The electrolyzer market is experiencing significant growth driven by increasing concerns about reducing carbon emissions, declining costs of renewable energy, and expanding markets for IoT, smart cities, and energy services. Allied Market Research projects the market to grow from $3 billion in 2022 to $34.4 billion by 2032 at a CAGR of 27.2%. Electrolyzers separate hydrogen and oxygen from water for use in various sectors like chemical, power, automotive, and industrial processes. Asia-Pacific is expected to lead this growth, with a projected CAGR of 27.5%, fueled by the electric vehicle market in countries like China, Japan, South Korea, and India. The industry's growth is further supported by regulatory policies promoting hydrogen infrastructure development and the use of hydrogen as an industrial feedstock. Technological advancements, falling product costs, and increased investments in renewable energy technologies are also driving market prospects. Manufacturers are ramping up production capacity globally, with the world's capacity reaching approximately 11 GW annually in 2022, mostly from Europe and China. Alkaline electrolyzers currently dominate the market, but solid oxide electrolyzers are expected to see rapid growth due to their technological advancements and stability. By 2030, global electrolyzer production capacity is projected to exceed 130 GW annually, aligning with national policies and sustainable energy goals. The electrolyzer market is segmented by product type into alkaline, PEM, solid oxide, and anion exchange membrane electrolyzers, and by application into power generation, transportation, industry energy, feedstock, building heat & power, and others. Overall, the electrolyzer market shows promising growth potential fueled by ongoing trends and innovations in the energy sector.