Energy systems are dynamic and transitional because of alternative energy resources, technological innovations, demand, costs, and environmental consequences. The fossil fuels are the sources of traditional energy generation but has been gradually transitioned to the current innovative technologies with an emphasis on renewable resources like solar, and wind. Despite consistent increases in energy prices, the customers’ demands are escalating rapidly due to an increase in populations, economic development, per capita consumption, supply at remote places, and in static forms for machines and portable devices. The energy storage may allow flexible generation and delivery of stable electricity for meeting demands of customers. The requirements for energy storage will become triple of the present values by 2030 for which very special devices and systems are required. The objective of the current review research is to compare and evaluate the devices and systems presently in use and anticipated for the future. The economic and environmental issues as well as challenges and limitations have been elaborated through deep and strong consultation of literature, previous research, reports and journal. The technologies like flow batteries, super capacitors, SMES (Superconducting magnetic energy storage), FES (Flywheel Energy Storage), PHS (Pumped hydro storage), TES (Thermal Energy Storage), CAES (Compressed Air Energy Storage), and HES (Hybrid energy storage) have been discussed. This article may contribute to guide the decision-makers and the practitioners if they want to select the most recent and innovative devices and systems of energy storage for their grids and other associated uses like machines and portable devices. The characteristics, advantages, limitations, costs, and environmental considerations have been compared with the help of tables and demonstrations to ease their final decision and managing the emerging issues. Thus, the outcomes of this review study may prove highly useful for various stakeholders of the energy sector.
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