Fuel cells, with their ability to offer power in the range of milliwatts to kilowatts, are a vital component in the plan of decarbonization of global energy systems. Fuel cell-based power sources are expected to be efficient, have the ability to work under wide operating conditions such as elevated temperatures and low humidity, and offer safe operation with higher energy and power densities. Fuel cells have application-oriented design compatibility to make them commercially viable and can expand their application window towards successful market penetration. Though fuel cells for various application sectors are in the developmental phase, they are being extensively investigated to serve as a power source for stationary, automotive, portable, and space applications. There has been a concerted effort worldwide with countries and multinational companies introducing policies and projects to move toward a hydrogen economy and further thrust the development of fuel cell technology. The present chapter provides an overall perspective of the current status and advancements in the development of fuel cells for commercial applications and future challenges in developing suitable materials, design, and architecture with an eye for successful market penetration based on the power demand.