Photovoltaic materials have seen continuous improvements in efficiency, with 16 widely studied geometries achieving efficiencies from 10 to 29%. Comparing these to the Shockley-Queisser detailed-balance model helps identify key limitations in light management and charge carrier collection. PV offers a sustainable solution to global energy demand, with decreasing costs making it competitive in many regions. However, further cost reductions are needed for broader adoption. Solar cell efficiency is crucial for reducing PV costs, as higher efficiency leads to smaller, cheaper systems. The development of PV materials is growing rapidly, with efficiency records continually broken. Solar cells use semiconductor materials, with efficiency limited by factors like photon absorption and thermalization. The maximum power for semiconductors with a band gap of 1.1 to 1.4 eV is about 45% of the incident solar power. The Shockley-Queisser limit for a single-junction solar cell is 33.7% for a band gap of 1.34 eV. Practical efficiencies are often lower due to recombination losses and non-idealities. Silicon, with a nearly ideal band gap, has high efficiency, with record efficiencies of 25.6% for heterojunction cells. GaAs and GaInP also show high efficiency, with GaAs achieving 28.8%. CIGS and CdTe are high-efficiency thin-film materials, with CIGS at 21.7% and CdTe at 21.5%. Perovskite solar cells have achieved 21.0% efficiency, while organic and quantum dot cells have lower efficiencies. The S-Q model sets efficiency limits, but factors like Auger recombination and material quality affect practical efficiencies. The global PV market is dominated by crystalline Si modules, with multicrystalline and monocrystalline Si accounting for most of the market. GaAs and perovskite cells show potential for higher efficiencies, but challenges remain in stability and scalability. Efficiency improvements have varied across materials, with perovskites showing rapid progress. However, stability and scalability are concerns. Thin-film Si and organic cells have lower efficiencies but offer flexibility and cost advantages. Quantum dot cells have lower efficiencies but show potential for tunable band gaps. Solar module efficiencies are lower than lab cell efficiencies due to factors like current loss, fill factor loss, and encapsulation effects. Practical efficiencies are also affected by temperature and light angle variations. High-efficiency materials like monocrystalline Si, CIGS, and CdTe perform better than lower-efficiency materials. Overall, while PV technology has advanced significantly, further improvements in efficiency and cost are needed for widespread adoption.Photovoltaic materials have seen continuous improvements in efficiency, with 16 widely studied geometries achieving efficiencies from 10 to 29%. Comparing these to the Shockley-Queisser detailed-balance model helps identify key limitations in light management and charge carrier collection. PV offers a sustainable solution to global energy demand, with decreasing costs making it competitive in many regions. However, further cost reductions are needed for broader adoption. Solar cell efficiency is crucial for reducing PV costs, as higher efficiency leads to smaller, cheaper systems. The development of PV materials is growing rapidly, with efficiency records continually broken. Solar cells use semiconductor materials, with efficiency limited by factors like photon absorption and thermalization. The maximum power for semiconductors with a band gap of 1.1 to 1.4 eV is about 45% of the incident solar power. The Shockley-Queisser limit for a single-junction solar cell is 33.7% for a band gap of 1.34 eV. Practical efficiencies are often lower due to recombination losses and non-idealities. Silicon, with a nearly ideal band gap, has high efficiency, with record efficiencies of 25.6% for heterojunction cells. GaAs and GaInP also show high efficiency, with GaAs achieving 28.8%. CIGS and CdTe are high-efficiency thin-film materials, with CIGS at 21.7% and CdTe at 21.5%. Perovskite solar cells have achieved 21.0% efficiency, while organic and quantum dot cells have lower efficiencies. The S-Q model sets efficiency limits, but factors like Auger recombination and material quality affect practical efficiencies. The global PV market is dominated by crystalline Si modules, with multicrystalline and monocrystalline Si accounting for most of the market. GaAs and perovskite cells show potential for higher efficiencies, but challenges remain in stability and scalability. Efficiency improvements have varied across materials, with perovskites showing rapid progress. However, stability and scalability are concerns. Thin-film Si and organic cells have lower efficiencies but offer flexibility and cost advantages. Quantum dot cells have lower efficiencies but show potential for tunable band gaps. Solar module efficiencies are lower than lab cell efficiencies due to factors like current loss, fill factor loss, and encapsulation effects. Practical efficiencies are also affected by temperature and light angle variations. High-efficiency materials like monocrystalline Si, CIGS, and CdTe perform better than lower-efficiency materials. Overall, while PV technology has advanced significantly, further improvements in efficiency and cost are needed for widespread adoption.