Despite the rapid growth in photovoltaic technologies over the past 30 years, the total energy generated from solar modules still amounts to less than 0.34% of the global energy consumption. Exploiting the full potential of next generation photovoltaic technologies by research and innovation is imperative for a sustainable energy transition. Nowadays single-junction crystalline silicon solar cells dominate the photovoltaics market, but their power conversion efficiencies are approaching the practical limit for this technology. Therefore, novel strategies to further enhance the competitiveness of photovoltaics compared to other energy sources are needed.