With the advent of high pace technology in Industry 4.0 era the deficit between energy demand and supply has increased exponentially. Owing to the transformative potential of solar Photo Voltaic Cell (PVC) it is considered to be the most feasible solution to address growing demand of energy. One of the main impediments faced by the solar PVC market is the performance drop owing to high module operating temperatures. The cooling technique that befits PV panels results not only in reduction in performance degradation but also increases the lifetime of panels. Myriad research work in past is reported on cooling of PV panels. However, the need of in-depth analysis and systematic research still persists on this topic. This study, presents a state-of-the-art review on various cooling strategies, together with the analysis of cost-effective methods for cooling performance enhancement. The review and analysis of this research study will be beneficial for researchers working in this direction.