This paper reviews the current status of the commercial PV Industry. It assesses the current status of commercially available modules, most of which use silicon wafers or ribbons. My analysis will show that the choice of Si wafers or substrates, once deemed to be the most important aspect, ended up making only negligible differences for commercial products, as long as cells are prepared by diffusion and screen printing. I will also address the prospects and requirements for both next generation thin-film modules and super-high (>20%) efficient commercial crystalline Si cells. It is shown that traditional recombination loss analyses provide a poor tool for understanding limitations of cell and module performance, because those analytical schemes ignore dominating interactions between different loss mechanisms (e.g., of surface and bulk recombination).