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Abstract: Ground-breaking optical wireless power transfer (OWPT) techniques have gained significant attention from both academia and industrial experts in recent decades. Powering remote systems through laser diodes (LDs) to either operate devices or recharge batteries offers several benefits. Remote LDs can remove the burden of carrying extra batteries and can reduce mission time by removing battery swap-time and charging. Apart from its appealing benefits, laser power transfer (LPT) is still a challenging task due to its low transfer efficiency. In this study, we discuss the need for and feasibility of OWPT and discuss its working principle, system design components and several projects. We deal with laser selection, hazard analysis and receiver solar cell selection for OWPT systems. In addition, we show that OWPT is an essential element to supply power to internet of things (IoT) terminals. We also highlight the impacts of dynamic OWPT. We outline several OWPT techniques including optical beamforming, high intensity laser power beaming (HILPB), Thing-to-Thing (T2T) OWPT, distributed laser charging (DLC), adaptive distributed laser charging (ADLC), and simultaneous wireless information and power transfer (SLIPT). In the final section, we discuss a range of open challenges and counter-measures. We believe this review will be helpful in integrating research and eliminating technical uncertainties, thereby promoting progress and innovation in the development of OWPT technologies.