Government　policies　and　investments　in　photovoltaic　(PV)　research　and　development　(R&D)　have　contributed　to　the　rapid　development　of　a　PV　industry　through　technology　push　in　most　countries　over　the　past　decade.　It　is　worth　investigating　the　effectiveness　of　investment-drive　R&D　policies　at　a　global　level,　particularly　how　they　work　in　reducing　the　costs　of　PV　technologies.　This　study　constructs　a　learning　curve　model　to　assess　the　performance　of　PV　R&D　policies　in　China,　Germany,　the　United　States　and　Japan.　Market　information—for　example,　PV　module　production,　PV　installation　and　PV　technology　improvement—is　utilised　to　analyse　how　these　policies　take　effect.　The　results　show　that　PV　R&D　investments　are　efficient　in　decreasing　the　production　costs　of　PV　modules,　which　positively　affects　the　development　of　PV　module　markets.　However,　weak　PV　technology　conditions　(including　conversion　efficiency,　reliability)　and　low　PV　electricity　penetration　levels　have　resulted　in　surpluses　in　PV　module　markets,　as　well　as　PV　electricity　curtailment　around　the　world.　It　is　suggested　that　future　R&D　policies　should　contribute　more　to　improving　conversion　efficiencies　(the　structure　of　technology　push　power)　and　grid　integration　technologies　(demand　pull　power)　for　PV　systems.　©　2020　Elsevier　Ltd