Recent research on phase change materials promising to reduce energy losses in industrial and domestic heating/air-conditioning systems is reviewed. In particular, the challenges q fphase change material applications such as an encapsulation strategy for active ingredients, the stability of the obtained phase change materials, and emerging corrosion complications are discussed. Moreover, phase change materials could be employed in refrigerators to increase the efficiency and in storage facilities to reduce evaporative losses of fuels and industrial liquid products. Promising areas for using these materials are highlighted. Ways of solving possible problems are outlined.