The review discusses the advancements in photovoltaic (PV) materials, focusing on 16 widely studied geometries with efficiencies ranging from 10% to 29%. The efficiency limits of these materials are compared to the Shockley-Queisser (S-Q) model, which provides a fundamental limit based on light management and charge carrier collection. The article highlights the key challenges and potential for improvement in each material, including silicon, gallium arsenide (GaAs), indium phosphide (InP), copper indium gallium selenide (CIGS), cadmium telluride (CdTe), methyl ammonium lead halide perovskite, copper zinc tin telluride (CZTS), dye-sensitized solar cells, organic solar cells, and quantum dot solar cells. The review also addresses the practical application and large-area fabrication of these materials, emphasizing the need for further research to reduce costs and improve efficiency. Despite the current limitations, the progress in PV materials shows promise for meeting the increasing global energy demand and achieving "socket parity" in electricity markets.The review discusses the advancements in photovoltaic (PV) materials, focusing on 16 widely studied geometries with efficiencies ranging from 10% to 29%. The efficiency limits of these materials are compared to the Shockley-Queisser (S-Q) model, which provides a fundamental limit based on light management and charge carrier collection. The article highlights the key challenges and potential for improvement in each material, including silicon, gallium arsenide (GaAs), indium phosphide (InP), copper indium gallium selenide (CIGS), cadmium telluride (CdTe), methyl ammonium lead halide perovskite, copper zinc tin telluride (CZTS), dye-sensitized solar cells, organic solar cells, and quantum dot solar cells. The review also addresses the practical application and large-area fabrication of these materials, emphasizing the need for further research to reduce costs and improve efficiency. Despite the current limitations, the progress in PV materials shows promise for meeting the increasing global energy demand and achieving "socket parity" in electricity markets.