Air Liquide, and Plug Power are actively engaging in acquisitions and mergers to enhance their industrial presence, thereby driving market expansion. The increasing demand for electricity in heating, transportation, and industrial activities is also creating opportunities for the global market to flourish.