Determining the life expectancy of a photovoltaic (PV) system involves many factors, including the assessment of photovoltaic module degradation. Degradation of PV modules is a normal process that develops over time as a result of a number of factors, including UV radiation exposure, thermal cycling, and weathering. The degradation rate, which is the percentage decline in module efficiency per year, is an often-used indicator for evaluating PV module deterioration. Depending on the type of module (crystalline silicon (c-Si), copper indium gallium selenide (CIGS) and cadmium telluride (CdTe) and the environment, degradation rates can vary greatly, although studies have indicated that most modules degrade at a rate of 0.5% to 1% per year. Additionally, the review focuses on developing PV technologies, like dye-sensitized solar cells (DSSCs), organic PVs (OPVs), and metal halideperovskite (MHP) solar cells, where relevant long-term degradation strategies have not yet entirely developed and the majority principles are not completely understood owing to their lower to medium technological maturity levels. Nonetheless, a thorough overview of the established stability issues related to every new photovoltaic technology is provided. There are a number of techniques that can be employed, including visual inspection, electrical performance testing, and infrared imaging, to evaluate the degradation of a PV module. Through the use of accelerated stress testing (AST), photovoltaic (PV) modules can be subjected to the consequences of years of operation in a fraction of the time. The goal of AST is to assess how well PV modules hold up over the long term in situations like high temperatures, humidity, and UV exposure. A PV module is put through a series of environmental circumstances that are more demanding than ordinary working conditions in order to perform an accelerated stress test on it. To calculate the module's rate of deterioration over time, data from an accelerated stress test can be used. This data is crucial for estimating the module's long-term performance and dependability as well as formulating plans to increase the lifespan of PV systems. Manufacturers, researchers, and designers of PV systems might benefit from using AST to assess the performance of PV modules in challenging environments and make sure they adhere to industry standards for toughness and dependability. Therefore, in this study, degradation factors, along with other parameters like the accelerated-stress tests linked to PV module degradation, to predict the life expectancy of various PV system especially matured PV systems, has been examined. This paper concludes by reviewing the lessons learnt from established photovoltaic technologies and discussing potential applications for these insights in the research and development of forthcoming technologies. Specifically, industry-standard accreditation tests must ultimately be passed by any developing PV technology, and advanced c-Si-based module warranties may be prolonged beyond the 25-year limit.