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Spectral beam splitting is a promising method to achieve high efficiency solar energy conversion. Its potential applications include multi-junction PV receivers, hybrid collectors and even biomass production. Although spectral splitting receivers can achieve high theoretical conversion efficiencies, they have not yet evolved to the commercial level. In this paper, we provide a review on the recently published research in this field and discuss the drawbacks associated with practical applications. Suggestions are made which we believe will lead to improvements in optical efficiency (including geometrical limitations) and the fabrication costs of spectrally splitting solar receivers.