The actual status of research on photovoltaic energy conversion with regard to its possible role in the production of electric power from solar radiation is reviewed. Silicon cells in single-crystalline or semi-crystalline forms are considered to be the dominant devices for the next decade. A variety of possibilities yielding lower fabrication costs and still high conversion efficiencies exist; an order-of-magnitude reduction from the present-day cost level turns out to be a realistic goal. This can be achieved by a combined effort in the fields of silicon material preparation, cell processing and module fabrication.Other longer term viable options are amorphous silicon, thin-film GaAs, 11-VI compounds such as CdS and some advanced approaches using concentrated sunlight. It is believed that ultimately module efficiency will strongly determine the economic viability of a photovoltaic material.