Progress in PV, PV/T, and CPV Technologies: Thermal Management Strategies, Performances, Challenges, and Prospects

The escalating demand for photovoltaic (PV) technologies across agriculture, industry, and even space exploration necessitates innovative solutions to combat performance degradation due to heat. This review delves into the latest advancements in conventional PV, photovoltaic‐thermal (PV/T), and concentrated photovoltaic (CPV) systems, assessing the feasibility of thermal energy management strategies to enhance efficiency. The analysis of system configurations and cooling techniques yields significant insights into the optimization of performance. By 2025, silicon back‐contact cells have achieved 26% efficiency, hybrid interdigitated back‐contact cells reached 27.81%, TOPCon (tunnel‐oxide passivating contact) cells attained 27.79%, and silicon‐perovskite tandem cells hit 33%. PV/T systems showcased overall (electrical and thermal) energy conversion efficiencies of 70%–85%. CPV systems, leveraging advanced multijunction cells, achieve efficiencies of up to 47.6%, though effective thermal management is crucial at high concentration ratios. CPV/T systems are well‐suited for industrial combined heat and power applications, delivering 20%–28% electrical efficiency while capturing 60%–70% useful thermal energy. This comprehensive review also highlights effective design, material compatibility, feasibility, and reliability of various PV technologies. Scientific data generated from continued innovation in thermal management strategies will help meet the rising global demand for clean energy and support researchers, engineers, and policymakers in advancing the future of solar power.