This review article critically highlights the latest trends in energy storage applications, both cradle and grave. Several energy storage applications along with their possible future prospects have also been discussed in this article. Comparison between these energy storage mediums, as well as their limitations were also thoroughly discussed. Suggestions and solutions in mitigating some of these challenges in order to improve the overall performance of these energy systems have also been analysed in this investigation. In spite of the accelerated growth in home energy storage system, there is still a grave need for further investigations, in order to reduce their costs. Further research activities will reduce the cost of some of these novel technologies, thereby accelerating their commercialization as well as making them better competitors against traditional energy storage mediums. and battery energy storage system 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.
The household energy storage system necessarily require smooth, balanced, reliable and quality supply (maintaining constant voltage and frequency) to the customers without any breaks and potential damage to electrical appliances. The strong variations always exist in demand of electricity at different times. Hence, there could be certain times when the energy production will be more than demand and vice versa.
The types and uses of energy had been dynamically changing in history because Beltran (2018) regarded energy as a living, evolving, and residential energy storage system, which remained an integral part of civilizations and their development. The sun was the only source of heat and light while wood, straw and dried dung were also burnt. The horses and other animals, wind, and water were used for transportation, working in the fields, grinding grains, pumping water, and driving the simple machines in another report (BP Statistical Review, 2019), the global energy consumption was 136,129 TWh in 2008 and 161,250 TWh in 2018. There has been a 2.9% increase in consumption for the 10 years. World Energy Council (2019) while finding scenarios and exploring innovative pathways to 2040, contemplate that the globe will be entering in a new energy era promising enough, clean, and residential solar energy storage for all communities with increasing uses and users. About 10% increase is presumed in demand of energy by 2040. However, there will be more emphasis on renewal sources considering environmental protection, but