The global hydrogen electrolyzer market is expected to show significant growth, reaching US$497.07 million by 2028, with a compound annual growth rate of 6.57% from 2024 to 2028. The market's expansion is fueled by factors like the escalating global carbon emissions, the increasing production of low-carbon hydrogen, the growing demand in various sectors like ammonia production, margarine production, menthol production, and semiconductor manufacturing. However, challenges such as the absence of effective hydrogen storage solutions and the health implications associated with hydrogen are hindering market growth. Despite these challenges, the market is witnessing positive trends such as the surge in hydrogen fuel cell electric vehicles, the decreasing costs of green hydrogen production, and the rising number of hydrogen electrolyzer projects. The report highlights the lucrative future prospects of the global hydrogen market, driven by the increasing need for clean and green hydrogen. Additionally, the ongoing acquisitions and mergers within the industry are strengthening the market presence of major companies, which in turn is enhancing the overall business landscape. The report segments the global hydrogen market by region, including North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2023, North America held the largest market share, primarily due to the extensive application of hydrogen. However, the onset of the COVID-19 pandemic has slowed down the market growth, attributing to delays in the adoption of green hydrogen and the postponement of electrolysis projects. The report provides a comprehensive analysis of the global hydrogen electrolyzer market, covering major regional markets and delving into market dynamics such as growth drivers, trends, and challenges. Moreover, it offers insights into the competitive landscape of the market, including detailed profiles of key players like Siemens AG, ITM Power, NEL ASA, FuelCell Energy, Air Liquide, and Plug Power. The market report aims to provide a thorough understanding of the current market scenario and the future outlook for stakeholders in the hydrogen electrolyzer industry.