Transition to a carbon-neutral energy economy requires a more environmentally-friendly energy carrier. Hydrogen and its multiple end-use applications play a huge role to contribute to decarbonization of major sectors of the economy. Power-to-X (P2X) is an interconnections concept between the different energy carriers, which promotes the integration of renewable energies, facilitates the balancing of the electricity grid and enhances the sustainable use of surplus energy production. By coupling several technological processes across different industries, P2X technology enables utilization of waste energy, excess power, and captured carbon dioxide (CO2), which contribute to energy economy. This research service, ‘Power-to-X Technology Advancements and Techno-economic Perspective’ provides a review of all technologies involved in Power-to-X system, their applications, and market prospects.