The current photovoltaic market is completely dominated by the conventional single junction PV panels, despite the fact that the highest energy efficiency of multi-junction solar cells is in the form of concentrated photovoltaic (CPV) system. CPV technology has faced many challenges of reliability and performance since its conception. However, despite much improvement in design and reliability, CPV technology is still unable to gain the attention of customers and energy planners with its high-performance potential. Due to its response to only solar beam radiations, CPV systems are believed to be only suitable to operate in clear sky weather conditions. That’s why the current gigantic CPV systems are only designed to be installed in open desert regions. It is still lacking the same application scope which the conventional PV is experiencing. With the aim to boost its market potential, in this chapter, a compact CPV design is discussed with low cost but highly accurate performance, to be targeted to install at the rooftop of commercial and residential building in the urban region. In addition, the performance of CPV system is also evaluated and compared with the different conventional PV system in the tropical weather condition with low beam radiation availability.