The global energy market is seeing increases in the electricity demand of a couple of percentage points annually. The photovoltaic (PV) industry is also growing rapidly every year. One of the PV technologies is concentrator photovoltaics (CPV). CPV uses high‐efficiency multijunction solar cells and optics to concentrate sunlight, thereby significantly reducing the amount of semiconductor material needed. Yet, due to the high upfont manufacturing cost of CPV, it currently does not offer a competitive price against silicon PV. With this a new branch is introduced to the industry, micro‐CPV, which can be broadly explained as the miniaturization of the solar cells and optical components. The motivation for micro‐CPV is lowering the cost by decreasing the material volume and enabling new system architectures and high‐throughput manufacturing methods, while still maintaining high electrical efficiencies, taking advantage of a lower thermal load, shorter optical paths, lower resistive losses, and lower material volumes. Herein, a comprehensive review of the technological advances is presented, key synergies between micro‐CPV and other industries sharing similar challenges are identified, exemplified by micro‐light emitting diodes display manufacturing. New assembly process development in these industries will facilitate commercial adoption of micro‐CPV with continued miniaturization while driving down the cost.