This paper explores the growing need for fast frequency response services in power systems that increasingly rely on renewable energy sources. As the integration of wind and solar energy continues to displace conventional generators

the reduction in system inertia leads to significant frequency stability challenges

particularly after disturbances. This issue is exacerbated by the inability of renewable generators to provide sufficient frequency control

necessitating the development of new

fast-acting solutions to stabilize the grid. In this context

the paper offers a comprehensive review of the technical and economic aspects of fast frequency response services

focusing on their role in addressing the unique challenges posed by low-inertia grids. It highlights the critical role of energy storage technologies in providing rapid frequency stabilization and examines how various global energy markets approach the procurement and remuneration of these services. A key finding of this review

based on an extensive review and analysis of the literature

is that under certain market conditions

such as reduced ancillary service delivery speed

compulsory procurement based on service utilization

and marginal pricing of the system

both system operators and service providers are sufficiently incentivized to provide fast frequency ancillary services

thus enabling greater penetration of these services. The review also identifies key knowledge gaps and market barriers that hinder the widespread adoption of fast frequency response services. It concludes with strategic recommendations for policymakers

engineers

and market operators to enhance the deployment and efficiency of energy-storage-based solutions in modern power systems.