The global water electrolysis equipment market is experiencing significant growth, with a value of USD 885 million in 2023 expected to reach USD 18,840 million by 2030, showcasing a CAGR of 51.3% from 2024 to 2030. The market is being driven by the global shift towards clean energy and the rising prominence of hydrogen as an energy carrier. The adoption of both Proton Exchange Membrane (PEM) and alkaline electrolyzers is growing rapidly. PEM electrolyzers are favored for their high efficiency and suitability for renewable energy sources, while alkaline electrolyzers are known for their cost-effectiveness and large-scale hydrogen production capabilities. Power to Gas (P2G) technologies are also contributing to the demand for water electrolysis equipment by converting excess renewable electricity into storable hydrogen or synthetic methane. This aligns with the grid stability objectives and helps bridge seasonal energy gaps. Additionally, national hydrogen strategies, policies, and industrial decarbonization goals are playing a key role in driving market adoption. Governments worldwide are providing subsidies and regulatory support to encourage investments in electrolysis technologies, reducing financial risks and boosting industry confidence. The integration of electrolysis in various sectors like steel, cement, and chemicals is driving the shift towards clean energy substitutes. Furthermore, advancements in manufacturing are leading to economies of scale, making electrolysis units more cost-effective and accessible for industrial applications. In conclusion, the water electrolysis equipment market is on a positive trajectory, propelled by a combination of technological advancements, policy support, and increasing demand for clean energy solutions.