Energy in its varied forms and applications has become the main driver of today’s modern society. However, recent changes in power demand and climatic changes (decarbonization policy) has awakened the need to rethink through the current energy generating and distribution system. This led to the exploration of other energy sources of which renewable energy (like thermal, solar and wind energy) is fast becoming an integral part of most energy system. However, this innovative and promising energy source is highly unreliable in maintaining a constant peak power that matches demand. Energy storage systems have thus been highlighted as a solution in managing such imbalances and maintaining the stability of supply. Energy storage technologies absorb and store energy, and release it on demand. This includes gravitational potential energy (pumped hydroelectric), chemical energy (batteries), kinetic energy (flywheels or compressed air), and energy in the form of electrical (capacitors) and magnetic fields. This paper provides a detailed and comprehensive overview of some of the state-of-the-art energy storage technologies, its evolution, classification, and comparison along with various area of applications. Also highlighted in this paper is a plethora of power electronic Interface technologies that plays a significant role in enabling optimum performance and utilization of energy storage systems in different areas of application.
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