A photovoltaic device includes a composition modulated semiconductor structure including a p-doped first semiconductor material layer, a first intrinsic compositionally-graded semiconductor material layer, an intrinsic semiconductor material layer, a second intrinsic compositionally-graded semiconductor layer, and an n-doped first semiconductor material layer. The first and second intrinsic compositionally-graded semiconductor material layers include an alloy of a first semiconductor material having a greater band gap width and a second semiconductor material having a smaller band gap with, and the concentration of the second semiconductor material increases toward the intrinsic semiconductor material layer in the first and second compositionally-graded semiconductor material layers. The photovoltaic device provides an open circuit voltage comparable to that of the first semiconductor material, and a short circuit current comparable to that of the second semiconductor material, thereby increasing the efficiency of the photovoltaic device.