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Electric power systems foresee challenges in stability, especially at low inertia, due to the strong penetration of various renewable power sources. The value of energy storage system (ESS) to provide fast frequency response has been more and more recognized. In this paper, we comprehensively evaluate the ESS candidates for inertial provisioning. Firstly, it provides the derivation of the formulae related to inertia emulation for various ESSs, and presents the feasibility analysis of the inertia delivery capabilities for various ESSs. Secondly, it presents a comprehensive comparison of the technological economics of various ESSs for inertia emulation, followed by a novel weighted metric to evaluate the suitability of each ESS for inertia provision. Moreover, this paper sheds light on the major heuristic optimization approaches for economic sizing and placement of ESS for optimal inertia allocation. Finally, this paper reviews future market and policy designs for the implementation of ESS for power system inertia provision.