This work aims to investigate the various factors which may affect a thermophotovoltaic (TPV) system's performance, with a special focus on the importance of incorporating a back surface reflector (BSR), which enables below-bandgap photons' recycling. The possible extent to which common PV materials can be used in TPV applications is investigated by comparing them on a Planck distribution curve. The effects of varying BSR reflectivity, TPV cell's external quantum efficiency, and emitter temperature are investigated on the TPV module's efficiency using open-circuit voltage, empirical relations for fill factor, maximum voltage, and photogenerated current. It is shown that TPV applications require materials with smaller (e.g. 0.6 eV < Eg ≤ 0.74 eV) bandgap energy, e.g. In0.53Ga0.47As (0.74 eV), due to their high percentage of energy (> 26%) abovebandgap without a spectral control and a small difference between peak and bandgap wavelength. It is shown that the inclusion of a BSR (reflectivity = 1) results in an increase of 15% in TPV efficiency. The results show that by the collective changes of an added BSR, high emitter temperature (> 2000 K), and improved external quantum efficiency (EQE ≈ 1), the present TPV systems can attain efficiency values more than 30% which makes them a favorable prospective choice for Concentrated Solar Power.