Recent advancements in exoskeleton technology, both passive and active, are driven by the need to enhance human capabilities across various industries as well as the need to provide increased safety for the human worker. This review paper examines the sensors, actuators, mechanisms, design, and applications of passive and active exoskeletons, providing an in-depth analysis of various exoskeleton technologies. The main scope of this paper is to examine the recent developments in the exoskeleton developments and their applications in different fields and identify research opportunities in this field. The paper examines the exoskeletons used in various industries as well as research-level prototypes of both active and passive types. Further, it examines the commonly used sensors and actuators with their advantages and disadvantages applicable to different types of exoskeletons. Communication protocols used in different exoskeletons are also discussed with the challenges faced.