The rising energy demand can be met by increasing the share of renewable energy by overcoming the barriers of poor conversion efficiency, intermittent energy supply, and lower thermo-economic viability. Thermal energy storage technology can play a pivotal role in addressing these challenges. Thermal energy storage systems are still in the developing phase due to low energy density, higher investments, and poor storage efficiency. The present study is carried out to disseminate updated information pertaining to the technological innovations and performance analysis of different types of thermal energy storage systems. The primary focus of this study is to present a critical analysis and discussion on the current status of thermal energy storage technology that can help identify the thrust areas of future research for improved techno-economic designs. The analysis unfolds the need to reduce the size of sensible energy storage systems by enhancing the volumetric heat transfer rates and improving the thermal response of latent energy storage systems by enhancing the thermal conductance of phase change materials. The thermal response of the latent energy storage systems can be improved by the addition of extended surfaces, composites of PCM and metal foam, PCM, and metal powder. Hybrid systems are relatively new therefore more explorations are needed for ensuring the compactness and the economic feasibility of these systems.
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