The current challenges as today's technology requires much more area to collect more photons which reflects on the current generated. If we have a new technology helping to generate more current with reduced area it will be great.
1) Manufacture of inexpensive solar cells. 2) Increasing energy efficiency of solar cells. 3) Having solar cells which last for longer times. 3) Ability to convert solar energy to electrical energy that could be stored & utilized for longer periods of time.
These are the challenges that are under investigation in many research centers.