During the past two years remarkable performance improvements have been reported for polycrystalline Cu(In,Ga)Se2 (CIGS), CdTe and perovskite thin-film solar cells. In this paper the key breakthroughs in CIGS thin-film technology are reviewed and the scope for further performance improvements by analysing the stillremaining electrical and optical losses in record-efficiency CIGS solar cells is discussed. On the basis of this analysis it is believed that conversion efficiencies up to 25% are achievable with CIGS solar cells in the mid term. Furthermore, the potential for the concept of polycrystalline multi-junction solar cells to push efficiencies even further, towards 30%, is discussed. Finally, a short review of the CIGS market and an outlook from an industrial perspective are presented.