The current need of industries is to reduce the energy consumption and move towards the utilization of renewable energy resources so that they can reduce their carbon footprints. A major part of the total energy consumption approximately 60% is used for industrial process heat with a temperature range of 60°C - 400°C. To use solar energy for such a large temperature range solar collectors such as flat plate collectors, and parabolic trough collectors are generally deployed. Further, to overcome the issue of intermittencies of solar energy latent heat energy storage systems (LHSS) provide an effective solution. LHSS overcomes these intermittencies effectively by using several phase change materials (PCM) like sugar alcohols. In the present study, a 2D numerical model has been developed and simulations have been performed on COMSOL Multiphysics for a 1 MJ storage capacity. Further, it has been tried to optimize the operating temperature variation between PCM and heat transfer fluid (HTF) using the modified heat capacity method and Boussinesq approximation for a shell-and-tube configuration. It is found that a significant difference in charging and discharging time appears due to natural convection.