Development Status and Future Prospects of Hydrogen Energy Technology: Production, Storage, and Cost Analysis

Hydrogen‐based energy is essential to the global energy transition to respond to climate issues effectively. This article provides a detailed review of the current status and development trends in traditional hydrogen production methods, generally based on energy‐rich resources such as coal, natural gas, and oil possessing good economic viability. Nevertheless, their environmental impact demands finding alternatives such as emerging biomass and water‐based technologies. Biomass gasification and electrochemical water splitting supported by renewable energy (wind and solar) are highly promising. The advantages and disadvantages of high‐pressure gas phase, low‐temperature liquid phase, or solid‐state storage and transportation have been discussed in terms of storage technology. Solid‐state storage and transportation are considered powerful choices for the future due to enhanced storage capacity and safety. Crucial cost analysis shows that natural gas‐based hydrogen production technology offers relatively low total cost throughout the entire industry chain. Finally, this review delves into future technological innovation, cost reduction strategies, and government policy support, which will be key factors driving the development of the hydrogen‐related industry. Policy guidelines supported by international cooperation will drive the progress and application of hydrogen energy, providing an important pathway for the global energy transition.