The research in energy storage and conversion is playing a critical role in energy policy as the innovation and technological progress are essential for achieving the energy transition and climate neutrality goals. Hydrogen Fuel Cell technology is considered a strategic element in the pursuit of sustainable and clean energy solutions. This technology is increasingly gaining attention in recent years as a potential substitute to conventional non‐renewable energy sources. Fuel cell technology can be employed for domestic/commercial use along with powering the transportation sector which currently employs the use of conventional battery systems. However, these systems pose severe limitations with respect to longer charging times and limited distance range. This review article aims at providing a comprehensive methodical overview of hydrogen‐based fuel cell technology along with key concepts, present day scenarios, including overview of the market and industry trends, government policies and initiatives, along with major stakeholders involved in scaling up the technology for mass consumption. The outlook of fuel cells, including their capability to revolutionise the energy sector is discussed. The technological advancements and breakthroughs on the horizon along with the challenges and safety concerns related to the widespread acceptance of fuel cells are analysed.