In recent years, photovoltaic technology has been developing quickly and studies found that only less than 20% solar energy was converted into electricity while more than 50% of the incident solar radiation is transformed into heat. PV module electrical efficiency and operating temperature can be improved by removing the excess heat. This led to the concept of a hybrid collector called PVT collector. Cooling of PV cells has become an important study in order to increase the PV panel efficiency, improvement in power output and optimum performance parameters. Numerous studies theoretical, experimental and economical assessment haves been carried out for different hybrid PVT solar collectors designs. Other alternative conceptions can be improved in different applications. This paper gives a review of the historical and recent trend of PVT development technology, in particular the performance and economic feasibility of PVT system for different application areas. Future recommendations and critical assessment are made to overcome the barriers and challenges focusing of improving PVT technology. (C) 2017 Elsevier Ltd. All rights reserved.