Energy storage is crucial for a huge variety of applications. The market is expanding as more industries employ these techniques in search of effective energy substitutes. The energy storage market more than doubled in size between 2020 and 2021, and in the following five years, storage capacity is anticipated to rise by 56% globally. Additionally, there is a wide variety to pick from, particularly when it comes to backup batteries, and usually each supplier even has their own proprietary technology. Because of this, the controls must keep up with technological advancements in the field to remain reliable, secure, and safe. Maintenance of energy storage is another problem. Depending on the energy storage technology, some systems need a lot more maintenance to continue working as intended. This may increase total costs and generate new expenses where none previously existed. Electric vehicles have overwhelmingly earned support in recent decades due to their potential ability to reduce greenhouse gas emissions. The idea that EVs act as distributed energy storage and offer supplementary services to the electrical grid is one of the more interesting ones. Thorough study is needed in the areas of technology, economics, and policy from concept to deployment. The proposed analysis aids in categorizing the issues encountered with Lithium-ion batteries when used in V2G integrated applications and degradation of battery.