In the last two decades, photovoltaics (PV), also known as solar PV, has evolved from a pure niche market of small scale applications towards becoming a mainstream electricity source. A solar cell is a device that converts light directly into electricity using the photoelectric effect. The first solar cell was constructed by Charles Fritts in the 1880s. In 1931 a German engineer, Dr Bruno Lange, developed a photo cell using silver selenide in place of copper oxide. Although the prototype selenium cells converted less than 1% of incident light into electricity, both Ernst Werner von Siemens and James Clerk Maxwell recognized the importance of this discovery. Following the work of Russell Ohl in the 1940s, researchers Gerald Pearson, Calvin Fuller and Daryl Chapin created the crystalline silicon solar cell in 1954. These early solar cells cost 286 USD/watt and reached efficiencies of 4.5–6%. By 2012 available efficiencies exceed 20% and the maximum efficiency of research photovoltaics is over 40%.