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In this paper, a comprehensive review of essential components of the PV (Photovoltaic) system is elaborated, and their comparative unique features are discussed. The paper describes hardware design (power converters topologies specifically) employed in PV based energy generation systems to harvest maximum power from the available energy source. In this study, thirty different Maximum Power Point Tracking (MPPT) techniques have been critically analyzed and their response with respect to partial shading condition has been discussed. It is very difficult to say which technique is best as one must consider various factors and parameters while selecting a technique such as application, convergence speed, accuracy, efficiency, system reliability, and cost and performance of available hardware. Aiming at the complexity, hardware implementation, tracking speed, steady-state accuracy, or global maximum detection of the algorithm, an MPPT algorithm based on a rule table is proposed. In addition, the MPPT of a PV system based on bio inspired techniques is considered. The bio inspired algorithms and its application in PV system are compared for the authenticity of the review, and six different MPPT techniques are implemented on PV systems. A comparative analysis is made based on the results of four different cases of irradiance.