The global electrolyzer market is experiencing significant growth, projected to reach approximately US$ 5.6 billion by 2034 with a robust CAGR of 24.5%. This growth is primarily attributed to the rising demand for green hydrogen and clean energy solutions, with investments in sustainable energy infrastructure and government support for decarbonization initiatives fueling market expansion. Electrolyzers are being integrated with renewable energy sources like solar, wind, and hydropower to store excess renewable energy and produce hydrogen sustainably. The market segmentation includes service type, sourcing type, application, industry vertical, and region, showcasing the diverse applications of electrolyzers across industries globally. Various applications driving the market include industrial feedstock, power generation, transportation, power to gas conversion, and usage in industries like chemicals, refining, power plants, steel plants, transportation, electronics, semiconductor, and pharmaceuticals. Regional analysis highlights Asia Pacific as the largest and fastest-growing market, Europe as a technological powerhouse with strong policy support, and North America rapidly gaining momentum in green hydrogen adoption. The market is driven by key factors such as the growing demand for green hydrogen, supportive government policies, declining renewable energy costs, and continuous technological advancements in electrolyzer technologies. Overall, the electrolyzer market is poised for substantial growth, driven by the increasing global focus on decarbonization and the shift towards sustainable energy solutions in various industries.